Reserve Bank of New Zealand (RBNZ) Governor Graeme Wheeler was the Guest Speaker at the Sixth Annual Indian Newslink Sir Anand Satyanand Lecture 2016 held on July 25, 2016 at Pullman Hotel in Auckland.
Members of Parliament, corporate leaders, politicians, government officials and professionals experienced a thought-provoking discussion on the ways and means of safeguarding our financial system in a volatile global economic climate.
Professor Shekhar Bandyopadhyay of Victoria University was the Master of Ceremonies.
Former Governor General Sir Anand Satyanand outlined the concept of the Lecture series and said that it was a worthwhile contribution to the discourse of transparent governance.
Business Journalist Rod Oram was the Summation Speaker.
He said that the RBNZ had the challenging task of ensuring good governance and that it had evolved over the years to align itself with the need to maintain a sound monetary policy and facilitate economic growth.
He also attributed to the Bank the role of a strategic leader.
It has the ability to influence others, leading to outcomes beneficial for the parties’ concerned and financial stability in the long run.
Mr Oram said that the country had a lot of work to do to ensure that a more inclusive leadership pool is in place reflecting the multitude of ethnicities.
A tribute was paid to the ‘Bretton Woods Conference’ of 1944, which led to the formation of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD) and the proposed introduction of an adjustable pegged foreign exchange rate system.
Mr Oram said there were oscillating theories propounded to define the present economic and political systems.
He cited a recent Time cover story of ‘Saving Capitalism’ and said that only a small percentage of young Americans identified themselves as Capitalists.
Quoting an IMF report, he said that Neoliberalism was not really delivering inclusive growth but was creating greater inequalities.
He said that he had hope and confidence in the New Zealand economy and that it would grow stronger, withstanding external pulls and pressures.
Barfoot & Thompson Director Kiri Barfoot talked about Housing, the issue affecting most Aucklanders.
She said that despite being market leaders, her company sold about 500 homes less than last year, which indicated that supply shortage, which was in turn dictating housing prices.
The rental market is heating up, she said, with the average number of days that a rental property remaining vacant was at a historic low of eight days.