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Welcome to the RBNZ Lunch 2024
Kirsten Wick08 March 2024

Economic Insights from Reserve Bank Lunch 2024

We recently hosted our Reserve Bank Lunch, with Governor Adrian Orr providing key insights into Aotearoa New Zealand's economic prospects, both from a domestic and international standpoint. The event was well-attended, with a full house at the Majestic on Durham and we loved welcoming back Adrian Orr (and his great sense of humour!). Following are some key takeaways from Mr Orr’s presentation.

Domestic economic factors 
  • Growth prospects:  Despite global uncertainties, there is cautious optimism about the country's economic resilience and potential for moderate growth.
  • Employment: The labour market remains robust with high employment levels. 
  • Inflation: Inflationary pressures are being closely monitored, with the Reserve Bank employing measures to ensure they remain within target ranges (1-3%) to maintain purchasing power and economic stability. 

International economic influences 

  • Global trade: International trade dynamics, including supply chain disruptions and trade relations, continue to impact the New Zealand economy. Diversification of markets and supply chains is a recommended strategy for businesses. 
  • Geopolitical tensions: Ongoing geopolitical events can have ripple effects on our economy. Staying informed and adaptable is key for businesses to navigate these complexities. 
  • Environmental concerns: Climate change and environmental policies are increasingly influencing economic decisions globally, presenting both challenges and opportunities for innovation and sustainable practices. 

Opportunities and expectations for the year ahead 
Inflation is expected to decline, business confidence is rising, and the labour market is dynamic, albeit with some caution from businesses. Economic growth is forecasted to pick up gradually.  While there are challenges on the horizon, there are also significant opportunities for those prepared to adapt and innovate. Mr Orr emphasised the importance of being proactive and responsive to change and taking on an investment mindset.  

For businesses, the message was clear: stay informed, be adaptable, and work collaboratively to make the most of opportunities ahead.

A special mention to our partners for this event Lane Neave and Mint Design for making it all possible.



Kirsten Wick

As a Communications and Media Specialist at Business Canterbury, I believe that championing our local business community has never been so important. Is your business doing something new, innovative, award-winning? Email me so I can help to share your story.