charter commitments. as at the end of the 2021 / 22 financial year, regulated banks rated our relationship highly. 93 % of bank participants gave a rating of 4 or 5 out of 5, compared to 91 % in 2021 and 68 % in 2020. no bank participants gave a low rating. in this the second year the insurance sector has been surveyed, 72 % of insurer participants rated their relationship with us highly ( 4 or 5 out of 5 ), which was an increase from 67 % last year. overall, banks and insurers'responses to the 2022 survey indicate that we have continued to build on the gains made on our key performance measures. our people and capability we have also been in a period of deliberate growth in people to build the capacity and capability where we need it. and at the same time we've been working to ensure our people are well supported, appropriately paid, and feel valued and included. i want to take this opportunity to acknowledge my colleagues for their many, significant, contributions during this period. growth and transformation 4 / 7 bis - central bankers'speeches our transformation strategy has been well planned so as to keep pace in a changing operating environment. our funding proposal 2020 - 25 identified the need for significant investment in people, technology, and systems, and has detailed information on what it means for each area of our work. the formal questions included in your pack also contain a wealth of facts, figures, and five - year history. i will summarise by saying we are implementing the new reserve bank of new zealand act that maintains our mandates while modernising the way we operate. the act has significant implications for our broader legislation ( the deposit takers act currently in consideration in parliament ), as well as governance, digital capability, business services, and capacity and capability development. during the year we completed a bank - wide function and leadership review, and resulting reorganisation. this included the creation of reshaped business units, an expanded executive leadership team, and a supporting tier of operational leaders undertaking 28 functions in total. the roles are designed to have balanced portfolios and an appropriate span of control to improve efficiency and depth of knowledge. we are pleased that many of our existing senior leaders filled these new or reshaped positions. overall, the turnover rate for te ptea matua as at 30 june 2022 was 21. 7 %. this aligns with the overall public sector rate of 21. 7 % for the same period, but includes the necessary bank

subsequent rise in international food and energy prices would still have led to headline consumer price index inflation exceeding 6 % now. in an absolute sense, actual and expected inflation is too high and needs to be reduced. subsequent monetary policy committee decisions have seen the ocr rise from 0. 25 % in august 2021 to the current rate of 4. 25 %. our actions display the monetary policy committee's determination and confidence in returning annual inflation to within our 1 % to 3 % target range. our focus on low and stable inflation is the best contribution we can make to the overall wellbeing of new zealanders. in a relative sense, new zealand is in a strong macroeconomic position relative to most oecd nations. we are around the lowest quartile for both inflation and unemployment relative to other oecd nations. we have a stable and well - functioning financial system that is resilient to a wide range of interest rate and employment shocks. and, as outlined in our most recent monetary policy statement, we have resilient household, public, and business sector balance sheets in aggregate. new zealand has a near record low unemployment rate of 3. 3 % and exceptionally high labour force participation rates. households have accumulated financial savings, with average household incomes rising in line with inflation. nominal wage rates have risen, with incomes further bolstered as people moved jobs to earn more, worked longer hours, or gained promotions. average hourly earnings growth for the private sector was 8. 6 % 1 in the year to september 2022, compared with consumer price index inflation of 7. 2 % in the same period. as interest rates rise, we expect spending to slow and unemployment levels to increase as more people join the workforce over the coming year. even with the expected slowdown in the period ahead, it is anticipated that the level of employment will remain high. large scale asset programme 2 / 7 bis - central bankers'speeches i'd like to briefly comment on the large scale asset purchase and funding for lending programmes which featured during the 2021 / 22 financial year. the review and assessment of monetary policy over the past five years showed that the large scale asset programme was highly effective in response to the liquidity crisis that emerged in early 2020 and in lowering longer - term interest rates. the funding for lending programme also gave banks confidence that a stable and secure funding source was available during a period of heightened financial market uncertainty. banks were able to continue their business of financial intermediation, avoiding a credit