I know the committee has seen a lot of us recently. I have valued all of our meetings, and want to thank the committee for your ongoing interest in our work. The 2021/22 Annual Report covers the last year under our old governance arrangements. The refreshed Reserve Bank of New Zealand Act 2021 was operationalised on 1 July 2022.
A lot of the year under review was thus spent building the foundational systems and processes we need to support our new Act. I will briefly outline this work and then respond to questions the Committee may have. But, first, I will reflect on the economic environment we were operating in during 2021 /22 financial year.