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While somewhat bound politically by Labour's promise of no new taxes this term, Finance Minister Grant Robertson is keeping all options open in his search for a way to fund the recovery from Cyclone Gabrielle and the Auckland Anniversary floods. It's the first big test for his pairing with Prime Minister Chris Hipkins - and they will need to carefully balance the practicalities of on-the-ground response with longer-term preparation for future challenges - all while keeping faith with voters, many of them still traumatised by the crises. In this week's Focus on Politics, RNZ political editor Jane Patterson assesses the impact of the cyclone and the financial tools the government has for dealing with it. ....
Reserve Bank Governor Adrian Orr Photo: RNZ / Dom Thomas It said the economy slowed over summer but had continued to improve, and still faced an uncertain and uneven outlook. Economic uncertainty remains elevated and divergences in economic growth both within and between countries are significant, the Monetary Policy Committee (MPC) said in a statement. Short-term data continues to be highly variable as a result of the economic impacts of Covid-19. It said the central bank was still short of reaching its targets of sustainable employment and inflation around 2 percent. Meeting these requirements will necessitate considerable time and patience. The committee agreed that it was prepared to lower the OCR if required. ....