In addition, the strongest migration cycle in several decades is creating stresses as well as positives for the economy. 7 Monetary policy decisions attract considerable comment in most advanced economies, and New Zealand is no exception.
Back in 1999, many observers expected that the quality of the new currency, in terms of the stability of its purchasing power or the associated prevailing level of market interest rates, particularly at the long end of the yield curve, would be something like the average quality of its legacy currencies. What we have witnessed instead is convergence towards the best performer.