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Source: MIL-OSI Submissions
Source: Adrian Orr, Governor, Reserve Bank of New Zealand

New Zealanders have put in the hard yards since the country went into lockdown in March in response to the COVID-19 pandemic, containing the infection rate, and allowing the gradual easing of restrictions to the point that Alert Level 1 is within reach.

Like many of you, we have had to change our way of working and communicating with each other and the broader community. We know there are hard times ahead for households and businesses and we need to continue to support each other.

The Reserve Bank is playing its part, acting quickly and early in tandem with the Government to cushion the economic blow to households and businesses from this unprecedented event. We also acknowledge the efforts of the financial sector in meeting the needs of their customers to date and the importance of sustaining that endeavour in the months and years ahead.

As we focus on the economic challenges ahead it is equally important that we look for opportunities presented by the recovery across the Reserve Bank’s work.

The Bank has a wide range of initiatives underway. For example, our work on South Pacific Remittances, Climate Change and our Te Ao Māori strategy are key areas we’re focused on moving forward. Later this month we’ll be releasing our latest Statement of Intent that will outline more details about this work and other key focus areas.

We need to ensure that whatever we rebuild, reshape or invest in now is sustainable, long term in its horizon, helps us build resilience, and benefits generations to come.

You can be sure we are continuing to work closely with all of our communities, the Government and our international partners to ensure the overall well-being and prosperity of all New Zealanders, now and into the future.


Building confidence through Monetary Policy


Supporting banks to promote Financial Stability


Our balance sheet at work

  • The implementation of Large Scale Asset Purchases and other COVID-19 responses is affecting our balance sheet, expanding it from $31 billion to $46.6 billion dollars in just two months. This is likely to increase further.
  • We’ve added a page to our website to show how each activity influences the assets, liabilities and net worth of our balance sheet in a simple and clear way. This page will be updated monthly to keep you informed about the changes in our financial position.  You can find out more here.