Thank you to the Institute of Directors for inviting me to speak here in Auckland. Today I will discuss the low inflation environment we are experiencing here in New Zealand and in many other countries. To start, I would like you to think about the mobile phone in your pocket, because it represents some of the global trends I will refer to. It is a symbol of how manufacturing has become global, how costs of production have been lowered, particularly for technology-based goods and services, and how we are now connected to global markets through digital devices and the internet. These are themes I will return to. Since ... (full story)