The governor of the Reserve Bank of New Zealand Adrian Orr said the nation is relatively well-positioned, but argued that inflation remains excessive in absolute terms and that global economic challenges are large and imminent.

Key comments

• It is highly unlikely that we are at maximum sustainable employment if inflation is still high and variable
• New Zealand's financial system remains well-placed to support the economy.  
•  We have our eyes firmly focused on meeting our inflation target.

More to come...