Why we embraced Te Ao Māori
Speech delivered to the Central Banking Global Summer
Meetings 2022
Adrian Orr, Governor
Written with Emily Laws
On 13 June 2022
Tēnā koutou katoa
E ngā hau e whā, tēnā koutou (I acknowledge those from all four winds)
Ko Tongariro te Maunga
Ko Taupo te Moana
Ko Atiu te motu
Kei Te Whanganui-A-Tara ahau e noho ana
Kei Te Pūtea Matua au e mahi ana
Ko Adrian ahau
No reira tena koutou, tena koutou, tena koutou katoa
Firstly, I want to thank Kate Minter and the team at Central Banking for
inviting me here to speak.
It is a privilege to be asked to speak on how the Reserve Bank of New
Zealand embraces our indigenous history and heritage, and applies a Te
Ao Māori - or Māori world view - in what we do.
We are recent adopters of this approach, so I must be humble in our
experience and results so far.
I will be using some Te Reo Māori, or Māori language - one of three
official languages of New Zealand - in my talk today. I will explain this as
I go, starting with the Māori name for our country - Aotearoa. This
means land of the long white cloud.
The name for the Reserve Bank of New Zealand is Te Pūtea Matua. Pūtea
meaning money, while Matua means primary source.
In a Te Ao Māori sense, we see ourselves as the kaitiaki of our financial
system. Kaitiaki in short means guardian, but it also means so much more
and carries with it the long-term stewardship central to our role.
Our kaitiaki role is underpinned by our founding legislation, the Reserve
Bank of New Zealand Act 20211.
Our core legislative functions include:

