Adrian Orr: Improving Māori access to capital

Speech by Mr Adrian Orr, Governor of the Reserve Bank of New Zealand, at the MyFiduciary Conference, Taupō, 14 October 2024.

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

Central bank speech  | 
14 October 2024

Introduction

Kia orana tatou katoatoa, tēnā tātou katoa
Ngāti Tūwharetoa, te whare tapu o Te Heuheu, tēnā koutou
Ko Tongariro te maunga
Ko Taupo te moana
Ko Taupo te whenua tipu
Heoi, nō Atiu ōku tīpuna
Nō reira tēnā koutou, tēnā koutou, tēnā tatou katoa

I would like to acknowledge Tā Tumu Te Heuheu and the iwi of Ngāti Tūwharetoa, whose leadership continues to inspire and guide us.

Ngā mihi nui ki a koutou.

All of you will be familiar with the kaupapa kōrero today, Māori access to capital.

Kiingi Tawhiao established Te Pēke o Aotearoa in around 1885 to support a growing Māori economy. At that time the financial system was excluding Māori. Te Pēke o Aotearoa was a response. It was a vehicle for Māori to participate in this new system.

Te Peeke o Aotearoa was a pioneer for financial inclusion that was for all New Zealanders. Historians point to an inscription on each of the banknotes saying 'e whaimana ana tenei moni ki ngā tāngata katoa', meaning 'this money is valid for all people'.

This highlights the inclusive goal that was pursued, a mindset we can all learn from.

Why Māori access to capital matters

Financial inclusion means that people have access to financial products and services that meet their needs. All New Zealanders should be able to benefit from inclusion in the financial system. At the Reserve Bank, we would be at a loss if we did all the hard work to promote a financial system that was strong, stable, and efficient, only for people to tell us that they are unnecessarily excluded.