What do the RBNZ and Facebook have in common? Rebranding, relaunching.
The Reserve Bank is undergoing a "transformation" and not unlike Meta (the new name for Facebook) the spin-artists have been at work. Meta CEO Mark Zuckerberg is being mocked by critics for his updated company values, using terms like “build awesome things” & “live in the future”. He's introduced the phrase, “Meta, Metamates, Me”, in a nod to the naval adage, “ship, shipmates, self”, meaning to put ship & crew ahead of oneself, the UK Times reports.
Meanwhile at the RBNZ, a new style of language is also being used. Their job adverts say the Bank is "more than you can imagine", enabling people "to bring their whole selves to work & embrace each other’s uniqueness". It is seeking "influencers" to "drive .. cultural & behavioral change". Despite being called the Reserve Bank, the institution now seems to distinctly dislike its own name. "We’re not reserved", the Bank states. We're "reaching for new heights .. protecting our future .. That’s fulfilling". Have these lines "helped you imagine a brighter future", it asks.
The RBNZ no longer remotely wishes to solely focus on monetary policy & boring economics. "Our breadth of work is growing & evolving. We have a complex, challenging & changing world today. But for us, it’s still about people". Their "Climate Adviser" ad sums it all up:
"It’s not just about the OCR (Official Cash Rate). There’s much more here".
Yes, at the New Age Central Bank everybody can hang out. So much for traditional, old-school, "reserved" types who thought banking was about banking. Sounds like former Governors Don Brash, Alan Bollard and Graeme Wheeler wouldn't even be called for a first-round interview now. Probably would be bundled out of the building.