.png)
From Hamilton’s world-famous gardens to award-winning farms, Reserve Bank Governor Anna Breman used her first Waikato visit to get to know the region. Senior writer Mary Anne Gill reports.
Reserve Bank Governor Anna Breman’s first visit to Waikato began not with spreadsheets or forecasts, but with a walk through Hamilton Gardens.
For someone whose job revolves around national averages and aggregated data, the gardens offered a fitting introduction to a region she was keen to understand up close.
“It’s absolutely beautiful,” she said afterwards, describing the visit as a highlight and reinforcing why getting out of Wellington matters.
Relying only on national data risks missing what is happening on the ground, she says.
The idea regional nuance matters carried through Breman’s time in Waikato.
Alongside speaking at a sold‑out Waikato Young Professionals event in Hamilton, she visited hospitality businesses, Gallagher Group and two Waipā farms, one dairy and the other sheep and beef.
She saw first‑hand how exporters, manufacturers and agricultural producers are navigating another period of global disruption.
.png)
.png)
Those visits framed a wide‑ranging panel discussion chaired by Waikato Young Professionals chair and senior solicitor Tyla Robinson and joined by Craig’s Investment Partners adviser Callum Malcolm and Hamilton Central Business Association general manager Vanessa Williams.
While global conflict and fuel prices dominated the headlines, the conversation quickly grounded itself in what businesses and households are dealing with day‑to‑day.
The timing was not easy. Breman acknowledged her first months in the role had been “chaotic”, with New Zealand appearing to be turning a corner before renewed global shocks pushed costs higher again.
Fuel prices, she noted, are hitting inflation and confidence, particularly for households and consumer‑facing businesses. The Reserve Bank’s challenge is working out whether that shock remains temporary or begins to embed more broadly.
“Our job is to make sure near‑term inflation doesn’t become medium‑term inflation,” says Breman.
“If we see that happening, the bank would tighten.”
For now, she said, headline inflation has lifted but core inflation has remained stable – a distinction that matters when making decisions that can take 12 to 24 months to fully flow through the economy.
Williams says those pressures are already visible in Hamilton’s CBD. Costs are rising, margins are thinning and discretionary spending has been cut back, particularly in retail and hospitality. Foot traffic remains well below pre‑2019 levels, impacted by hybrid work patterns and tighter household budgets.
But Williams also pointed to adaptation.
“We’re seeing businesses collaborate, expand offerings and look seriously at productivity tools.
“Small businesses are nimble and waiting is one of the biggest risks right now."
That message resonated with Breman, who says successive 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 came up repeatedly during the panel discussion not as an abstract economic concept, but as something practical. Digitalisation, smarter systems and new technologies give businesses ways to produce more without adding cost, easing pressure on prices while supporting higher real wages over time.
From a regional perspective, Breman said Waikato has strengths that position it well. While local services face headwinds, exporters and agricultural producers are seeing solid demand. New Zealand’s reputation as a reliable supplier – something reinforced during her visits to farms and manufacturing sites – is an advantage in uncertain global conditions.
Housing also forms part of that story. Breman welcomed the recent stabilisation in house prices, noting it has improved affordability for younger buyers and allows people to move to where jobs are.
“High volatility isn’t good. But stability, especially when it helps first‑home buyers, is positive.”
Asked what advice she would give young professionals early in their careers, Breman spoke personally.
Entering university in Sweden after the economic crisis of the early 1990s, she worried she might never find work. Experience has taught her otherwise.
“Worry less. Even when the world looks scary, there will be opportunities.”
Her own career took her from Sweden to the United States, France and now New Zealand – a move she made with her husband and two daughters for the right role.
“You do have to be prepared to try things. Believe in yourself and go for it.”
As Breman headed back to Wellington, it was clear Waikato had left an impression: a region balancing caution with investment, navigating pressure without waiting passively for conditions to improve and telling its story in ways no dataset ever could.
