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Captain Fantastic - 26 October 2012

Today's guest speaker Graham Wheeler, Governor of the Reserve Bank of New Zealand, was both erudite and accessible. This is a rare combination. The Admirals' Breakfast Club has been lucky to have presentations from previous Governors of the Reserve Bank and it's fair to say that the current Governor continues the tradition of high intellect, a broad and detailed understanding of every facet of the economy and the financial markets that drive it.

Today's presentation confirmed that we are in a low interest rate environment for the foreseeable future which, at this stage, will be until at least 2014. The Reserve Bank is focused on price stability and sees current inflation pressure of 0.8% easing up to approximately 2% or the middle of its preferred band as the economic engine created by the Christchurch rebuild takes effect. The Governor also spoke about the implications of quantitative easing that the Reserve Banks of the US and particularly the UK have had to indulge in, in the absence of flexibility in their current interest rates in contrast to New Zealand's situation where interest rates continue to provide a buffer if we need it.

The Governor who previously represented the World Bank - both with the IMF and with the most powerful financiers from around the world - now provides New Zealand with outstanding talent and leadership in the complex area of monetary policy and the balancing act between pump or pain in exporters' wallets.

It's good to feel like a proud New Zealander, and I was this morning knowing that while we have one Captain Fantastic looking after the nation's sporting pride on the rugby field, we now have another steering us through the shoals of  the global financial crisis into what I am sure will be calmer waters ahead.


Welcome back to New Zealand, Governor. We're glad to have you.

John Dawson, COO'EE

For a copy of the Governor's full speech, please email:

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