The Country 22/09/25: Hayley Gourley talks to Jamie Mackay

A long-standing friend of The Country has been appointed to the Reserve Bank's Monetary Policy Committee. With a background in banking and agri-business we look at her progression through Rabobank and Skellerup to deciding the OCR on October 8.

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Episode Transcript

Speaker 1 (00:00):
Ocr it's all I'm thinking about at the moment. I'm
really hoping that the Reserve Bank drops the official cash
rate by fifty basis points when it meets on October
the eighth. And I've been banging on about this for ages.
But now I've got a direct line to the Reserve
Bank's Monetary Policy Committee because my old colleague friend, Can

(00:21):
I call you that Hailey Gorley has been appointed to
the Policy Committee.

Speaker 2 (00:25):
Well done, absolutely a friend, Thanks Jamie, and good to
be catching up again.

Speaker 1 (00:31):
Well, it's great to catch up with you again. I
think we were at the South Island Airy event was
the last time I caught up with you and Ben,
and that's how I really got to know you in
your capacity as the GM for Rabobank in New Zealand.
Since then, you've been with scalar Up Industries. These days
you're dealing in governance, but you have a really good

(00:51):
rural background. Have they chosen you to go on to
the Reserve Bank Monetary Policy Committee because of your expertise
in that area?

Speaker 2 (01:00):
I couldn't say it for exactly that reason, but I
think perhaps a combination of that industry experience, economics background
more broadly, and of course the exposure to manufacturing while
I was with Scaler up as well, so I think
probably a broad base and providing a different perspective perhaps
than the existing committee members, so add some value to
the committee.

Speaker 1 (01:20):
You start your four year term on October the first,
which is what next Wednesday? And how exciting You're only
in the job a week Hailey, and then you get
to drop the ocr by fifty basis points.

Speaker 2 (01:32):
Well, I'm not sure that that will be the outcome,
but there's certainly a lot of information, opinions, discussion that
I need to digest between now and then. But clearly
it's in interesting time to the New Zealand economy more broadly,
and you know, always tough decisions to think about what
might be happening, not just now, but what's happening a
year out, two years out and even beyond that.

Speaker 1 (01:52):
Since your appointment was announced last week, how much free
advice have you received between now and then?

Speaker 2 (01:59):
A lot, It's fair to say, I think there's more
opinions just about on the Monetary Policy Committee than there
is on the outcome of an all blacks test. So
I'm learning that firsthand. Just how many people have a
varied opinion, and it's really interesting to actually understand why
they have that opinion too, So it's always useful to know.

Speaker 1 (02:15):
There are six on the Monetary Policy Committee, Three are
from the Reserve Bank and three are external appointments.

Speaker 2 (02:24):
That's right. Yeah, so I'm getting to I will get
to know those people over the coming days and weeks,
and it is an interesting mix clearly, the internal appointments
from the Reserve banker living and breathing this on a
daily basis, and the external appointments. It's something that we
clearly get involved in before a monetary policy decision and

(02:44):
keeping in touch with what's happening in the broader economy
in between times.

Speaker 1 (02:48):
I hate the word journey in fact, it's like learnings.
I don't like it at all. But in your case,
I thought it's kind of applicable because you have had
a corporate journey to get to this point seventeen years,
as I see with Rabobank and then Scalour up. You've
worked for some key primary sector companies and institutions in
this country.

Speaker 2 (03:09):
Yeah, that's right, and I don't really think of it
as a journey either. It's more opportunities where I felt
that I can add my perspective and hopefully people find
that valuable and the varied background that people have. I mean,
I still think of myself as a West Coaster, you know,
who came to the city and looked for a job
and ended up in banking and finance. So it is
funny how things work out and really looking forward for

(03:32):
challenges and opportunities and that's really where my career has
taken me.

Speaker 1 (03:35):
Where do you think the New Zealand primary sector is
that at the moment, Hayley, You're in a good position
to judge, Well, we know we're getting record returns for
the likes of dairy, red meat, horticulture for the likes
of Kiwi fruit anyhow is very good at the moment.
Are we in a sweet spot? Look?

Speaker 2 (03:52):
I think it has been a sweet spot from a
return perspective, But then I also look at the challenges
that post the farm gate. I mean, I know this
can of challenges inside the farm gate, but my manufacturing
background tells me that it's not easy. You know, still
processing product, getting it to market, dealing with those international markets,
and I think that's where the challenges are coming and
will come. And I think we also know with anything agriculture.

(04:15):
You know, what goes up eventually comes down, at least
to some extent, and I think enjoy it for the
last couple of years, which is what we have had,
and I guess prepare for when that cycle turns.

Speaker 1 (04:27):
Do you know who the new Reserve Bank governor is?

Speaker 2 (04:30):
Sorry, no, I don't.

Speaker 1 (04:32):
I was going to ask you that as well, Hailey,
Thank you very much for your time. You start next Wednesday.
We'll look forward to whatever you do with that official
cash rate on October the eighth. Interesting times. Congratulations, It's
great to have successful friends.

Speaker 2 (04:50):
Thanks very much, Jamie,