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Five-year review of the Monetary Policy Committee Remit that guides monetary policy decisions

Last updated: January 27, 2023

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Economy

Five-year review of the Monetary Policy Committee Remit that guides monetary policy decisions

John Pask

Published: January 27, 2023

Submitting To: Reserve Bank of New Zealand

Issue for Business: The purpose is to get feedback on the Remit that guides decision-making by the Monetary Policy Committee (MPC) on monetary policy and Official Cash Rate (OCR) Adjustments.

Action: BusinessNZ's submission broadly supports the policy discussions on issues outlined within the Consultation Paper, including the Reserve Bank's recognition of the need to avoid having too many objectives for monetary policy and hence the decision to deem distributional and climate change issues as being 'out of scope'.

Outcome: The Reserve Bank will use feedback to inform their advice to the Minister of Finance on whether the Remit should be replaced or amended.

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