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10/9/2018 — General
Geopolitics and winds of change

Reserve Bank Governor Adrian Orr said on Friday that a long-term focus is key to promoting economic growth and developing a healthy financial ecosystem.

He delivered an address to the Financial Services Council and Workplace Savings NZ’s national conference – Shaping Futures – in Auckland.

“Too often, due to short-termism, we view economic growth as something that comes at the expense of a sustainable environment, or social cohesion and cultural acceptance.

“A short-term focus can be driven by the need to survive from day-to-day. However, it is too often driven by the desire to consume at an unsustainable rate.

“The desire for instant gratification or reward can often leave behind a trail of unintended consequences,” he said.

Orr said a longer-term focus can affect outcomes over the next few years, through to an ‘idealised vision’ that could last many generations.

He said the Reserve Bank has a strong vested interest in, and influence on, the long-term economic wellbeing of New Zealand.

“The long-term issues are critical to our task of maintaining low and stable consumer price inflation, promoting a sound and dynamic financial system, and meeting the currency needs of the public.”

Orr said the financial system plays a critical role: “A vibrant and healthy financial ecosystem requires deep capital markets, with a long-term horizon, to best allocate capital in Aotearoa. We have much to work on to remain sustainably prosperous, but we are committed and long-term focused.”

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