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New charter details were announced yesterday.
Charters and Reserve Banks were once as dry as old dust but these days I think we have a new understanding of the importance of their role.
Out of Covid and economic shambles has come more talk than ever about cash rates and inflation and debt and wasteful expenditure.
The main change for me is the Monetary Policy votes will be made public, and not a moment too soon.
They are already starting to hold press conferences after each decision. Some decisions are statements, some are reviews and, as such, carry different amounts of detail and information. But the idea that they front after each decision shouldn't be new.
It should have always happened. Just what was it about the thinking at the lower end of the terrace in the capital that had them believing that simply putting out a statement was plenty.
Why wouldn’t they want questions? Why wouldn’t they want to be held to account?
Given everything is streamed these days you can watch it all. There's no need for a journalist to cut and paste a few so-called highlights to skew the narrative. Free and open and complete accountability should be welcomed, and this is overdue.
But as for the vote, the same thinking applies. If you hold the power of a committee member and if you get a say in a mechanism as important as the country's cash rate, once again, what's your argument for remaining quiet? To keep it a secret?
If the vote is 5-1, who is the one and why? What's wrong with an explanation? For example, there were four dissenting votes yesterday at the Fed. Let's hear about it.
Knowledge is power and the fact we are only at this place in 2026 is a crime of sorts. A condescending attitude where they clearly thought we didn’t need to know.
So far new Governor Dr Anna Breman has introduced pressers, changed the charter and promised to at least partially look through the immediate inflationary impact of the war.
So far, so impressive. I like the cut of her gib.
Orr vs Breman? No contest.
Mike Hosking is a New Zealand television and radio broadcaster. He currently hosts The Mike Hosking Breakfast show on NewstalkZB on weekday mornings - where this article was sourced.
4 comments:
Come on Mike! Be a NZ First guy! Nobody overseas is as good as any NZ born and educated Kiwi. We have the best surgeons in the world! Nobody can top our stalwart Professors, all of whom are the top in the field worldwide and have turned down jobs from Cambridge, Oxford, Harvard and MIT. We have the best-trained engineers and lawyers in the world!
'Gib'? ... 'jib' surely?
DJ Mike tries doing economics again. Hilarious. He says new Governor Breman "promised to at least partially look through the immediate inflationary impact of the war". Yes and doing so has already caused NZ inflation to bolt upwards, way higher than its 1 to 3 per cent range required by law. DJ Hosking and his new mate Breman who have no clue about the Iranian war think it can be "looked through". Goldman Sachs doesn't think so. Breman is another Orr, just not from NZ, so is misjudging our local situation, brain drain and labour market. She's conducting Swedish monetary policy which is wrong for our economy.
To Anon at 4,19: Palmer, Finlayson and Chief Justices Elias, Winkelman and their ilk have sold NZ down the river. Is this " top quality "? Please get real.
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