Monetary Policy Committee

The Monetary Policy Committee (MPC) is responsible for formulating monetary policy in New Zealand, directed towards the economic objectives of:

  • achieving and maintaining stability in the general level of prices over the medium term; and
  • supporting maximum sustainable employment.

The MPC is subject to the remit for the MPC and the MPC charter, and members must also follow the code of conduct. These documents are published under Monetary Policy Framework.

Internal members

Adrian Orr is the Governor of the Reserve Bank. He has a five year term from March 2018-2023. 

Geoff Bascand is the Deputy Governor and General Manager of Financial Stability at the Reserve Bank. He has a five year term from April 2018-2023.

Christian Hawkesby is Assistant Governor and General Manager of Economics, Financial Markets and Banking at the Reserve Bank. He has a five year term from April 2019-2024. 

Yuong Ha is the Chief Economist at the Reserve Bank. His career has spanned several economics and financial markets roles at the Reserve Bank of New Zealand, as well as secondments to the IMF and Statistics NZ. Mr. Ha was appointed for a one year term from April 2019-2020 while the role of Chief Economist was vacant. He has now taken on the role of Chief Economist formally (the current term remains the same). 

External members

Professor Caroline Saunders holds a PhD in Agricultural Economics. She is currently Professor of International Trade and the Environment and Director, Agribusiness and Economics Research Unit, at Lincoln University. Professor Saunders is a Director on the board of Landcare Research NZ, and sits on the Biosecurity Ministerial Advisory Committee. She is a former director of AgriQuality and Council member for the Royal Society of New Zealand. Professor Saunders has been appointed for a four year term from April 2019-2023.

Professor Bob Buckle is Professor Emeritus at Victoria University of Wellington. He was Pro Vice-Chancellor and Dean of the Victoria Business School from 2008 to 2017; Principal Adviser at NZ Treasury from 2000 to 2008, Chair of the Economic Committee of APEC, Chair of the Government’s 2009-10 Tax Working Group, and Chair of the External Panel for Treasury’s Long-Term Fiscal Statement in 2012. He chairs review teams for European Foundation for Management Development (EFMD) and is an ambassador for Victoria Business School’s ‘Great Futures’ scholarships. Professor Buckle has been appointed for a three year term from April 2019-2022. 

Peter Harris is an economist with extensive experience in the trade union movement, including a decade as CTU Economist. He is currently an economic consultant. He has been a member of the Electricity Commission and an associate member of the Commerce Commission. He was Economic Advisor to the Minister of Finance from 1999 to 2002. He was a management head of the Public Service Association, and a Board Member of PSIS Ltd and the NZ Universities Academic Audit Board. He led the Government’s Savings Product Working Group in 2004. He is also a member of the Wellington City Council Finance Audit and Risk Committee. Mr Harris has been appointed for a three year term from April 2019-2022.