It was then that the first commercial bank in New Zealand, the Union Bank of Australia, was established and it issued the first bank notes in New Zealand out of a shed in Petone. 2 This section draws heavily from Reserve Bank of New Zealand (2018) “The Journey of Te Pūtea Matua:  Our Tāne Mahuta”.
We raised rates at the right moment and we took the right decisions without complacency against a lot of advice to the contrary. 22) Moving on to the second part of the analysis by the BIS.