That strange speech from RBNZ Governor Orr a couple weeks ago?
Jenny Ruth digs a bit.
From Business Desk, last week:
Robertson said the specifics of how RBNZ’s obligations relating to Māori-crown relations “are fulfilled and embedded in the bank’s core functions is the responsibility of the board and management". “In the 2020 letter of expectations that I sent to the RBNZ in my role as minister of finance, I noted that the bank’s Te Ao Māori strategy aligned with an expectation to embody the government’s collaborative approach to the Māori-crown relationship.”
I dunno. A down-the-line central banker might have replied with something like:
"A low and stable inflation rate, in combination with supervision of the financial sector mitigate risks of bank failure, is the single best thing a central bank can do for every community, Māori included. We know that both inflation and unemployment will have more severe consequences for lower income communities. Failing to maintain expectations that inflation will be within bounds over the medium term will not improve long-term unemployment, which is set by structural features of the economy. But it will harm communities with less ability to hedge against inflation risks."
In related closing-of-the-browser-tabs:
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