Economy – Māori economy thriving and diverse – Reserve Bank of New Zealand

Source: MIL-OSI Submissions
Source: Reserve Bank of New Zealand

The Māori economy is increasingly diverse and opportunities remain for it to continue growing and reach its full potential, a report produced by Te Pūtea Matua – The Reserve Bank of New Zealand in partnership with Business and Economic Research Ltd (BERL) concluded.

Released today, Te Ōhanga Māori provides a richer picture of the Māori economy, including asset holdings, business and employment as of 2018 – not long before the COVID-19 pandemic.

“We are proud to work with Te Pūtea Matua in producing this major report on the Māori economy. Te Ōhanga Māori encompasses activity and enterprise additional to, and far beyond, Treaty settlements, and more and more is an engine of growth in the economy of Aotearoa” says BERL Chief Economist, Hillmarè Schulze.

Among the many key findings of Te Ōhanga Māori are:

The Māori population and labour force are growing more rapidly than the general population and it is projected to be a rising proportion of the future workforce;
The Māori economy’s asset base is now $68.7 billion in value;
Since 2013 Māori businesses activity has increased in a range of industries, including construction, retail trade, and services such as information media; and
Access to capital is a barrier for Māori businesses.

The research will form the basis for ongoing engagement over the coming years as Te Pūtea Matua, looks to better understand the perspective of the Māori economy, including the diversity, drivers, challenges and opportunities; with a view to incorporating more closely into its core decision-making.

“We are committed at Te Pūtea Matua to follow through on the findings of this report – to develop a better knowledge of the Māori economy; to see how it could influence the impact of our policies and how our policies affect Te Ōhanga Māori in return; and to be part of ongoing korero among the public sector to better partner with Māori,” says Assistant Governor/General Manager Economics, Financial Markets and Banking, Christian Hawkesby.

More generally, Te Ōhanga Māori is a tool for Māori, iwi, central and local government agencies to use in creating policies and approaches with and for Māori and the future of Aotearoa New Zealand.

“We hope this report will help decision-makers in the public, private and community sectors to be empowered to make sound, collaborative decisions to ensure that Māori and all New Zealanders prosper into the future,” says Mr Hawkesby.

“The work on this report shows us that Māori contributions to the economy of Aotearoa are multi-faceted. Māori engage in economic activity both in and out of the labour force and there is more to learn and understand about the rich and many roles Māori play in our economy.”

Mā te rongo ka mōhio, mā te mōhio ka mārama, mā te mārama ka mātau, mā te mātau ka ora. – Through information comes awareness, through awareness comes understanding, through understanding comes knowledge, through knowledge comes life and wellbeing.

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