Nationals Would Scrap RBNZ's Dual Mandate If They Win 2023 Election

The RBNZ would be stripped of its dual policy mandate, if the opposition National Party wins the 2023 general election, National leader Christopher Luxton tells Bloomberg.

• Should he replace Jacinda Ardern as Prime Minister, Luxton would reinstate the RBNZ's sole focus on price stability, as "there's been too much mission creep."
• He would also remove the requirement for the Reserve Bank to take housing prices into account while setting monetary policy.
• The opposition leader accuses the Labour government of excessive fiscal spending at a time when the economy is overheating, which fuels inflation and puts pressure on the RBNZ to raise interest rates.