As such, housing market developments are very relevant for the Reserve Bank’s two key policy objectives: price stability and financial stability. Today I will discuss current developments in the New Zealand housing market, the risks that are emerging, and the policy responses that may be appropriate to address these risks. The importance of housing How important is housing to the typical New Zealand household?
Not only have the first phase of structural reforms launched in 1999 still to be completed and impact of its implementation yet to take firm roots, SBP has recognized the added urgency to take stock of our achievements and to evaluate where gaps still exist and to design the strategy and road map for the next phase of reforms.