Largest GDP fall in 160 years is 1-in-30 year event for banks: RBNZ

Fri, 29 May 2020

The Reserve Bank is predicting the largest decline in annual GDP in at least 160 years but a central bank official has said that doesn't mean that the coronavirus crisis is a one-in-160 year event."When we talk about one-in-200-year events, you can't just look at an annual change in GDP," Chris Bloor, the RBNZ's financial system policy and analysis manager, told BusinessDesk.While the economy has suffered a deep shock, "we wouldn't see this as anything like a one-in-200-year event for banks," Bloor said."...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Stay informed on business, government and financial developments across New Zealand.
Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

On the Money

On the Money: NZ's Don Johnson and more ...

Who did the PM crown as the "Don Johnson of New Zealand"?

Dileepa Fonseka 5:00am

Opinion

Simon Robertson: One good Trump idea we should steal

A sovereign wealth fund for NZ?

Simon Robertson 5:00am

Energy Opinion

The black market for oil will continue to thrive

Unless the West accepts higher prices, Russia and co will carry on evading sanctions.

Bloomberg 5:00am

The black market for oil will continue to thrive

Sponsored

Investing in US technology: Navigating a high-speed sector

A new exchange-traded fund gives Kiwis access to US tech giants.

Smart Invest

Sponsored

Security of supply: Marsden Point isn’t the issue as assurance offered for liquid fuel supply

How NZ will stay fuelled despite major global supply risks.

Z Energy

More Finance

Finance

Toy entrepreneur quashes spec of NZME takeover

Zuru founder Nick Mowbray says a report speculating he could take over private media company NZME is wrong. On Friday morning, The Australian’s Data Room said “some wealthy Kiwis” were plotting to do something about the state of New Zealand’s media industry and cited Mowbray as a...

Victoria Young 14 Feb 2025