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Free AccessMNI BRIEF: RBNZ Sets Sights On Maintaining Inflation Targeting
The Reserve Bank of New Zealand has called on the Government to retain its 1-3% inflation target but advocated the removal of house price sustainability from its remit after the first round of its monetary policy remit review. The RBNZ advised Finance Minister Grant Robertson that its preliminary position was that there was "not a strong enough case" for changing the inflation target from 1-3% after receiving public submissions as part of the five-yearly review.
However, the RBNZ said there was "broad but not complete" support from submitters for not including house price sustainability in the remit. It noted that one submitter had argued house price sustainability could be considered through the letter of expectations from the Finance Minister instead of the remit. While public submissions "generally supported" retaining the Consumer Price Index as the key price measure targeted by the monetary policy committee, there were some concerns about how housing costs were reflected in the CPI. The RBNZ said it believes the CPI remains fit-for-purpose and the best price measure.
The RBNZ also suggested the remit could include an "explicit hierarchy" of objectives to better manage trade-offs between its price stability and maximum sustainable employment objectives. There will be another round of consultations that will end early next year, with the Finance Minister set to make his final considerations next April. The next remit will run until 2028.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.