A key general point that I would like to leave you with is that making decisions about macroprudential settings has not been straightforward or easy in any sense. We have reviewed our LVR settings on average every six months over this period.
Compared to setting monetary policy every six weeks for the past 30 years, macroprudential policy in New Zealand is still in its infancy; we are still learning; and still finding our rhythm of following a consistent, repeatable process backed by clear and transparent communication. However, there are three high-level lessons that I do think are worth sharing.