Adrian Orr: Testing our resilience

Speech by Mr Adrian Orr, Governor of the Reserve Bank of New Zealand, at the Institute of Finance Professionals New Zealand Inc (INFINZ) Conference 2022 "Navigating the transition", Auckland, 27 October 2022.

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

Introduction

Tēnā koutou katoa,

Thank you for the opportunity to talk today and it is pleasing that it is in person following a series of virtual meetings in recent times. It is also a privilege to be presenting here alongside the Financial Markets Authority CEO Samantha Barrass. Our institutions are working increasingly hand-in-hand, which makes complete sense for our financial industry. 

I am deliberately keeping my remarks high level. You will be hearing from Te Pūtea Matua multiple times over the coming weeks. Between now and end-November you will be treated to our Financial Stability Report, our 5-yearly review of our monetary policy activities, our Monetary Policy Statement, and round two of public consultation on the 5-yearly review of our Monetary Policy Remit. 
The Financial Stability Report to be released next week provides a rich assessment of the financial system and broader economy. The most obvious theme will be the resilience of our financial system to manage through challenging economic times. New Zealand is not unique in facing growing economic challenges - they are global in their making. However, New Zealand is well positioned to manage.

Over recent months I have been able to re-engage with many global economic policy makers face-to-face - most recently at the IMF and World Bank joint annual meetings in Washington DC. While people were genuinely pleased to meet in person again, that's where the fun stopped. The content of the meetings was far from positive.