NZ government introduces bill to add employment to central bank’s mandate

WELLINGTON (Reuters) – New Zealand Acting Prime Minister Winston Peters said on Monday a bill has been introduced to Parliament to change the legislation governing the Reserve Bank of New Zealand (RBNZ) to add employment as a policy goal alongside inflation.

The bill, which needs approval by Parliament before becoming law, would also introduce a committee to set monetary policy rather than leave the decision to the central bank’s governor.

The proposed changes had been flagged by the Labour-led coalition government that came into power in October.

RBNZ Governor Adrian Orr and Finance Minister Grant Robertson agreed that maximizing sustainable employment would be a consideration alongside inflation targeting in an policy agreement struck in March.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.