Applying this to the protocols of a marae (meeting house), it is used as a reminder that when it is your opportunity to speak, you may only get one chance, so you must take your chance and be bold.
In the world of setting monetary policy, this proverb translates to those times when:  • the outlook for the economy has been subject to large and uncertain changes, • the risks are heavily skewed in one direction, and • there is a material threat of not achieving your mandate.