Asia-Pacific

Reserve Bank of New Zealand

Too few recent speeches for a current tone.

Speeches: 209
First speech: Jan 23, 1997
Latest speech: Mar 24, 2026
Tone vs coming rate moves: +0.09; rank correlation

Does the tone run ahead of the rate?

Speech tone over the previous three months, and the policy rate at the end of each month, on the same timeline. Hover over either chart to read the same month in both.

Speech tone

Policy rate

Latest speeches

Each speech's tone is the average over its sentences about policy, prices, rates or the economy. Open a speech to read it in full.

Date	Speech	Tone
Mar 24, 2026	Anna Breman: Global shockwaves to Kiwi shores - the impact of the Iran conflict on New Zealand Anna Breman	+0.19
Sep 11, 2025	Christian Hawkesby: Opening remarks - Financial Services Council Annual Conference Christian Hawkesby	−0.04
Mar 31, 2025	Christian Hawkesby: Finance and Expenditure Committee - inquiry into banking competition Christian Hawkesby	−0.00
Oct 23, 2024	Adrian Orr: Navigating monetary policy through the unknown Adrian Orr	+0.03
Oct 22, 2024	Karen Silk: Liquidity management- principles for liquidity provision and the end of an abundant era Karen Silk	−0.18
Oct 16, 2024	Karen Silk: Transmission of monetary policy to financial conditions Karen Silk	−0.08
Oct 14, 2024	Adrian Orr: Improving Māori access to capital Adrian Orr	−0.23
Sep 5, 2024	Christian Hawkesby: Resilience as a pathway to prosperity Christian Hawkesby	−0.08
Feb 9, 2024	Christian Hawkesby: Opening statement to the Finance and Expenditure Committee Christian Hawkesby	+0.34
Feb 7, 2024	Adrian Orr: Opening statement to the Finance and Expenditure Committee Adrian Orr	+0.08
Nov 14, 2023	Karen Silk: Building a balance sheet to support financial stability Karen Silk	−0.03
Nov 3, 2023	Adrian Orr: No longer tomorrow's problem - how the Reserve Bank of New Zealand is working with its stakeholders to respond to climate change Adrian Orr	−0.06
Sep 13, 2023	Karen Silk: Liquiditiy - one word, three meanings Karen Silk	−0.06
Sep 7, 2023	Christian Hawkesby: Towards good governance in the financial system of Aotearoa Christian Hawkesby	+0.05
Apr 21, 2023	Christian Hawkesby: Central banking and financial inclusion Christian Hawkesby	+0.03
Mar 3, 2023	Adrian Orr: Promoting economic wellbeing - Te Pūtea Matua optimisation challenges Adrian Orr	+0.05
Dec 14, 2022	Adrian Orr: Opening remarks to Finance and Expenditure Committee Adrian Orr	+0.24
Nov 24, 2022	Adrian Orr: Opening remarks to Finance and Expenditure Committee Adrian Orr	+0.09
Nov 9, 2022	Karen Silk: New Zealand's changing payments landscape and potential responses to it – a regulator's view Karen Silk	−0.08
Sep 22, 2022	Christian Hawkesby: Our transformation as a prudential regulator Christian Hawkesby	−0.03
Sep 19, 2022	Adrian Orr: Climate changed – and why climate matters to RBNZ Adrian Orr	−0.03
Sep 7, 2022	Karen Silk: New Zealand's Monetary Policy Implementation Framework Karen Silk	−0.08
Jun 13, 2022	Adrian Orr: Why we embraced Te Ao Māori Adrian Orr	−0.12
Apr 27, 2022	Christian Hawkesby: New Zealand's experience with macroprudential policy Christian Hawkesby	−0.00
Feb 25, 2022	Adrian Orr: Tackling inflation during a pandemic Adrian Orr	−0.04
Feb 8, 2022	Adrian Orr: The future of money demands innovation Adrian Orr	−0.09
Dec 15, 2021	Adrian Orr: Finance and Expenditure Committee 2020/21 - Reserve Bank of New Zealand Annual Review Adrian Orr	+0.01
Dec 7, 2021	Geoff Bascand: Reflections of a central banker Geoff Bascand	−0.02
Nov 2, 2021	Adrian Orr: Housing matters Adrian Orr	+0.12
