Reserve Bank governor Anna Breman’s first visit to Waipā was spent out on farming land at Te Pahu.
For someone whose job relies on national averages, models and aggregated data, the chance to walk two working farms offered something numbers cannot – context.
Federated Farmers resource management spokesperson Mark Hooper, left with Reserve Bank governor Anna Breman, Te Pahu dairy farmer Andrew Lord and Hayley Gourley from the bank’s Monetary Policy committee.
“It’s absolutely beautiful,” she said of the region, but the purpose of the visit went well beyond scenery.
Relying on national data alone risks missing what is happening on the ground, Breman said, and it was that belief that brought her to the farms of Andrew Lord and the late former Waipā mayor Alan Livingston.
Lord runs a dairy operation at Te Pahu, navigating rising costs, price volatility and the constant pressure to remain productive while responding to global uncertainty. Livingston’s sheep and beef farm is now run by his daughter Megan and son-in-law Phil Weir, continuing a family farming legacy while managing the same economic headwinds.
The visits formed part of Breman’s broader Waikato programme, which also included speaking engagements and business visits, but it was the farm gates where national policy met lived experience.
Fuel prices, inflation and confidence are dominating the economic landscape, and Breman has acknowledged the first months of her tenure have been “chaotic”. New Zealand appeared to have turned a corner before renewed global shocks pushed costs higher again.
Reserve Bank governor Anna Breman with from left Hayley Gourley of the bank’s Monetary Policy committee, Federated Farmers resource management spokesperson Mark Hooper and Te Pahu dairy farmer Andrew Lord
Fuel costs are hitting both inflation and confidence, particularly in sectors like agriculture where input costs feed through quickly, she said.
“Our job is to make sure near-term inflation doesn’t become medium-term inflation. If we see that happening, the bank would tighten.”
Exporters and agricultural producers are facing another period of disruption, but demand remains solid and New Zealand’s reputation as a reliable supplier continues to count in uncertain global conditions.
Breman said Waikato’s strengths were evident. While some local service industries are under pressure, agricultural producers were better placed than many, and balanced caution with with continued investment.
That balance – between watching costs and planning for the future – came through in her conversations with farmers and businesses.
Reserve Bank governor Anna Breman, left was on a panel with Hamilton Central Business Association general manager Vanessa Williams and Craig’s Investment Partners adviser Callum Malcolm (obscured). Photo: Mary Anne Gill
Reserve Bank governor Anna Breman with former deputy Reserve Bank governor Peter Nicholl, now retired in Cambridge. Photo: Kelly Hodel, Waikato Times.
Breman is concerned repeated shocks risk draining confidence just when investment is most needed.
“My concern is that after several tough years, people lose belief that investing now will pay off. But businesses that invest through downturns are much better positioned when demand returns.”
Productivity is central to that thinking – systems that reduce waste, smarter use of technology and processes that allow producers to do more without adding cost. Over time, those gains ease pressure on prices while supporting higher real incomes.
The contrast between the two Te Pahu properties underscored the diversity within the sector, but also its shared realities – exposure to global markets, weather dependency and policy decisions made far beyond the farm gate.
Breman’s visit reinforced why those realities matter to monetary policy decisions that can take 12 to 24 months to fully flow through the economy. Headline inflation had lifted, she noted, but core inflation remained stable – a distinction that shaped how the Reserve Bank responded.
Hamilton’s world-famous gardens may have been her first stop in the Waikato, but it was in Te Pahu that the governor saw the practical side of an economy often discussed in graphs.
It was a reminder for her that behind every data point are people making daily decisions – investing, holding back, adapting and pushing on.
And those stories, she says, do not always show up in the numbers.
Hamilton Gardens director Lucy Ryan, right, gave Reserve Bank governor Anna Breman a guided tour. Photo: Supplied
Reserve Bank governor Anna Breman on a sunny day on the farm in Te Pahu, Waipā.
