Kōrero: Reserve Bank

Between 1938 and 1984 New Zealand's economy was tightly regulated with a view to ensuring full employment. Robert Muldoon, pictured above, was prime minister from 1975 to 1984. During his tenure he attempted to maintain New Zealand's 'cradle to grave' welfare state in a climate of deteriorating economic conditions. His efforts to stimulate the economy were based on wage and price controls, and huge, expensive industrial and energy projects, labelled 'think big'. This graphic, published by the Otago Daily Times some time later, captures the flavour of the economy and New Zealand life during Muldoon's years in power.