Adrian Orr, governor of the Reserve Bank of New Zealand (RBNZ), admitted the bank was engineering a recession to lower inflation. The remark comes a day after the central bank raised the official cash rate (OCR) by a record 75 basis points to 4.25 percent. In its monetary policy statement (pdf), the RBNZ revealed the economy…

New Zealand’s ACT Party Leader David Seymour said they would put work-ready Kiwis receiving welfare benefits under “income management” to encourage them to take up jobs. According to the Ministry of Social Development (pdf), of the 170,000 people receiving a Jobseeker Support benefit at the end of September, 98,900 were classified as “work ready.” Seymour…

The governor of New Zealand’s central bank admitted to the institution’s role in contributing to the country’s high inflation rate. As the Reserve Bank of New Zealand (RBNZ) undertakes the first ever review of its monetary policy remit, governor Adrian Orr acknowledged a research paper on how the institution’s mistakes after 2019 led to inflation….