On the contrary: overall, it suggests that the Reserve Bank has done its job well. As an aside, I don’t propose to comment in detail here on why we have had to have policy rather tighter in New Zealand in recent years than has been necessary in Australia.
That matter has been dealt with in a good article in the Bank’s quarterly Bulletin not long ago. The key point is that we clearly experienced a conjunction of inflationary pressures, including quite strong increases in housing prices, in the mid-1990s, whereas Australia had a rather different experience.