The Reserve Bank of New Zealand – Te Pūtea Matua has launched a second consultation as part of the five-yearly review of
the Monetary Policy Committee’s (MPC) Remit that guides monetary policy decisions.
The Remit sets out the operating guidelines from the Government for achieving monetary policy’s legislated goals of
maintaining price stability and supporting maximum sustainable employment.
The first consultation, which closed on 15 July 2022, helped to define the scope of the review, and to determine the
topics and areas under consideration for any possible changes to the Remit. We agreed the scope of the review with the
Minister of Finance.
Reserve Bank Chief Economist Paul Conway says, “This second consultation seeks feedback on the recommendations we are
intending to provide to the Government about possible changes to the Remit.”
“Feedback from New Zealanders will help us ensure we’re delivering the best advice. We welcome submissions until 27
January 2023 from experts in monetary policy, key interest groups and members of the public. Then we will finalise
advice for the Minister of Finance early next year,” Mr Conway says.
We want to hear your views about our proposals, to ensure that the Remit remains fit for purpose and enables monetary
policy to support the wellbeing of New Zealanders.Background
The Reserve Bank published on 10 November 2022 a review and assessment of the formulation and implementation of monetary
policy (RAFIMP) in the previous five years, which was subject to external review. The RAFIMP is separate from – but was
carried out alongside – the Remit Review. The Remit Review is about the guidelines or framework for Monetary Policy Committee decisions for the years to come,
while the RAFIMP is an assessment on what was done in the past five years and how effective those decisions were.More informationWe will be hosting a public webinar on Monday 5 December at 12:00pm. If you wish to join our webinar please register by
emailing remit-review@rbnz.govt.nzRemit review second consultation PaperRemit review summary guideBackground papersSummary of submissions from the first public consultation