Monetary Policy Challenge

Welcome to the Monetary Policy Challenge

 Last update April 2020: Due to the uncertainties brought about by COVID-19, we have decided to postpone this year’s Monetary Policy Challenge. If you have any queries or concerns, please email [email protected].

The winners for the 2019 Monetary Policy Challenge have been announced. Read the media release or watch the video for details. Keep an eye on this page for updates and information on the Challenge’s next round in 2020.

This year the Monetary Policy Challenge has been updated to reflect the new mandate of the Reserve Bank. It also uses videoconferencing to streamline the judging process.

The Monetary Policy Challenge gives secondary school students an exciting opportunity to put themselves in the shoes of Reserve Bank economists and recommend what the Official Cash Rate could be.

Using the same information as the Reserve Bank, teams assess the economic conditions facing New Zealand and the outlook for inflation. Based upon their assessment of the economy, each team decides on an appropriate setting for the Official Cash Rate.

The Monetary Policy Challenge links to NCEA achievement standard: Economics 3.5 (AS 91403).

What you have to do

  1. To participate, a school needs to assemble a team of 3-5 people from Year 12 or 13 economics, representing the Monetary Policy Committee, chaired by a Governor. Your teacher can enter a team by sending an email to the Reserve Bank at [email protected] . This email must confirm the intention to enter, give the name of the school, the teacher’s name and position in the school, the names and class levels of the team members, indicate which team member is the ‘Governor’, and provide contact details and a phone number. Only one team can enter per school.
  2. Make sure you read the terms and conditions. By entering, you agree to abide by them.
  3. Your team entry will consist of a 3-5 minute video presentation outlining the Official Cash Rate (OCR) decision, supported by a simple summary of the key points with a maximum of 300 words, in PDF form. This work will involve assessing the economic conditions and the outlook for inflation based on statistical data. Your team's presentation should outline the reasons for your policy decision, much like the policy assessment and key policy judgements sections of each Monetary Policy Statement. Each team member should present at least one piece of economic analysis or advice, and the Governor should present your team’s Official Cash Rate decision, reached by consensus. All of your team should be involved in the economic analysis, the Official Cash Rate decision, and the preparation of the presentation and mock Monetary Policy Statement.
  4. The Reserve Bank must receive your team's 3-5 minute video presentation and simple summary of the key points (max. 300 words) in PDF form, by 5.00 pm on Friday, 17 May 2019.
  5. The Reserve Bank’s judges will select six finalists, whose names will be posted on the Monetary Policy Challenge website by close of business on Friday 31 May 2019.
  6. The national finals will be held by video link, on 13-14 June 2019 at a time arranged by the Reserve Bank, and will require a 10-minute presentation with about 20 minutes of questions-and-answers. Teams do not need to prepare a fresh analysis of the economy but do need to be able to keep up to date with any new data provided since the original presentation.
  7. First, second and third place winning teams will be selected by the judges.
  8. The first-place winners will spend the afternoon of Wednesday 7 August in Wellington, hosted by the Reserve Bank at 2 The Terrace, and will attend the media conference that afternoon.The Bank will cover the reasonable cost of travel to and from Wellington for each team member and one teacher.


Our main web-page is in the process of being updated to include the new monetary policy mandate. Not all of it is yet up to date. For now, check out these resources:

  1. The 2019 monetary policy framework, including the new charter and remit
  2. The February 2019 Monetary Policy Statement and supporting documents, including a downloadable statistics pack
  3. Key statistical information

Further information

For further information please contact us on [email protected] or phone (04) 471 3607.

View the MPC Facebook page for more information, tips and reminders about the competition.

Monetary Policy Challenge
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The Monetary Policy Challenge
See what the Monetary Policy Challenge is all about and what some of our National Finalists and their teachers thought of the competition.
2019 MPC winners
2019 Monetary Policy Challenge winners
The winners for the 2019 Monetary Policy Challenge have been announced. Watch this video to find out who among the six finalists took the top honours in the 2019 Monetary Policy Challenge
2019 Monetary Policy Challenge 1st Place – Kristin School
Watch the video submission of the 2019 winning team, Kristin School, for the first round of the Reserve Bank of New Zealand Monetary Policy Challenge.


The Monetary Policy Challenge is based on a similar competition, called Target Two Point Zero, run by the Bank of England. The Reserve Bank of New Zealand would like to acknowledge the Bank of England for their help and support in creating the Monetary Policy Challenge competition.