Our growth and evolution
We are building our capability and capacity to do more so need to invest in the people, systems and resources needed to evolve into a more modern, accountable and effective central bank.
We are advancing well in our deliberate transformation to fully meet our purpose of enabling economic prosperity and wellbeing for all New Zealanders.
In 2020, the Minister of Finance agreed with the Reserve Bank Governor a new five-year funding agreement which will ensure Te Pūtea Matua has adequate resources to meet its increasing responsibilities and the expectations of New Zealanders.
This meant we are able to address the critical risks to delivering our mandate, respond to areas of past underinvestment, and establish a long-term model to promote the wellbeing of New Zealand.
How we’re growing
The bulk of this increased spending is focussed on expanding and enhancing our core activities, particularly investing in financial supervisory and enforcement capability, as recommended by the International Monetary Fund’s 2017 Financial Sector Assessment Programme (FSAP) Review.
The largest area of planned growth is focused on meeting our financial stability objectives. Significant investment in this area is required to bolster our regulatory and supervisory activity to strengthen confidence in the financial system and its institutions.
This enables us to adopt a more intensive supervisory approach, develop our enforcement capability, expand our policy research to enable a forward-looking approach, and utilise rich data for evidence based decision-making. Growing our RBNZ presence in Auckland is a key part of this growth and investment.
A significant uplift in our digital capabilities is being made to meet and maintain our current systems, and adopting technology that will better meet the future needs of the Reserve Bank.
How we’re evolving
The RBNZ enables economic wellbeing and prosperity for all New Zealanders. Our policies and actions have an impact on all New Zealanders so it is important we communicate this information and engage in different ways. Over the past two years we have significantly lifted the quality of our publications, content design, reach and engagement across our communication channels to connect with more New Zealanders. We’ve also recently launched a future-fit website as part of our ongoing work to modernise our approach to communication and engagement across a wider range of channels, including digital channels.
In 2021/22, we formally started our Transformation Programme to provide a cohesive overview of the multiple change programmes across Te Pūtea Matua. As part of this we have delivered a leadership reorganisation at Te Pūtea Matua to bolster our overall capability and capacity, strengthen our foundations, ensure we are future fit to deliver on our mandate, and meet governance expectations under our new legislation.
Our leaders and staff are committed to our goal of evolving to be a more modern, accountable and effective central bank that meets the needs of all New Zealanders.
Find out more about our other key strategic areas of work below: