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Phase 2 of the Reserve Bank Act Review

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Safeguarding the future of our financial system

Phase 2 is a wide-ranging review of the financial policy provisions of the Reserve Bank of New Zealand Act that provide the legislative basis for prudential regulation and supervision. This phase of the Review will also consider the broader governance arrangements for the Reserve Bank. Work on Phase 2 is being led by a joint Review team of Reserve Bank and Treasury staff.

It is envisaged that most of the major legislative amendments resulting from Phase 2 could be advanced within the current Parliamentary term.

Progress of Phase 2 of the review

Progress of Phase 2 of the Review

What’s new? The latest publications, speeches, and updates from Phase 2

4 Mar 2019 News Proactively released summary of submissions.
28 Jan 2019 News First consultation round is now closed. See Public Consultation to find out more.
14 Nov 2018 News Proactively released new documents relating to the Review.
1 Nov 2018 News First consultation round now open for submissions. See Public Consultation to find out more
1 Nov 2018 Publication Round one consultation document - Safeguarding the future of our financial system
1 Nov 2018 Publication Round one summary consultation booklet - Safeguarding the future of our financial system - summary booklet
1 Nov 2018 Media release First consultation paper released for Phase 2 of the Reserve Bank Act Review
1 Nov 2018 Q&A Questions and answers: Phase 2 of the Review of the Reserve Bank Act - first round of consultation

Have your say on the issues

The Reserve Bank is an important economic institution, and the Review of the Reserve Bank Act is of public interest and may affect a range of stakeholders.

Several rounds of public consultation will give you multiple opportunities to comment on the issues under consideration and contribute to future shape of financial policy in New Zealand.

The first public consultation is now closed for submissions. You can participate by going to Public Consultation. Subsequent rounds of consultation will follow in 2019.

Learn more about the issues

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 at Reserve Bank Act Review Phase 2 Proactive Release. Archived materials supporting the Phase 2 process, including Cabinet papers, Panel reports, Ministerial briefings, and written submissions to past consultations, are also available here.

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. The Review team’s speeches and public engagements are contained at Speeches and Media Releases. Media statements relating to Phase 2 of the Reserve Bank Act Review are also available here.

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.

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 Terms of Reference for phase 2 and the accompanying Q&A are available below:

Who's assisting with the Review

An Independent Expert Advisory Panel will provide input to the policy development process being led by a joint Reserve Bank and Treasury Review team. Find out more at Independent Expert Advisory Panel.

Find out more about the Review

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: 
Monday, 4 March 2019