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Speaker 1: The new Reserve Bank governor is Swedish doctor Arna Breman

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Speaker 1: is her name to I see at Sweden's Central Bank,

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Speaker 1: former chief economist at a retail bank, big CV Nicola Willis

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Speaker 1: Finance Minister with US good evening, good evening on. Did

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Speaker 1: she apply for this job or was she shoulder tap

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Speaker 1: to apply for this job?

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Speaker 2: She made a formal application for this job. The Reserve

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Speaker 2: Bank went through a process of both advertising and also

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Speaker 2: doing a large international search to consider people that could

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Speaker 2: be qualified for the role.

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Speaker 1: Oh so she got shoulder tapped then applied.

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Speaker 2: I actually don't know what the sequence was with her,

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Speaker 2: but I know that she was one of the eleven

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Speaker 2: candidates who formerly submitted an application for the role.

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Speaker 1: Only eleven people applied, I would have thought they'd be

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Speaker 1: a more.

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Speaker 2: Well formerly submitting an application for the role as a

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Speaker 2: commitment to a significant process. Of those eight were international

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Speaker 2: applicants run which tells you that there were a number

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Speaker 2: of people international who were prepared to make that move

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Speaker 2: to New Zealand to take up this esteemed position.

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Speaker 1: What was the caliber like of those applicants?

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Speaker 2: Well, the Reserve Bank Board tell me that a very

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Speaker 2: high caliber of applicants with extensive experience and skill across

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Speaker 2: a range of backgrounds finance, central banking, government, and they

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Speaker 2: were very happy with the choices that were made available to.

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Speaker 1: Them, very big on transparency, which I like the sound of.

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Speaker 1: And over in Sweden they do things like actually publish

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Speaker 1: the minutes of the Monetary Policy Committee meetings. They tell

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Speaker 1: you which way a member voted, They tell you the

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Speaker 1: reasons why their justification, a whole bunch of stuff they do.

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Speaker 1: Will that be up to doctor Breman to decide or

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Speaker 1: is that board decision or is that a you decision?

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Speaker 1: Changing that stuff?

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Speaker 2: Well, that's certainly something that doctor Breman will have input

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Speaker 2: into along with her board. I issued something called the

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Speaker 2: Money Try Policy Charter, which sets out a greed expectations

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Speaker 2: between me and the Reserve Bank about how the Monetary

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Speaker 2: Policy Committee conducts itself. And those are conversations that I

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Speaker 2: expect will happen once doctor Breman has come into the

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Speaker 2: role in December.

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Speaker 1: Okay, you would like to see more transparency around that

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Speaker 1: stuff though.

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Speaker 2: Look, I'm a big fan of transparency and openness because

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Speaker 2: I think it leads to two things, one greater trust

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Speaker 2: and two greater accountability. And I think both of those

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Speaker 2: are good forces. And what is a really important economic institution? Right?

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Speaker 1: This stuff about the fitula long term fiscal track for

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Speaker 1: the government. This is treasuries forty years ahead look, and

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Speaker 1: it's more of what we kind of expect that we

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Speaker 1: will run out of money as a government and not

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Speaker 1: enough revenue and expenses will keep going up with health

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Speaker 1: and aging and all that kind of stuff. Is this

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Speaker 1: what do you do about this? Is this why you

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Speaker 1: come to the election next year with some thing to

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Speaker 1: do with super and something to do with KEYWI savor.

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Speaker 2: Well, we know that changing demographics are already having an

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Speaker 2: impact on the government's fiscal position and that will continue

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Speaker 2: to grow. Is there a fewer working aged people to

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Speaker 2: support a larger number of people who require superannuation and

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Speaker 2: higher amounts of health services. But what the Treasury highlights

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Speaker 2: in that report is that it's not one big radical

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Speaker 2: change that needs to be made all at once. They're

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Speaker 2: highlighting that lots of individual changes will have to be

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Speaker 2: made over the longer term, and to achieve fiscal sustainability

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Speaker 2: over a period of decades is something that successive governments

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Speaker 2: will all have to chip away at over the next

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Speaker 2: few decades. And I've made clear that one of the

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Speaker 2: important first steps is that we return the books to

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Speaker 2: surplus and bring get down to more prudent levels. That's

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Speaker 2: what we're working hard on, and I have highlighted that

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Speaker 2: our superannuation and key we saver settings are something that

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Speaker 2: I think over time all parties will have to come

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Speaker 2: to positions on and come to the campaign trail.

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Speaker 1: You made some comments this morning at the mood of

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Speaker 1: the boardroom which have irked a few people in the

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Speaker 1: business community. Have been contacted by some of them today,

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Speaker 1: some of them have texted in this afternoon. It went

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Speaker 1: on like a bit of a cup of cold sick.

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Speaker 1: This comment that one hundred and fifty people in that

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Speaker 1: room not representative of the five million kiwis that you represent.

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Speaker 1: Some of them felt like it was punching down on

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Speaker 1: the business community, which is something you've done with They

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Speaker 1: argue with the grocery sector, with power companies, a whole

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Speaker 1: bunch of stuff.

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Speaker 2: Do you accept that, Well, No, I think that comment's

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Speaker 2: been taken really grossly out of context because I prefaced

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Speaker 2: my remarks at mood of the boardroom today extensively with

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Speaker 2: a few comments, one that the people in that room

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Speaker 2: matter incredibly to the New Zealand economy because their decisions

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Speaker 2: impact on job creation, income growth, investment, and actually are

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Speaker 2: determinative of the economic growth that we want to see.

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Speaker 2: And I also said that their feedback really matters to me,

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Speaker 2: that their perspectives that they share with me, have shared

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Speaker 2: with me throughout the year and will continue to share

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Speaker 2: with me inform my thinking and are very important. My

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Speaker 2: point was that the survey itself, Ryan surveys one hundred

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Speaker 2: and fifty representatives from a small set of companies, and

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Speaker 2: of course, as we know, all of those companies have

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Speaker 2: sometimes hundreds, sometimes thousands of employees who will have a

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Speaker 2: range of perspectives. There are a range of small businesses

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Speaker 2: in the country that of course weren't represented in that

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Speaker 2: room today. And my point is we as a government

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Speaker 2: need to listen to a range of perspectives. That's a

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Speaker 2: very important part of governing well, not to just take

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Speaker 2: the perspectives of one group of people.

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Speaker 1: Okay, on, just while we're speaking of our companies, the

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Speaker 1: gen Taylors, have you got when's that report? Sometime in

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Speaker 1: the next week we will find out whether you're going

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Speaker 1: to break them up.

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Speaker 2: Well, cabinet has been working hard on that, and announcements

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Speaker 2: will be made in due course.

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Speaker 1: Think of the will as Finance Minister. For more from

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Speaker 1: Heather Duplessy Allen Drive Listen live to news Talks. It'd

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