- wide re - organisation. similar to other organisations we are experiencing higher than normal levels of staff turnover, in part promoted by the ongoing impact of covid - 19. we are however seeing strong demand in the marketplace for our roles and a high calibre of candidates coming on board. wellbeing the lingering covid - 19 health challenge created a difficult work environment for many over recent years. we run a number of initiatives and training to support staff wellbeing. we have operated and modernised our corporate policies to best support our people – with policy topics including, for example : wellbeing ; support for flexible working ; prevention and management of harassment and bullying ; whistleblowing ; and an employee assistance programme available to all staff at any time. in august 2022 we ran an employee engagement survey to check in on all aspects of work life at te ptea matua. 5 / 7 bis - central bankers'speeches 79 % of our people completed the survey and the aggregate health & wellbeing score was 7. 7 / 10 consistent with our benchmark. overall, there were many positives around health and wellbeing, but more support was requested in managing workloads. diversity and inclusion we are committed to a goal of the representation of ethnic groups : our workforce should reflect modern aotearoa, and we are focused on ensuring it does while building our capabilities. in order to achieve our goal we have : refreshed our diversity, equity and inclusion strategy ; commenced measuring critical areas of activity for gender and ethnic pay gaps ; commenced a women leaders programme ; and piloted a number of programmes in unconscious bias and cultural intelligence. te ao mori we have also continued to build out our te ao mori strategy. we recognise mori as tangata whenua, and commit to working in a manner that gives effect to te tiriti o waitangi. as a kaitiaki of the financial system, we want to both enable a thriving mori economy and support economic wellbeing for all new zealanders. our activities included : our te moni anamata work programme included partnering with mori to explore how access – or lack thereof - to physical currency impacts financial inclusion ; we completed our collaborative work identifying barriers to mori accessing capital, and are now partnering with mori, financial institutions, and government agencies to reduce these barriers ; and we are an active member of the central bank network for indigenous inclusion, which shares knowledge and practices aimed at better financial engagement with indigenous peoples.

1984 reform. if the 1984 reform allowed spain to create millions of jobs and to increase the welfare of spaniards during upswings, the reform approved this year should put an end to a situation in which dismissal and an increase in unemployment are the only way of adjusting the economy. this reform leaves workers and employers free to agree to increase competitiveness by increasing productivity and / or adjusting wages, with the only obstacles or impediments being those laid down by law. it is sometimes said that all this has been done too late. should labour - market reform have been carried out five years ago? it certainly should have. or ten years ago in 2002, when we were enjoying the long upswing? it would certainly have been better for spain. the same can be said about financial reform. why were savings banks not reformed during the good times? why were bank resolution schemes, such as the frob, not drawn up ready to resolve the banking problems created by the upswing? these questions merely lead to gloominess and, moreover, ignore the fact that, not only in spain, but almost worldwide, key reforms are introduced at the worst times. more encouraging is the principle of better late than never, and the important thing is that spain initiated the process of bank restructuring, now nearing completion, in 2009, that significant measures to reduce the budget deficit began to be adopted in may 2010 and that an ambitious labour - market reform was introduced in february this year. spain has proven itself capable of making adjustments and reforms and this is essential to restore long - lasting upswings and sustainable growth. but this reassurance must not lead to complacency. what we have done so far, despite its huge importance, is not sufficient. and some of us have the thankless task of pointing this out. for example, when each financial reform has been approved it has always been argued that the result will be more credit, but although bank restructuring is certainly an absolutely necessary condition, we have always seen that it is not sufficient by itself to make credit flow again. we have to restructure the financial system so that, as in any process of industrial adjustment, the resulting banks can generate a healthy profit and be sufficiently solid to meet demand when the adjustment process is complete. however, credit will not improve until solvent demand increases. hence the importance of other economic reforms to boost consumer and investor confidence, such as reducing the budget deficit and reforms, such as the labour - market one, to increase the