RBNZ’s Hawkesby: System can cope with high interest rates

Reserve Bank of New Zealand Deputy Governor (Financial Stability) Hawkesby testified before the Finance and Expenditure Committee on Monday.

Key quotes

New Zealand financial system remains strong.

Prices have stabilized in house markets over the last six months.

System can cope with high interest rates.

The vast majority of households have continued to manage the debt and service their mortgages, although some are struggling and falling behind.