Grant Spencer: Action needed to reduce housing imbalances Speech by Mr Grant Spencer, Deputy Governor of the Reserve Bank of New Zealand, to the Chamber of Commerce, Rotorua, 15 April 2015. * 1. *  *  Introduction  The housing market is a key driver of economic and financial developments in New Zealand.
For many firms and many employees, we know that adjustment can be painful and difficult. But in today’s world, not adjusting is not an option. Fortunately, in both our countries, we are making these adjustments under relatively favourable conditions. Global demand is strengthening, and credit conditions are good. We have a better knowledge of what we need to do.