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Review of the Reserve Bank Act 2017 - 2021

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In November 2017 the Government announced it would undertake a review of the Reserve Bank of New Zealand Act 1989 to create a modern monetary and financial policy framework.

The Review of the Reserve Bank Act (“the Review”) was undertaken by the Treasury and the Reserve Bank of New Zealand. While the Review itself has been completed, work to enact some of the measures is ongoing. There are three tranches to the Reserve Bank Act reforms:

Independent expert advisory panel

The Minister of Finance appointed an Independent Expert Advisory Panel, chaired by Suzanne Snively (ONZM), to assist with the Review. Information about the role and composition of the panel is available at the Treasury Independent Expert Advisory Panel page.

Proactive release of documents

The Treasury has had an ongoing programme of released documents, such as Cabinet papers, advice and public submissions, relating to the Review of the Reserve Bank of New Zealand Act. This is to be transparent as well as to help inform public debate on the Review as it occurred. The documents are largely organised around the phases of the Review as it was undertaken, phase one being the amendment to monetary policy, and phase two being the financial stability, regulation and supervision work and the institutional and accountability reforms.

Proactively released information is available at the Treasury Reserve Bank Act Review proactive releases page.

Last updated: 
Friday, 23 April 2021