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Statement of Intent 2024 - 2028

Te Tauākī Whakamaunga Atu

This Statement of Intent 2024—28 (SOI) sets out our longer-term strategy, our strategic themes, high-level outcomes, and key activities.

Statement of Intent 2024 - 2028
Statement of Intent 2024 - 2028

This Statement of Intent 2024—28 (SOI) sets out our longer-term strategy, our strategic themes, high-level outcomes, and key activities.

This Statement of Intent 2024—28 (SOI) sets out our longer-term strategy, our strategic themes, high-level outcomes, and key activities. It needs to be read together with our Statement of Performance Expectations 2024/25 (SPE) to gain a full picture of how we measure and assess our performance. We report our progress against our annual SPE in our annual reports.

Our strategy | Tā mātou rautaki

Our strategy articulates how we intend to meet the challenges of our strategic context. It has six strategic themes that set our direction and will drive our decision-making about how to enhance the well-being and prosperity of New Zealanders. There are many interlinkages between our themes, and most of our activities support more than one theme.

Our strategy

Top lines:

Toitū te Ōhanga, Toitū te Oranga
We work to enable economic wellbeing and prosperity for all New Zealanders 

Outer circle:

Data, information & technology
Efficiency & competition

Inside circle:

New Zealand's financial system meets the needs of New Zealanders.
New Zealand's financial system is resilient.
New Zealand's economy is supported by price stability.

Bottom lines:

For New Zealand our vision is:
Matangirua ki Matangireia - Great Team, Best Central Bank
Values we stand for:
Wānanga - Innovation
Tauira - Integrity
Taura - Inclusion

Our three high-level outcomes 

A resilient financial system is important because it supports the wider economy, and gives everyone in New Zealand an opportunity to safely save their money, make everyday transactions, access credit to consume and invest, and insure against risks, even when financial shocks occur. We consider a resilient financial system to mean the capacity of the system to anticipate, prepare for, absorb, recover and learn from shocks, while also providing the financial services that we all rely on. Shocks and stresses can come from overseas, such as shocks to the global economy or trade disruptions caused by conflicts and disputes, or from within New Zealand, for example, climate change or a potential housing market price bubble.

New Zealanders are at the heart of our work. It takes the point of view of New Zealanders by asking: What do New Zealanders care about? What do they need from banking, insurance, payment services, and the wider financial system? What can we best do to deliver what New Zealanders need?

New Zealanders need to know that they can trust us to look after New Zealand’s financial system so that it works for them. New Zealanders need to be able to participate in the financial system. New Zealanders need the payment systems they use every day to work seamlessly, to access and use cash when they need it, and to access capital, which also helps grow the economy.

New Zealand’s economy functions best when there is price stability — that is, when prices of goods and services that we buy are reasonably predictable, and don’t change too much over time. The MPC has the responsibility to regularly review and decide on the Official Cash Rate (OCR), which influences price stability over the medium term. We play a crucial role in supporting the MPC. We think carefully about what information and research the MPC might need to make the best possible decisions, and then we provide that to the MPC. Once the MPC has made a monetary policy decision we implement that decision through the tools available to us, including communicating the MPC’s decisions to the public.

Te Waka Hourua

Taking a Te Ao Māori perspective supports our long-term aim to provide economic wellbeing and prosperity for all New Zealanders. Our Te Ao Māori strategy — Te Waka Hourua has three areas of focus: Ngā Muka ā Tāne — People, Culture and Organisation, Policy Impact, and Advocacy Building.

Read our Te Ao Māori strategy

Key activities 

The Reserve Bank is a ‘full-service’ central bank, which means our activities span monetary policy, financial stability, money and cash policy and operations, and financial markets infrastructure, including operating the ESAS and NZClear systems. In delivering our work programme, we also consider the need to adapt and innovate in accordance with the strategic context in which we operate.

Successful execution of these activities underpins our ability to deliver our mandate in line with our strategic themes and high-level outcomes. We must invest in activities that not only support the achievement of our mandated objectives and functions, but that also align with our strategic direction and performance framework. This includes, in particular, investigating technological advancements, like digital cash, and the potential opportunities that arise to promote productivity, innovation and competition within the financial system.

The following key activities are underway and underpin our strategy.

Cash use and availability are rapidly declining as people choose alternative methods of payment, or as it gets harder to access and use cash, in part as retail banks reduce their physical footprints.The cash system is facing acute resilience issues which, without intervention, put at risk the ongoing viability of the New Zealand cash system.

Our Future of Money – Te Moni Anamata work programme aims to make sure that New Zealanders enjoy reliable, efficient money and payment systems that support innovation and inclusion.

What we want to achieve:

  • We have a cash system that is resilient, efficient and sustainable.
  • Central bank money remains available and meets the needs of New Zealanders.
  • We have assessed the case to introduce digital cash in New Zealand.
  • We respond to changes in the cash, money and payment systems.
  • New Zealand has reliable, efficient money and payment systems that support innovation and inclusion.

There is a substantial multi-year work programme to implement the new prudential framework for deposit takers introduced by the Deposit Takers Act 2023 (DTA).

What we want to achieve:

  • Modernise our regulatory framework.
  • Ensure the safety and soundness of deposit takers.
  • Strengthen our supervision and enforcement powers.
  • Minimise the risks of high-impact failures.

We are working to have the key elements of the Depositor Compensation Scheme (DCS) in place by 2025. The decision on when to commence the scheme is a decision of the Government, as the scheme is commenced through regulation.

