The Reserve Bank of New Zealand Act 2021 has now passed into law and will come into force in July 2022. The Act will modernise how we operate and are governed, with far reaching implications for our operating model. We have also just released for consultation the draft legislation for the proposed Deposit Takers Act.
[5] This matters at a microeconomic level, too, where a lack of effective access to insurance and finance can lead to a disproportionately greater impact of disasters on poorer households. [6] In the absence of insurance, households will have to rely more on precautionary saving or government transfers.