Finance Minister Steven Joyce and incoming Acting Reserve Bank Governor Grant Spencer today signed a renewed Policy Targets Agreement (PTA), which sets out specific targets for maintaining price stability.

The Policy Targets Agreement takes effect on 27 September 2017, after Reserve Bank Governor Graeme Wheeler completes his term on 26 September 2017.

It will apply from 27 September 2017 until 26 March 2018.

There is no change from the existing agreement which requires the Reserve Bank to keep future CPI inflation outcomes between 1 per cent and 3 per cent on average over the medium term, with a focus on keeping future average inflation near the 2 percent target midpoint.

The renewed PTA will provide continuity, consistency and stability for the monetary policy target over the election period and during the period of appointment of a new Governor.

Read the renewed Policy Targets Agreement

| A RBNZ release  ||  June 7,  2017   |||