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Monetary Policy Challenge logo

2023 Monetary Policy Challenge

The Monetary Policy Challenge is back for 2023!

About the challenge

We’re challenging Year 12 and 13 students to test their economics skills against the monetary policy decisions facing the country. Participants will learn first-hand about career prospects from our brightest and best economists, and be in the running for prizes including visiting our Wellington office, sitting front row in one of our press conferences and having lunch with the Governor.

2023 Challenge question

Watch our webinar below, then answer the following question in a 5 to 7 minute video. 

When do you think the Official Cash Rate (OCR) will move from 5.5%? In which direction do you think it will move and why?  

When assessing your challenge entry we will be looking for:

  • your central expectation/forecast for inflation and employment and why this forecast justifies your choice of OCR move
  • how you balance competing global and domestic economic factors to form your central forecast
  • how global and domestic risks could change your outlook for the OCR if those risks materialised.

2023 Monetary Policy Challenge webinar

Watch the webinar with:

  • Chief Economist Paul Conway
  • Economic Advisor Marea Sing
  • Advisor Andre Castaing

When to enter by

Entries close Wednesday 28 June 2023 at 5pm.


Winners will be invited to spend the day at our Wellington office. You will get to sit front row in our press conference, have lunch with Governor Adrian Orr and have an exclusive look behind the scenes. 

This year we are also offering first place winners of the Monetary Policy Challenge interviews to our internship programme, if you meet the following criteria:

  • You have been accepted to study at a New Zealand tertiary provider
  • You are enrolled in study in Economics, Finance, Mathematics, Law or Accounting studies or other majors as agreed with the Reserve Bank of New Zealand.

The offer of interview does not guarantee an internship.  If you accept the interview offer, it is your responsibility to follow up with RBNZ at the time that internship applications open in August 2023.

Read about last year's challenge

Congratulations to James Hargest College as the national winner of the 2022 Monetary Policy Challenge.  

Honourable mentions go to:

  • Hutt Valley High School
  • Rangitoto College
  • Wellington Girls' College
  • Westlake Boys' High School

Watch James Hargest College's winning entry:


Terms and conditions

Make sure you read these terms and conditions. By entering the challenge, you agree to abide by them.

  1. We will run the webinar on Wednesday 7 June 2023 from 1:30pm to 2:30pm. We'll post the link to the webinar on our website.
  2. While we encourage you to watch the webinar, it is not a condition of entry to the challenge.
  3. To participate in the challenge, assemble a team of 3 to 5 people from your school in Year 12 to 13. There may be multiple entries per school but you may only participate in 1 team.
  4. Your team entry will consist of a 5 to 7 minute video presentation answering a question that will be provided after the webinar. Each team member will need to speak in the video.
  5. Upload your video presentation to Google drive. Make sure you set your access permissions to ‘anyone with the link.' Email the link to [email protected]
  6. We must receive your team’s video presentation link by 5pm Wednesday 28 June 2023 to the [email protected] email.
  7. By entering the challenge, you give permission for your video to be shared on our social media platforms and/or website.
  8. We'll announce the winners and contact them directly in July.
  9. The first-place winners will spend one day at 2 The Terrace, at the Reserve Bank. We will cover the reasonable cost of travel to and from Wellington for each team member and one teacher.