Before the DCS starts, we are prioritising the operational implementation of the scheme, developing and consulting on the regulatory requirements related to calculating industry levies and classifying eligible deposits.

What we want to achieve: 

  • Strengthen our ability to supervise the financial system.
  • Act quickly if a deposit taker is in trouble.
  • Increase trust and security in the financial system.

We are implementing the nine recommendations of the Review and Assessment of the Formulation and Implementation of Monetary Policy (RAFIMP), to improve our policy and modelling frameworks to support future monetary policy decisions.

What we want to achieve:

  • Effectively respond to the recommendations made in the RAFIMP.
  • Assess the suitability of our existing macroeconomic modelling infrastructure and redevelop where needed.
  • Undertake our next MPC Remit review and RAFIMP.

We support payment and settlement systems that promote a sound and efficient financial system. We oversee and operate two systems for financial transactions.

  1. The interbank Exchange Settlement Account System (ESAS): used by major financial institutions to settle payments between each other. ESAS supports our ability to implement
    monetary policy.
  2. NZClear: provides financial markets with clearing settlement services for high-value debt securities and equities.

What we want to achieve: 

  • Payments that meet standards of international best practice.
  • Strong standards that promote robust financial infrastructure.

We collect, analyse and publish a wide range of financial data and statistics, as a critical enabler of our high-level outcomes. This supports critical work relating to monetary policy, financial stability, and key projects (DTA, DCS, Digital Cash).

What we want to achieve: 

  • We have open, secure and accessible data to support our mahi.
  • We use an insight-led, risk-based approach to supervision, regulation, economic analysis and financial stability assessment.
  • New Zealand financial entities are able to provide data and information to us efficiently and securely.
  • We use data and research to optimise advice and decision-making.
  • New Zealanders, corporates and other agencies are informed by our high-quality data on New Zealand’s financial system and our research on topical themes.

Our Digital and Security Strategy outlines our vision for a secure and digitally enabled Te Pūtea Matua. Our three capability horizons take us from a modern digital service and robust security, through to becoming leaders in digital central banking and security.

What we want to achieve:

  • A secure and digitally enabled Te Pūtea Matua.

Project Waitoa addresses the risks associated with our vaulting and processing infrastructure that supports the wholesale distribution of cash. It is a high-risk project, subject to the Treasury’s Better Business Case Process. An investment decision will be sought in the 2024/25 fiscal year.

What we want to achieve: 

  • Efficient and resilient distribution of wholesale cash supported by secure and reliable infrastructure.
  • The distribution of wholesale cash meets the needs of the cash system.
  • A safe and secure work environment for our staff that supports their wellbeing.

To ensure the safety and wellbeing of our staff and tenants, our premises at 2 The Terrace, Wellington are in urgent need of refurbishment due to encapsulated asbestos. This is a significant programme of work that will continue under the new funding agreement in 2025.

What we want to achieve: 

  • A resilient, fit-for-purpose building reflecting the kaitiaki role of RBNZ.
  • Sustainability attributes which meet government requirements.
  • Improved health and safety with the removal of encapsulated asbestos.

Our people, and how we work together 

We need a capable, diverse, inclusive, and resilient workforce to be effective as kaitiaki of the financial system. Our focus on people, culture and our ability to respond to change in a sustainable manner is key to achieving our purpose.


Huarewa is our internal framework that guides the capability and culture uplifts required for us to be a ‘Great Team’ (Matangirua), and take us towards being the ‘Best Central Bank’ for New Zealand (Matangireia).

Within Huarewa, our key focus areas over the next couple of years include:

  • Developing a workforce strategy that ensures we can attract and retain the talent and develop the capabilities we need to achieve our purpose and strategy over the medium term.
  • Introducing new performance and remuneration frameworks to provide clear expectations of the knowledge, skills and behaviours we need and value in our organisation. The
    implementation of Leadership Development Programmes for our Tier 4 and Tier 5 managers to build capability and consistency in the leadership of our people.
  • Bringing to life our values through the introduction of organisational behaviours that we expect our people to live and breathe every day.
  • Embedding Te Tiriti o Waitangi into our people and culture initiatives, including our workforce strategy, early careers programme and leadership development.
  • A continued focus on operational excellence within our people operations.
An image showing Huawera, our people and the way we work together.

Huarewa | Evolving in an integrated way

Left side:

Our Values

  • Wānanga - Innovation: Innovation stems from knowledge gained through our diverse perspectives.
  • Tauira - Integrity: Integrity is sustained through self-reflection and modelling our shared principles.
  • Taura - Inclusion: Inclusion binds our individual strengths together, enabling our resilience and collective success.

Our Culture

  • E Tipu - Resilient organisation: Our organisation is adaptable, diverse, inclusive and dedicated to wellbeing.
  • E Rea - Thriving people: We nurture and develop our people, learning from each other and those around us.
  • Rangatira - Courageous leadership: Our inclusive leaders share expertise and empower our people, with accountability for outcomes.

Right side:

Great Team / Matangirua

Our Capabilities

  • Tātai - Central banking skillset: Evolving our knowledge, research, diverse skills and perspectives to be the Best Central Bank.
  • Tatau - Data, information and technology: Data, information and technology empower us to do our work effectively, efficiently and securely.
  • Tātou - Integrated and enabled: We operate with clarity, connection and trust with each other and across the financial system.