Most important of all, the Bank’s ability to ignore the “spike” in inflation which seems likely to lie ahead of us depends crucially on the willingness of New Zealanders themselves to ignore that spike in negotiating increases in their own incomes.
In late 2009 and early 2010, the NPSD embarked on an extensive consultation and factfinding process to determine any new challenges facing the NPS, and to establish if refinements to the strategic direction of the NPS were required. Payment systems are by nature dynamic and fast changing, and various challenges emerged nationally and internationally.