These students were Riddhik Patel (Year 13, Marsden), James Hancock (Year 13, Marsden), David Bates (Year 13, Greenbank), Callum Sng (Year 13, Marsden), and Hugo Gerbich-Pais (Year 12, Averill). This competition puts us in the shoes of Reserve Bank economists and recommends what the Official Cash Rate could be.
The first round of the competition consisted of a five-minute video presentation in which the team came up with the decision on whether to hold, increase or decrease New Zealand’s official cash rate. This was then supported by our evaluation and analysis of the various inflationary and deflationary factors that affect the New-Zealand economy. This was an eye-opening experience for the team as we got to experience first-hand the variety of factors that have to be taken into consideration and what its potential effect has on the New Zealand economy in both the short and long run.
The team progressed past the first round and was selected as one of the six finalists. The finals proved to be much more challenging as it consisted of a ten-minute presentation followed by a twenty-minute question and answer by the Reserve Banks economists. Preparing for this section of the finals proved to be much more challenging as we had to expand more and offer deeper analysis. Also, when the official cash rate was dropped mid-way through our preparation caught us off guard and we had to quickly adapt to these new changes.
The national final was different from previous year’s as the finalists did not go to Wellington rather it was a phone call. The final proved to be challenging for the team as they tested and pushed our economic theory and application. However, the team managed to persevere through this and were awarded a fourth-place finish. Special thanks must go to Mr. Johnston who guided us through the presentation and helped us build upon our economic theory.
Riddhik Patel (Year 13, Marsden)