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Reviewing the Reserve Bank Act

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 will ensure the Reserve Bank’s monetary and financial policy frameworks still provide the most efficient and effective model for New Zealand.

The Review is split into two phases.

Phase 1

Phase 1 is focused on adding employment to the price stability objective of the Bank and providing for a committee decision-making model for monetary policy decisions.

Phase 2

Phase 2 will primarily focus on a comprehensive review of the financial policy provisions of the Act that provide the legislative basis for prudential regulation and supervision. Phase 2 will also consider the broader governance arrangements for the Reserve Bank, including the respective roles of the Board and Governor.

The review process includes opportunities for the public to make submissions on the issues under consideration.


For general enquiries about the Reserve Bank of New Zealand Act Review, please email  The Treasury will respond to enquiries made through this channel as part of its role as the secretariat for the Review.

All media enquiries should be directed to

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Last updated: 
Wednesday, 13 June 2018