Economic Insights from Reserve Bank Lunch 2024

We recently hosted our Reserve Bank Lunch, with Governor Adrian Orr providing key insights into Aotearoa New Zealand's economic prospects, both from a domestic and international standpoint. The event was well-attended, with a full house at the Majestic on Durham and we loved welcoming back Adrian Orr (and his great sense of humour!). Following are some key takeaways from Mr Orr’s presentation.

• Growth prospects:  Despite global uncertainties, there is cautious optimism about the country's economic resilience and potential for moderate growth.
• Employment: The labour market remains robust with high employment levels. 
• Inflation: Inflationary pressures are being closely monitored, with the Reserve Bank employing measures to ensure they remain within target ranges (1-3%) to maintain purchasing power and economic stability. 

• Global trade: International trade dynamics, including supply chain disruptions and trade relations, continue to impact the New Zealand economy. Diversification of markets and supply chains is a recommended strategy for businesses. 

• Geopolitical tensions: Ongoing geopolitical events can have ripple effects on our economy. Staying informed and adaptable is key for businesses to navigate these complexities. 

• Environmental concerns: Climate change and environmental policies are increasingly influencing economic decisions globally, presenting both challenges and opportunities for innovation and sustainable practices. 

For businesses, the message was clear: stay informed, be adaptable, and work collaboratively to make the most of opportunities ahead.

A special mention to our partners for this event Lane Neave and Mint Design for making it all possible.