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NZ Chief Economist Calls for Structural Reforms Amid Cost Crisis

3/25/2026

Summary

Story summary

Reserve Bank of New Zealand Chief Economist Paul Conway urged the government to implement structural reforms to boost productivity, saying monetary policy alone cannot address the cost-of-living crisis.
In an Auckland speech, he called for resilient, adaptive policies amid global uncertainty, notably due to the Iran war.
Prices rose 26% and wages 32% since the pandemic, leaving real wages only slightly above pre-Covid levels and purchasing power average among OECD countries.

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Story summary

Reserve Bank of New Zealand Chief Economist Paul Conway urged the government to implement structural reforms to boost productivity, saying monetary policy alone cannot address the cost-of-living crisis.
In an Auckland speech, he called for resilient, adaptive policies amid global uncertainty, notably due to the Iran war.
Prices rose 26% and wages 32% since the pandemic, leaving real wages only slightly above pre-Covid levels and purchasing power average among OECD countries.