Monetary Policy Committee

The Monetary Policy Committee is bound by a remit, charter and code of conduct. The remit provides the Monetary Policy Committee with its operational objectives, and the charter provides directions on decision-making procedures, transparency and accountability. The code of conduct sets out minimum standards of ethical and professional conduct to which members must adhere.

Together, these 3 documents form the Monetary Policy Framework.

Read more about the Monetary Policy Framework

Internal members

Adrian Orr is the Governor of the Reserve Bank. He was first appointed in March 2018 and has been reappointed for a second 5-year term effective from March 2023 to 2028.

Read Adrian Orr's profile

Christian Hawkesby is Deputy Governor and General Manager of Financial Stability at the Reserve Bank. He has a 5-year term from January 2022.

Read Christian Hawkesby's profile

Karen Silk is the Assistant Governor/General Manager of Economics, Financial Markets and Banking. She has a 5-year term from May 2022 to 2027.

Read Karen Silk's profile

Paul Conway is Director of Economics and Chief Economist at the Reserve Bank. He has a 5-year term from September 2022 to September 2027.

Read Paul Conway's profile

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.

Professor Saunders is a former director of AgriQuality and Council member for the Royal Society of New Zealand. Professor Saunders was initially appointed for a 4-year term from April 2019 to 2023 and has been reappointed for a term commencing on 17 April 2023 and ending on 30 June 2024

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.

Professor Buckle 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 re-appointed for a 3-year term from 1 April 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.

Mr Harris 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 was reappointed for a term of 18 months from 1 April 2022 and then extended for a term commencing on 1 October 2023 ending on 31 March 2024.

How the Monetary Policy Committee (MPC) is appointed

The Reserve Bank of New Zealand Act 2021 explains how MPC members are appointed and reappointed. The Minister of Finance appoints both internal and external members based on recommendations from the Board.

Read the Reserve Bank of New Zealand Act 2021

Length of appointments

• Internal members must be appointed for up to a term of up to 5 years and can be reappointed for 2 further terms as an internal member of up to 5 years each.
• External members must be appointed for a term of up to 4 years and can be reappointed for 1 further term as an external member of up to 4 years.

This clause does not prevent a person who has served as a member in a particular capacity from being appointed, or holding office, as a member in a different capacity.

Clause 22

Under Clause 22, an internal or external member continues in office despite the expiry of the member’s term of office until:

• they are reappointed again, or
• someone else is appointed in their place, or
• if the Minister of Finance decides in writing that the existing MPC member won't be reappointed, and no one will be appointed to replace them.

Any reappointment or new appointment is made after consideration by the Cabinet Appointment and Honours Committee and a decision by the Minister of Finance.

Clause 22 of the Reserve Bank of New Zealand Act 2021

Recruitment of new external members to the Monetary Policy Committee

We are recruiting for 2 vacant positions for external members of the Monetary Policy Committee, to replace Caroline Saunders and Peter Harris when their terms end in 2024. 

Applications closed at 5pm Monday 31 July 2022.

Role details and next steps