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RBNZ Commences Five-Yearly Framework Review

RBNZ
The Reserve Bank of New Zealand – Te Pūtea Matua – is commencing its legislated 5-yearly review of its monetary policy Remit. The Remit is provided by the Government and is used to guide the Monetary Policy Committee’s (MPC) decision making in its pursuit of low and stable inflation and supporting maximum sustainable employment.
  • “The Reserve Bank is seeking feedback to ensure that the Remit framework is the best it can be for our legislative purpose, and ultimately the prosperity and wellbeing of all New Zealanders. This is the first review of the Remit under new legislation that was passed in 2018,” Mr Orr says.
  • “I encourage you to take part in this review process,” Chief Economist Paul Conway says.
  • “Do people think the inflation target is about right? How should we go about supporting maximum sustainable employment? How relevant are major economic trends under public discussion, such as house price sustainability, distributional outcomes, or climate change? We hope to see a wide range of views,” he says.
  • Public consultation is open from 1 June – 15 July. You can have your say by completing a quick survey or by reading the full Consultation Paper and submitting your feedback. Your feedback will be used to inform an assessment of any possible changes to the Remit, which will again be consulted on later in 2022. We will then also seek views on the Monetary Policy Committee’s Charter – the document that sets out the MPC’s meeting processes.
  • The Reserve Bank’s advice will go to the Minister of Finance in 2023 for a decision on if and how the Monetary Policy Remit and Charter will change from 2023 to 2028.
  • Click for full release.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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