maintaining low and stable consumer price inflation while
contributing to maximum sustainable employment.
 promoting and maintaining a sound and efficient financial system.
 meeting the cash needs of the public.
 providing robust payment and settlement services for New
Zealand's financial institutions.
The inclusion of a Te Ao Māori view encourages us to think holistically
and long-term, as we go about our legislative tasks. Most importantly,
we increasingly look to focus on long-term, holistic, and sustainable
outcomes when setting and implementing our strategies. A longer-term
focus is one that sees prolonged economic prosperity consistent with
environmental sustainability, social cohesion and cultural inclusion.
As part of broader Government policy, the Minister of Finance also writes
a Letter of Expectations to us each year. In 2022, the Minister outlined that
our Te Ao Māori strategy aligns with an expectation that we embody a
collaborative approach in the Māori-Crown relationship2.
Brief history - navigators, settlers, and what came after...
In order to best understand why and how we are embracing Te Ao Māori
in our work it is important to be aware of the history of Aotearoa. The
general tale will sound familiar to many in the audience.
Polynesians - to later be known collectively as Māori - were the first
people to permanently settle in Aotearoa. The period of settlement, from
about 1325-1400AD, correlates with oral tradition and the number of
generations since.
The next wave of immigration was a long time later and came in fits and
starts.
Initial contact with European explorers was brief. A Dutchman named
Abel Tasman is credited as the first European explorer to reach New
Zealand in 1642.
It would be another 127 years before the next recorded European foray
into Aotearoa and encounter with Māori. The British explorer James Cook
arrived in 1769, with the French hot on his tail.
At that point, suffice to say, Māori isolation was over and contact grew
rapidly over the next 60 years.
Initially there was a relatively easy relationship between early European
visitors and Māori. The British were tentative about their settling at first,
seeing formal colonisation as unnecessary and expensive, especially as
their Empire was stretched.
Then things changed comparatively quickly for a variety of reasons.
Tensions grew between the recently arrived European settlers, and
between Māori and Europeans.
In part in response to these escalating tensions, and in part due to a
formalising of the colonisation intent, the Treaty of Waitangi was signed
in 1840 between the British government and about 540 Māori tribal
leaders.
There are two versions of the Treaty - one in Te Reo Māori, Te Tiriti o
Waitangi - and the other in English. And, there are significant differences
in meaning between the two versions. These differences have left us in
Aotearoa almost 200 years on debating the implications.
In Te Reo Māori, Te Tiriti o Waitangi can be seen as the founding
document of New Zealand, and unique in the world as a way of setting
out the relationship between an indigenous people and the colonisers.
Soon after the Treaty of Waitangi was signed, colonisation proceeded on
a substantial scale and, with it, a British-style economy and institutions
evolved.
The influx of settlers led to a demand for land, and from the 1840s Māori
were under great pressure to sell their ancestral territories. The sale of
land was also the main means by which Maori could purchase the new
goods and services arriving from afar.
Wide scale loss of Māori land ensued, through sale, confiscation, Crown
purchase and allocation by the Native Land Court. This loss of the land
carried a monumental cultural impact that is felt to this day.
There existed no concepts of property ownership prior to the arrival of
the European. In losing land, Māori lost their homes, their ability to grow
food and trade, and their connections to their tipuna (ancestors).
For Māori, te taiao - the natural world - is paramount and inextricably
linked to the wellbeing of people.
I'm going to take licence and again skip forward to the present day -
acknowledging that the history of our indigenous people and the impact
of colonisation is far more significant than I could ever summarise in this
short session.
The present
In 2022, Tangata Whenua -people of the Land - still face economic
adversity relative to the population in general.
In early 2021, Te Pūtea Matua in partnership with Business and Economic
Research Ltd (BERL)3 produced Te Ōhanga Māori - the Māori Economy
2018 report.
The report highlighted that Māori, who make up 17% of our population,
earn less than 9% of our nation's income. With lower incomes comes
lower saving rates and hence financial wealth.
Māori have also been over-represented in lower-wage employment, and
experienced persistently higher unemployment than the general
population. These outcomes are generations in the making.
However, Māori are significantly contributing to New Zealand's economic
and cultural wellbeing, with this contribution on the rise. We are
witnessing a renaissance of sorts.
The Māori economy is growing, becoming more diverse, and is
increasingly recognised as an area of opportunity, in particular by
reinvigorating long held connections to environmental sustainability and
social cohesion. Aotearoa is slowly embracing the richness our diverse
cultures bring.
This is why we, as New Zealand's central bank, talk about these issues.
Our legislative task is to enable economic wellbeing and prosperity for all
New Zealanders: Toitū te Ōhanga, Toitū te Oranga.
Focusing on the Long Game
I might have sounded a little gloomy so far - I do not apologise for that
because to move forward we must understand and acknowledge our
past and present.
Our challenges aren't unique. I also want to acknowledge your own
challenges, and those of the indigenous people of your countries.
Our vision
At Te Pūtea Matua we are actively looking to harness the knowledge of
both our post-colonial society and Te Ao Māori to establish and maintain
a long-term vision in all we do.
An important start for our work is to honour Te Tiriti o Waitangi - the
Treaty of Waitangi - in the English and reo Māori versions.
We aim to reflect the Treaty principles of partnership, protection, and
participation within the core tenants of our strategy.
We seek to implement our legislated purpose through the concept of
Matangirua ki Matangireia - working in unison, to fulfil our ultimate
purpose.
At Te Pūtea Matua, we strive to be a great team working to be the best
central bank we can. This implies working together so as to be fit for
purpose, cost effective, and risk aware.
We describe this 'great and best' aspiration in a Te Ao Māori context as
Matangirua ki Matangireia:
Matangirua - when every function on an ocean vessel is in full use and all
onboard are in sync. Matangireia - the place to ascend to so as to access
knowledge.
Our values
We have also refreshed our values through a reconceptualisation
through Te Ao Māori. Our values are:
Wānanga (Innovation): stemming from knowledge gained through our
diverse perspectives;
Tauira (Integrity): sustained through self-reflection and modelling our
shared principles; and
Taura(Inclusion): binding our individual strengths together enabling our
resilience and collective success.
Our story
And we utilise a Te Ao Māori framework to describe the purpose and
interconnectedness of our work. To do this we have adopted the legend
of Tāne Māhuta4. In Māori mythology, Tāne Māhuta is the god of the
forest and birds.
Māori oral traditions tell us that Tāne Māhuta dug his shoulders into
Papatūānuku (mother earth) and used his legs to push against Ranginui
(father sky) so as to separate them and let light into the world.
With that light, Tāne Māhuta the kaitiaki of the forest and birds, enabled
life to thrive.
The Reserve Bank is akin to the being Tāne Mahuta of New Zealand's
financial landscape.
Our roots are our legislation, outlining our purpose and giving us
strength (legality and operational rights) and well-being (resourcing).
The money we print and circulate for New Zealand is the sap that flows
through Te Pūtea Matua, ensuring New Zealanders have a means of
exchange, a store of value, and a unit of account they can trust.
Our monetary policy actions - keeping consumer price inflation low and
stable - are to ensure that our currency retains its store of value.
Our complex payment and settlement system is our trunk. This system
allows the money to flow to the branches of Te Pūtea Matua, which are
the financial institutions that have chosen and are allowed to operate in
Aotearoa.
These financial institutions are so important that we need to establish
rules and supervision to ensure they are of appropriate quality and
robustness to remain grafted to Te Pūtea Matua.
Some of the banks are so large that, should they fail, they could bring
our whole system down. For this reason we need to ensure the
systemically important banks remain grafted on and can keep working
even if the current owners are gone.
These closely interrelated functions enable Te Pūtea Matua to protect,
nurture and grow New Zealand's wider financial ecosystem for the
greater benefit of all New Zealanders.
Being able to tell a story about our purpose and activities brings several
advantages.
 Our own team is reminded of how all of our tasks are connected -
creating a supportive culture.
 We are able to relate the complex story of central banking and
financial stability to a broader audience.

