Moreover, globalisation – the “annihilation” of geographic distance through increasing trade and financial integration – has affected both the speed and strength with which international shocks hit the New Zealand economy.
We have met this extra demand despite our main storage vault being located in one of the coronavirus hotspots in Melbourne. I would like to close with some general comments about the economic policy response to the pandemic. While monetary policy has played an important role, it has been fiscal policy that has provided much of the support to the Australian economy.