New Zealand First Welcomes Phase 2 of the Review of the Reserve Bank Act

Deputy Leader of New Zealand First Fletcher Tabuteau welcomes the Terms of Reference for Phase 2 of the Review of the Reserve Bank Act released today by Finance Minister Grant Robertson.

“A review and reform of the Reserve Bank Act 1989 was a cornerstone policy of New Zealand First leading in to the 2017 election and during the negotiation period,” Fletcher Tabuteau said.

In November last year the Coalition Government announced a two-phased review of the Act, the goal being to ensure New Zealand’s monetary and financial stability policy frameworks, and the Reserve Bank’s governance and accountability settings, were fit for purpose.

“It was a real victory to see employment outcomes being included in the March 2018 policy targets agreement as part of Phase 1 of the review, something that was sadly lacking from the previous inflation-obsessed status quo.”

Phase 2 will focus on broader governance reform to ensure the Act and the Reserve Bank’s approach reflect the changing environment in which New Zealanders live and work, which in turn supports the development of an economy that is productive, sustainable and inclusive.

“I’m particularly pleased that public consultation and engagement with the sector will be a central feature of the review.

“A country’s monetary policy is of fundamental importance as it affects all of us in our daily lives. We need to get it right,” Fletcher Tabuteau said.
ENDS

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