The government’s Wage Subsidy Scheme is a policy that has been particularly effective in supporting the wider recovery. 7  A least regrets approach to uncertainty: Hawks, Doves and the White Heron (he Kōtuku)  By supporting business income, it has allowed many businesses to maintain staff levels and has provided confidence in job security.
This has purportedly reduced uncertainty about the outlook for policy. Two-way volatility in interest rates has naturally been restricted as rates have moved towards the zero lower bound, but much of this effect has been present for some years now.