the future is maori panel remarks delivered to the institute of directors new zealand leadership conference in tamaki makaurau on 6 may, 2021 by christian hawkesby, assistant governor and general manager, economics, financial markets and banking group written with evelyn truong 1 1 with thanks to naomi mitchell, ngarangi haerewa, emily laws, adrian orr, ngarimu parata, gael price, adam richardson, juliet tainui - hernandez and tania te rangingangana simpson for their input and ongoing work in this area. 2 the terrace, po box 2498, wellington 6140, new zealand telephone 64 4 472 2029 online at www. rbnz. govt. nz mihimihi ( greeting ) e nga mana, e nga reo. e nga karanga maha o te wa. tihei mauri ora! ( to all authorities, all voices, to the many chiefs gathered here. behold the breath of life! ) no rangiora ahau ko waimakariri te awa ko aoraki te maunga kei te whanganui - a - tara ahau e noho ana kei te putea matua ahau e mahi ana ko christian hawkesby toku ingoa tena koutou katoa ( hello, my name is christian hawkesby : my home town is rangiora ; my river is the waimakariri ; my mountain is aoraki / mt cook ; i reside in wellington ; and i work at the reserve bank of new zealand. ) e te rangatira, kirsten patterson ( kp ) karanga mai mihi mai whakatau mai tena koutou katoa ( thank you to the leadership of the institute of directors who have called us here ; who have welcomed us here ; who have looked after us here. thank you very much ). whakatakinga ( introduction ) as a member of the institute of directors, i was delighted to see the important topic of te ohanga maori ( the maori economy ) on the agenda for this conference. it will shape the role of directors in the years to come. today i want to talk about why an understanding of te ao maori ( the maori world ) needs to be a core competency of all new zealand directors. i ’ ll do this in two ways : • first, i want describe my own journey into te ao maori. i ’ ll highlight some of the

alan bollard : the evolution of monetary policy speech by dr alan bollard, governor of the reserve bank of new zealand, to the rotary club of wellington, wellington, 25 november 2002. * * * as a new central bank governor, what i would like to do first is to give you an overall perspective on the role of the reserve bank in the new zealand economy. i will then focus in on the role of monetary policy, and the implications of the new policy targets agreement, and conclude by discussing how all this relates to achieving strong and sustained economic growth. monetary policy formulation is a key function of the reserve bank, and it is often in the news. but the public attention obscures the other important tasks that the reserve bank undertakes. in the hubbub, the fact that monetary policy is part of a larger picture is often lost. the overall purpose of the bank, as i see it, is to maintain the stability and efficiency of the new zealand financial system. by the financial system, i mean the tools with which new zealanders make transactions with each other and with the rest of the world. for very simple transactions, new zealanders use notes and coins issued by the reserve bank. as you may know, nowadays our bank notes are made out of a polymer material that lasts much longer than in the days of paper money. this reduces the reserve bank ’ s costs. a side effect is that you ’ ll be seeing dr brash ’ s signature around the place for a while yet. polymer notes are also very difficult to forge, because of their modern security features. that relates to our goal of an efficient financial system. a banknote that is easy to forge would make transactions difficult. imagine having to check every twenty dollar note that came out of an eftpos machine. of course, nowadays most significant payments are made using electronic means of transferring funds provided by the financial system. these are much cheaper, faster, and more secure than using large volumes of cash, particularly over long distances. the financial system also facilitates transactions that involve borrowing and lending. for example, individuals accumulate savings in our financial system, and invest those savings in assets like shares and term deposits. these funds then often find their way to new zealand corporations and households, and are used to build new zealand ’ s infrastructure. typically, the individual investor receives a return on those investments, and is able later on to draw on the originally invested funds. we often take this system for granted,