RBNZ applauds growth, diversification in Māori economy
The Reserve Bank of New Zealand has welcomed the release of the Te Ōhanga Māori 2023 report by the Ministry of Business, Innovation, and Employment (MBIE) and Business and Economic Research Limited (BERL).
The report underscores the Māori economy as a burgeoning, diversified force within New Zealand's broader economic landscape.
Diversification and growth in the Māori economy
The 2023 report documents substantial growth in the Māori economy, which saw its contribution to New Zealand’s GDP soar to $32 billion in 2023, up from $17 billion in 2018.
The asset base of the Māori economy also witnessed significant growth, reaching $126 billion.
This expansion extends beyond traditional sectors like agriculture and fishing, branching into real estate, property services, and professional services.
RBNZ’s commitment to supporting Māori economic development
RBNZ’s Simone Robbers (pictured) said the central bank was dedicated to fostering the development of the Māori economy.
“The ongoing development of the Māori economy is an essential component to the future growth and resilience of New Zealand,” Robbers said. “We recognise the economic potential of the Māori economy and are collaborating with others on improving Māori access to capital to help fully realise this potential.”
This commitment is part of RBNZ’s broader strategy to enhance financial inclusion and economic opportunities for Māori communities.
Strategic initiatives and support for Māori economic growth
The report is part of a series that aims to deepen understanding and drive strategic initiatives for Māori economic advancement.
Efforts include facilitating lending on whenua Māori, launching the Māori data pilot Te Waka Hourua, and other related workstreams focused on enhancing access to financial resources.
RBNZ enhances policy insights from growing Māori economy
With the Māori economy’s rapid growth, surpassing previous projections, insights from the report are poised to inform policy decisions that could unlock further potential within this vital economic sector.
The RBNZ’s involvement in creating the report and participating in its steering committee underscores the importance of these insights in shaping economic policies and interventions.
Read the announcements from RBNZ and MBIE. Also read the full Te Ōhanga Māori 2023 Report for more information.
