RBNZ Governor Adrian Orr said in a Statement of Intent that economic activity in New Zealand is “returning to its pre-COVID-19 levels”, supported by “ongoing favourable domestic health outcomes, and improving global demand and higher prices for New Zealand’s goods and exports”.
“A catch-up in consumer spending and construction activity, supported by substantial monetary and fiscal stimulus is underpinning employment growth,” he added.
“As long as COVID-19 is contained and the global and economic recovery is sustained, eventually economic policy settings can be expected to normalize over the medium term.”
