As operator we are upgrading the Exchange Settlement Account System (ESAS) and NZClear systems to ensure they remain fit for purpose. As regulator we are developing an enhanced framework for oversight of New Zealand’s financial market infrastructures (FMIs). Today, I will talk about some of the drivers of change, the many risks we face and the proposed new oversight framework.
Estimates of monthly job gains needed to keep the unemployment rate steady range widely, from around 75,000 per month to 150,000 per month, depending on what happens to labor force participation among other things. Output growth has been much less impressive. Over the four quarters ending this spring, real GDP is now estimated to have increased only 1–1/4 percent.