RBNZ Chief Economist Paul Conway urged New Zealand's government to pursue structural reforms to lift productivity, saying monetary policy can’t solve the cost-of-living crisis alone

Paul Conway's comments highlight a dovish stance from the RBNZ, suggesting that the central bank may not be viewed as a panacea for the current cost-of-living challenges. This indicates a potential shift in focus towards fiscal measures, which could affect market expectations for future rate adjustments and the kiwi dollar. Traders should watch how this might influence NZD volatility and fixed income dynamics moving forward.