Data for production and exports have in fact been relatively weak (Chart 4). Exports to advanced economies continue to increase as a trend due to expansion in demand for digital-related goods, but the effects of supply-side constraints have been seen on automobile-related goods in particular.
Conclusion Thank you for the opportunity to speak to you today. As an institution we are going through the most significant changes since the Reserve Bank of New Zealand reforms of the 1980s. It has been an important and exciting opportunity for us, the Treasury and the Government, to review the Reserve Bank’s whole institutional and financial stability framework, almost from a ‘clean slate’.