Adrian Orr: 2019 - 20 Financial Review of the Reserve Bank of New Zealand

Opening statement by Mr Adrian Orr, Governor of the Reserve Bank of New Zealand, at the Finance and Expenditure Committee (FEC), 10 February 2021.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
12 February 2021

Tēnā koutou katoa, welcome all.

It is a privilege to be here with you today – alongside the rest of the Bank's Senior Leadership Team – to report on the Reserve Bank of New Zealand's achievements, challenges, and opportunities on what has been an extraordinary and unprecedented year.

Like many organisations and businesses, we, at Te Pūtea Matua, have had to change our way of working, refocus our priorities, and take necessary actions to continue to support cashflow and confidence among New Zealanders during the tough times.

The experience of the past year has brought forward new challenges, risks, and opportunities for us. While our priorities in the recent (2019–20) financial year have been focused significantly on supporting New Zealand's economic recovery from the COVID-19 pandemic, we have also continued our work on a wide range of initiatives, including: 

  • Working with The Treasury to have the new Reserve Bank of New Zealand Bill introduced to Parliament;
  • Agreeing to a new Funding Agreement with the Minister of Finance;
  • Working closely with our fellow Council of Financial Regulators (CoFR) members to manage and co-ordinate regulatory work;
  • Launching a new payment settlement system;
  • Progressing our Te Ao Māori strategy; and
  • Managing climate risks to our financial system, among others.