We have been reminded that with low global inflation, and hence low neutral interest rates, our new monetary policy tools will become increasingly mainstream. We have also been reminded that fiscal and monetary policy coordination remains critical to economic wellbeing. In New Zealand our institutional relationships are strong, providing complementarity of fiscal and monetary actions.
This collaboration has been supported – not deterred – by clarity around the Reserve Bank’s purpose and operational independence. Our ability to engage and communicate in a manner which all New Zealanders can understand remains key to our ongoing success. And, we have much to learn and communicate ahead. I encourage your interest and participation in our work.