What evidence, if any, has she received on whether the Reserve Bank dual mandate contributed to the Reserve Bank holding the Official Cash Rate lower for longer during 2020–2021?

Answered Question 11237 (2026)

Question published: 23 March 2026
Reply lodged: 7 April 2026

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Asked by

Barbara Edmonds

Member for Mana · Labour Party

Question

What evidence, if any, has she received on whether the Reserve Bank dual mandate contributed to the Reserve Bank holding the Official Cash Rate lower for longer during 2020–2021?

Answered by

Hon Nicola Willis

List MP · National Party · Minister of Finance

Answer

Information I have received from the Treasury and Reserve Bank regarding the dual mandate is publicly available at https://www.treasury.govt.nz/publications/information-release/reserve-bank-dual-mandate, https://www.treasury.govt.nz/publications/risa/regulatory-impact-statement-removing-dual-mandate-reserve-bank-new-zealand-act-2021 and https://www.rbnz.govt.nz/hub/publications/bulletin/2025/post-covid-19-inflation-and-monetary-tightening.