The Statement outlines the Reserve Bank’s priorities for the next three years. These are framed around strengthening leadership, improving our regulatory framework, and investing in our people and systems.

“We aim to ensure the Reserve Bank is constructive and effective in all it does. We will communicate more widely, making our messages accessible and relevant to the New Zealand public,” Governor Adrian Orr said.

Parliament is finalising law changes that embed the Reserve Bank’s responsibility for contributing to maximising sustainable employment. The law change also moves official interest rate setting decisions to a Monetary Policy Committee which includes staff and non-Reserve Bank members.

“We are committed to implementing these changes, and will ensure that the Monetary Policy Committee is effective and transparent,” Mr Orr said.

The second phase of the Reserve Bank Act review will focus on improving the Reserve Bank’s broader financial policy framework. “We are working jointly with the Treasury on this important, and welcomed, effort”.

“The Reserve Bank will also complete its review of the adequacy of banks’ capital buffers, while working with the larger New Zealand banks to ensure they are ‘standalone capable’ from their parent banks if and when necessary.

“We are also reviewing how we provide the currency and payment needs of New Zealanders. This will involve refreshing our infrastructure and money management systems. Included also is the replacement of core settlement systems and our securities depository. These tools are critical to us maintaining a sound and efficient financial system.

"This is a period of significant change for the Reserve Bank. Our activities will strengthen our relevance, performance, and toolsets to position us well for the future,” Mr Orr said.

More informationRead the Statement of Intent 2018-2021