September 6, 2018 / 9:54 PM / in 8 months

RBNZ governor singles out 'short-termism' as key economic challenge

WELLINGTON, Sept 7 (Reuters) - New Zealand’s central bank governor said on Friday that ‘short-term’ thinking was a key challenge for the economy and society.

“The key plague on economic society is ‘short-termism’,” governor Adrian Orr said in a wide-ranging speech to a financial services group in Auckland.

“The long-term issues are critical to our task of maintaining low and stable consumer price inflation, promoting a sound and dynamic financial system, and meeting the currency needs of the public.”

Orr added that ongoing issues such as inequality, environmental degradation and demographic changes needed to be considered in financial decision making. (Reporting by Wayne Cole in SYDNEY and Charlotte Greenfield in WELLINGTON Editing by James Dalgleish)

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