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Secretary to the Treasury nominated as the Treasury observer on the Monetary Policy Committee

Issue date: 
Friday, 8 March 2019

The Secretary to the Treasury, Gabriel Makhlouf, will formally take up the role of the Treasury observer on the Monetary Policy Committee (the MPC) as of 1 April 2019. The MPC and the role of Treasury observer were created by the Reserve Bank of New Zealand (Monetary Policy) Amendment Bill, which received Royal assent on 20 December 2018.

In this capacity, Mr Mahklouf will attend meetings of the MPC as a non-voting observer. His role will be to support decision making by the MPC (for example by sharing information on fiscal policy), and facilitate co-ordination of monetary and fiscal policy.

At Reserve Bank Governor Adrian Orr's invitation, Mr Mahklouf has already been attending monetary policy deliberation and decision meetings as an observer since October 2018, in preparation for formally taking up the role. The arrangements regarding confidentially and conflicts of interest agreed to as part of this invitation will remain in place.

Last updated: 
Friday, 8 March 2019