Oct 14, 2021	Geoff Bascand: The contribution of strong balance sheets to New Zealand's economic resilience and recovery from the pandemic Geoff Bascand	−0.26
Sep 15, 2021	Christian Hawkesby: A least regrets approach to uncertainty - hawks, doves and the white heron (he Kōtuku) Christian Hawkesby	−0.14
Jun 29, 2021	Adrian Orr: Working as one, towards our ultimate purpose Adrian Orr	−0.05
May 6, 2021	Christian Hawkesby: The future is Māori Christian Hawkesby	−0.18
Mar 4, 2021	Adrian Orr: Some policy lessons from a year of Covid-19 Adrian Orr	−0.05
Feb 10, 2021	Adrian Orr: 2019 - 20 Financial Review of the Reserve Bank of New Zealand Adrian Orr	−0.08
Dec 2, 2020	Adrian Orr: Monetary policy challenges for a small open economy during Covid-19 Adrian Orr	−0.18
Oct 28, 2020	Adrian Orr: Progressing climate action by driving transformational change Adrian Orr	−0.18
Oct 22, 2020	Simone Robbers: Working together to support economic recovery, strengthen resilience, and develop culture Simone Robbers	−0.18
Oct 19, 2020	Christian Hawkesby: Working together to be "on the money" Christian Hawkesby	−0.03
Sep 14, 2020	Geoff Bascand: Promoting the soundness and efficiency of our insurance sector - recommencing the IPSA and Solvency Standard review Geoff Bascand	−0.18
Sep 2, 2020	Adrian Orr: Monetary policy - same objectives different challenges Adrian Orr	−0.28
Aug 20, 2020	Christian Hawkesby: COVID-19 and the Reserve Bank's balance sheet Christian Hawkesby	−0.05
Jul 31, 2020	Geoff Bascand: Banking the economy in post-COVID Aotearoa Geoff Bascand	−0.36
May 28, 2020	Adrian Orr: A near horizon - seizing the opportunities and managing the risks in the transition to net zero - the importance of climate-related financial disclosures Adrian Orr	−0.05
Mar 10, 2020	Adrian Orr: Navigating at low altitude - monetary policy with very low interest rates Adrian Orr	−0.13
Feb 21, 2020	Adrian Orr: Aiming for great and best for Te Pūtea Matua Adrian Orr	−0.06
Feb 13, 2020	Christian Hawkesby: Guardianship - the Māori world view of the Reserve Bank of New Zealand Christian Hawkesby	−0.09
Jan 29, 2020	Christian Hawkesby: The global economy and New Zealand Christian Hawkesby	−0.19
Nov 14, 2019	Adrian Orr: Monetary policy - a compass point in uncertain times Adrian Orr	−0.21
Nov 5, 2019	Adrian Orr: Building confidence and reducing risks in the insurance sector Adrian Orr	+0.12
Oct 16, 2019	Geoff Bascand: Supporting sustainable economic growth through financial stability policy Geoff Bascand	−0.24
Sep 27, 2019	Adrian Orr: Emerging challenges and lessons from the Māori Economic Renaissance Adrian Orr	−0.11
Sep 26, 2019	Adrian Orr: Opportunity or risk? Our choice Adrian Orr	−0.32
Aug 28, 2019	Adrian Orr: We are not alone with monetary policy Adrian Orr	−0.13
Aug 20, 2019	Christian Hawkesby: Inflation dynamics - upside down down under? Christian Hawkesby	−0.09
Jul 11, 2019	Adrian Orr: The evolving Reserve Bank - the view from Tāne Māhuta Adrian Orr	+0.01
Jun 30, 2019	Geoff Bascand: Macroprudential policy - past, present and future Geoff Bascand	−0.29
Jun 26, 2019	Geoff Bascand: Renewing the RBNZ's approach to financial stability Geoff Bascand	−0.06
May 30, 2019	Christian Hawkesby: Maintaining credibility in times of change Christian Hawkesby	−0.12
Mar 29, 2019	Adrian Orr: In service to society - New Zealand's revised monetary policy framework and the imperative for institutional change Adrian Orr	−0.01

Next: Across all central banksHow tone lines up with rate moves at every bank tested, and whether it predicts them.