A public appointment process has started for a new external member of the Reserve Bank of New Zealand’s Monetary Policy Committee (MPC) to replace Professor Bob Buckle when his term expires on 30 September 2025.

Under its remit, the MPC is responsible for maintaining a stable general level of prices over the medium term.

The MPC is made up of 4 internal RBNZ members and 3 external members. Monetary policy decisions, such as setting the Official Cash Rate, are made by the 7 members of the committee. This appointment process is to replace one of the external members; the Committee is also carrying one vacancy for an internal member which will be filled towards the end of the year.

MPC appointments are made by the Minister of Finance, on the recommendation of the RBNZ Board.

Board Chair Neil Quigley said that “suitably qualified candidates will be interviewed later this year and assessed against the appointment criteria, then the name of the candidate recommended by the Board will be provided to the Minister of Finance.”

Applications will be assessed by the MPC Appointments Committee against various criteria including:

• expertise in monetary policy and macroeconomics (which may be demonstrated by research and/or professional practice)
• relevant professional knowledge, skills and experience in public policy and banking.

Applicants will require a strong understanding of conflicts of interest, the market sensitivity associated with monetary policy decisions, and the constraints on other activities that are necessarily associated with membership of the MPC.

“The final appointment decision and timing is up to the Minister, but we anticipate an appointment to be announced by the end of September,” Professor Quigley said. The new MPC member is expected to officially begin their appointment on 1 October 2025.

For further information on this appointment process contact: https://www.appointbetterboards.co.nz/contact-us/

Length of appointments

MPC members serve fixed terms:

• Internal members must be appointed for a term of up to 5 years and can be reappointed for 2 further terms as an internal member of up to 5 years each.
• External members must be appointed for a term of up to 4 years and can be reappointed for 1 further term as an external member of up to 4 years.

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