The situation is further complicated by the ability to hold assets directly or via managed funds; by quite different tax treatments; by decisions to invest in New Zealand or overseas; by commitments in directly held family firms, farms and forests; and by decisions by the Government to hold certain assets jointly on behalf of New Zealanders.
Of course, we will do so with due regard for the efficacy and costs of our policy actions and in a way that is responsive to the evolution of the economic outlook. 4  BIS central bankers’ speeches