The proportion of the population participating in the labour force reached record levels in 2015 and labour force growth has averaged about 2 percent per year since 2012, well above expectation (Figure 1). The Reserve Bank has undertaken considerable research over the past year on the impact of migration, labour market slack, and wage bargaining by New Zealand businesses.
Banks should be actively providing advisory and planning services and in fact hand-holding their clients through the setting-up stage and such services should be extended to all regardless of the size of their turnover. The banks should not only provide differentiated products for MSMEs, but also provide counseling & guidance to new and established businesses, marketing support etc.