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The Reserve Bank Act Review

The second stage of consultation is open now. For more information see Public Consultation

Review of the Reserve Bank Act - banner image

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 is split into two phases:

  • Phase 1 was completed in 2018. As a result, supporting maximum sustainable employment has been added to the economic objectives for the Reserve Bank and a Monetary Policy Committee (MPC) has been created with responsibility for formulating monetary policy. For more information about Phase 1, see Phase 1 of the Reserve Bank Act Review.

Phase 2: Safeguarding the future of our financial system

Phase 2 of the Reserve Bank Act Review is a wide-ranging review of the financial policy provisions of the Reserve Bank of New Zealand Act, including those that provide the legislative basis for prudential regulation, supervision, and the crisis management framework. This phase of the Review also considers institutional matters such as the Reserve Bank’s legislative objectives, broader governance arrangements, and the funding model. Work on Phase 2 is being led by a joint Review team of Reserve Bank and Treasury staff.

It is envisaged that the legislative change process resulting from Phase 2 can be advanced within the current Parliamentary term.

Progress of Phase 2 of the review

Progress of Phase 2 of the review

Public Consultation: Have your say on the issues

There are multiple opportunities to comment on the issues that are being considered in Phase 2 of the Reserve Bank Act review.

On 24 June 2019, the Minister of Finance announced the second round of consultation in the Review of the Reserve Bank Act. Read the related media release Safer banks and strengthened bank accountability

The second round of public consultation is now open for submissions. Submissions close on 16 August 2019.  You can participate by going to the second round of public consultation page.

Answers to frequently asked questions on the second round of consultation can be found at Questions and answers: Phase 2 of the Review of the Reserve Bank Act – second round of consultation.

A third round of consultation is expected later in 2019.

For more information on the first round of consultation, which closed on 25 January 2019, you can visit the first round of Public Consultation page.

Additional proactively released documents

Additional documents relating to the Review are being proactively released to be transparent and to help inform public debate on the issues under consideration. All Phase 2 releases are contained on the Reserve Bank Act Review Phase 2 Proactive Release page. This page contains archived materials supporting the Phase 2 process, Cabinet papers, Panel reports, ministerial briefings, and written submissions to past consultations, are also available here.

Speeches and media releases

Relevant speeches and media releases are contained at Speeches and Media Releases. The Review team will engage with the public throughout the course of the Review to ensure that stakeholders’ views are appropriately reflected in the policy development process.

Our mission: The Phase 2 Terms of Reference

On 7 June 2018, the Minister of Finance Grant Robertson announced phase 2 of the Government’s review of the Reserve Bank Act and released a Terms of Reference setting out the scope of the Review. See the Terms of Reference for Phase 2.

Phase 2 of the Review is broadly-scoped and comprehensive, focused on the financial policy provisions of the Reserve Bank Act. Phase 2 of the Review will be organised around nine key topics:

  1. Overarching objectives and the scope, coverage, and coherence of the legislation
  2. Institutional governance, and decision-making
  3. Trans-Tasman co-ordination
  4. Prudential regulation
  5. Supervision and enforcement
  6. Resolution and crisis management
  7. Macro-prudential policy
  8. Resourcing and funding
  9. Miscellaneous issues

The Independent Expert Advisory Panel

An Independent Expert Advisory Panel is assisting with the Review. The Panel is providing input to the policy development process. Find out more at Independent Expert Advisory Panel.

Enquiries? Get in touch

For general enquiries about Phase 2 of the Reserve Bank Act Review, please email The Review team will respond to enquiries made through this channel as part of its role leading Phase 2 of the Review.
All media enquiries should be directed to

Alternatively if you want to know more about Phase 1 of the Review, see Phase 1 of the Reserve Bank Act Review.

Last updated: 
Wednesday, 26 June 2019