We are reminded of our interconnectedness to the wider financial
ecosystem of New Zealand, as well as other regulator colleagues.

We are also made to think a lot harder about what makes Te Pūtea
Matua unique - we are New Zealand's central bank.
Our Te Ao Māori strategy
Our Te Ao Māori strategy is helping inform our policy programmes,
broaden our external stakeholder engagement, and grow our internal
cultural capabilities.
We breathe life into our Te Ao Māori strategy through three key work
programmes: policy, engagement, and culture.
While we have made considerable progress in each work stream, we
continue to be future-focussed. Our work streams reflect the forward
looking nature of our challenge.

Te reo me onā tikanga (Culture, People and Organisation) - our effort
to raise our individual and collective knowledge and understanding of
Māori language and culture.
 Whanaungatanga (Advocacy building) - our efforts to strengthen the
ties between the Reserve Bank and Iwi, Māori, Māori business and
organisations.
 Kaitiakitanga (Policy Impact) - recognition of our responsibility as a
policy maker and as guardian of the financial system.
Through this framework, we are working to gradually strengthen our
understanding of, and interactions with, Te Ao Māori.
Culture
We are making progress on integrating Māori language and cultural
values into daily life at Te Pūtea Matua.
We ensure the use of Te Reo Māori is supported and enabled by
providing learning opportunities for staff. We also created an online
learning application (Haumi), to support our knowledge of tikanga and
Te Reo Māori.
We also offer training opportunities for all staff on Te Tiriti, have staff
forums, and celebrate events and speakers important in a Te Ao Māori
world view. We have made a bold start.
As an example of tangible steps towards contributing to the Māori
language , we've established a glossary of Te Reo Māori financial terms.
These terms are incorporated into our documentation.
Partnering
Over recent times many banking industry participants have adopted their
own Te Ao Māori initiatives, and the sector is working towards a more
collective response.
Māori leaders from the banking sector established the first Māori Bankers
Rōpū (group), known as Tāwhia, to share ideas and deepen the
understanding of key issues for Māori within the banking sector.
The Rōpū includes senior representatives from banks and the Reserve
Bank. We are there as an observer and kaitiaki to the financial system.
We're proud to stand alongside leaders from the banking industry, to
promote outcomes centred on Māori financial inclusion and wellbeing.
Rōpū members have highlighted three key focus areas - bolstering
access to capital, improving financial literacy for Māori, and raising Māori
employment in the banking sector.
Along with Indigenous partners, Te Pūtea Matua partnered with other
Central Banks (the Bank of Canada, Reserve Bank of Australia, and the US
Federal Reserve System) to form a voluntary network. Together we are
fostering dialogue on indigenous economic and financial issues.
This Central Bank Network for Indigenous Inclusion, formalised in January
2021, aims to share knowledge and best practices, promote engagement
with Indigenous Peoples, and foster greater understanding and
education about Indigenous economic issues and histories.
Our first symposium was hosted in late 2021, with another planned for
2023. The Network serves as a community of practice, rather than trying
to formulate policy positions. Other central banks are encouraged to join.
Policy development
We are tasked with improving economic prosperity for all New
Zealanders, hence we must tackle the challenges faced by Māori.
Our report (Te Ōhanga Māori - Māori Economy Report 2018) showed how
integral the Māori economy is to New Zealand's economic wellbeing and
future prospects.
The report highlighted the wide and broadening range of industries and
businesses Māori are involved in. It also highlights the rapidly growing
proportion of Māori in New Zealand's workforce.
Quite spectacularly, since 2013 the Māori population in New Zealand has
grown by 30 percent, while the number of Māori in employment
increased by 47 percent.
However, the report also identified several challenges, with access to
capital highlighted as one of the primary challenges inhibiting progress.
Māori customers and entities report lower rates of capital accessibility
than non-Māori.
We are now researching the significance and root causes of the lack of
access to capital. Our first finding was simply the dearth of quantitative
data on the topic. However, qualitative interviews with both Māori
capital seekers and providers suggests there are unique barriers to
financial resources, which has implications for the efficiency and
effectiveness of capital allocation in New Zealand more generally.
Our work is ongoing with the publication of an Issues Paper on the near
horizon. We are looking to identify any issues around accessing capital
that may arise due to market failures, gaps in the New Zealand financial
system, or unintended consequences of current behaviours.
International literature generally highlights that minority and indigenous
people and businesses face barriers to raising capital.
Our own quantitative research highlights that Māori are
underrepresented when it comes to business ownership. In addition, this
work shows that Māori firms face persistently higher interest rates
compared to other New Zealand companies.
There are parallels with other indigenous peoples due to the challenges
with collectively or tribally owned land. The inability to use property as
collateral has limited the opportunities for Māori to accumulate financial
wealth and grow businesses.
A scan of the market shows there has been little in the way of financial
innovation for Māori. Our consultation with stakeholders has shed further
light on these issues, which can be summarised across the following
themes: Scale and coordination; Capability; Asymmetry of information
and lack of data; Myopia in decision-making and leadership; and Missing
markets and products
This work will help us move towards more equitable access to capital for
Māori.
Conclusion
In summarising, we are late to investigating the issues and adopting a Te
Ao Maori view of our work. But we are committed and transparent in our
activities and aspirations, while working within our legal mandate.
Embedding Te Ao Māori in our approach and learning from the different
perspectives and knowledge it brings, we will be a great team building a
better central bank for New Zealand.
Whakakapinga (conclusion)
Mā te rongo ka mōhio,
mā te mōhio ka mārama,
mā te mārama ka mātau,
mā te mātau ka ora.
(Through information comes awareness, through awareness comes
understanding, through understanding comes knowledge, and through
knowledge comes life and wellbeing)
Nō reira
Tēnā koutou, tēnā koutou, tēnā tatou katoa.
(Greetings to you all. Thank you.)
Glossary

