In a speech to the Canterbury Employers’ Chamber of Commerce in Christchurch, Graeme Wheeler said: “We should re-examine the factors, including tax and regulation, that diminish and distort the incentives to both save and invest.”
He said there was no easy formula for boosting economic growth rates. Like other small, commodity-producing economies, New Zealand’s economic prospects depended greatly on the growth in world output and trade, he said.
He said improving productivity and competitiveness was critical for New Zealand’s economic prosperity.
A well as ensuring price stability and keeping tabs on inflation, the Bank was strengthening financial sector regulation and supervision to promote a stable and efficient financial system.
But he said more investment in the economy was needed - from local savings and foreign investors.
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