Today, I wish to outline how we got here, what the implications are for economic policy choices – including monetary and fiscal policy - and how Te Pūtea Matua has prepared itself to succeed. This speech is about making sure our monetary policy framework remains effective.
I do not discuss the outlook for our Official Cash Rate (OCR) as this is the task of our Monetary Policy Committee. Their next assessment of the OCR is scheduled for March 25. We also have no immediate intention to use the alternative monetary policy tools discussed in this speech.