In 2017 the Reserve Bank began working with the Treasury on a comprehensive review of our previous legislation: the Reserve Bank of New Zealand Act 1989. This page gives an overview of the phases of the Review.
Updating and modernising the Reserve Bank of New Zealand Act 1989 (the Act) has been an important step in ensuring we can fulfil our role as kaitiaki | guardians of the financial system, promoting the prosperity and economic wellbeing of all New Zealanders.
The first phase of the Review focused on monetary policy and was completed in 2018. It resulted in a range of changes being made to New Zealand’s monetary policy framework in 2019 including:
Read more about the current monetary policy committee
Read more about the monetary policy remit, charter and code of conduct
Phase 2 was a wide-ranging review of our governance arrangements and funding model. It also included the Act's financial policy provisions and our role as regulator of the deposit-taking sector.
Following public consultation, the Government decided to replace the Act with 2 new pieces of legislation:
Read more about our new Reserve Bank Act
Read more about the proposed Deposit Takers Act