Te Ao Māori (the Māori world)
 Kaitiaki (guardians)
 Tangata Māori (Indigenous people)
 Matangirua ki Matangireia - working in unison, to fulfil our ultimate purpose

Wānanga - Innovation

Tauira - Integrity
 Taura - Inclusion
 Toitū te Ōhanga, Toitū te Oranga - enabling economic wellbeing and prosperity for all
New Zealanders

Tāne Mahuta - Māori legend used to explain the interconnected parts of the financial
system and RBNZ's role as guardian of New Zealand's financial system
 Te reo me ngā tikanga - Language and culture
 Whanaungatanga - Advocacy building
 Kaitiakitanga - Policy Impact

Tikanga - cultural custom

Haumi - ally, in alliance, to join
 Te reo Māori - the Māori language
 Whare - traditional houses
 Rōpū - group

Tēnā koutou katoa - Greetings to you all
 Aotearoa - New Zealand
 Whenua - Land
 Iwi - Tribe
 Pūtea - Wealth

Kaitiakitanga - Guardianship
 Te Pūtea Matua - Reserve Bank of New Zealand
 Kaitiaki - Steward
 Tēnā koutou, tēnā koutou, tēnā tātou katoa - Greetings, greetings, greetings to us all

Tihei mauri ora! - Behold the breath of life!
More information
 Improved Access to Capital for Māori (Information on the current status and progress
of the Māori Access to Capital work programme).

Te Ōhanga Māori - The Māori Economy 2018 (This report on the Maori economy was
produced by BERL in 2020. It expands on their 2013 report, providing a rich
description of the many roles Māori play in the economy of Aotearoa New Zealand.

The Journey of Te Pūtea Matua: our Tāne Mahuta
 Kaitiakitanga: Te Ao Māori o Te Pūtea Matua - Guardianship: The Māori World View of
the Reserve Bank. Speech delivered to the Raising Māori Investment Capability
Conference 2020 in Tauranga, New Zealand

Reserve bank of New Zealand (2021) Te Pūtea Matua becomes inaugural member of
new, international Central Bank Network for Indigenous Inclusion.
 Stats NZ (2017) National ethnic population projections: 2013: 2013 (base)-2038
(update)
 Stats NZ (2018) Māori unemployment rate at nine-year low, but twice New Zealand
rate.