The COVID-19 pandemic has demonstrated the disproportionate impact of such economic downturns on both Māori and Pasifika communities. These compounding economic impacts have necessitated the Reserve Bank proactively reaching out to its regulated entities, Government and Māori partners to form a fuller view of the issues.
The feedback has highlighted a role for banks in bolstering financial inclusion through greater access to capital to alleviate the financial stress of these unique economies. For example, finding innovative ways to manage the difficulty of securing lending against collectively-owned land could yield significant benefits.