Has she received advice on whether the independent review of New Zealand’s monetary policy response to the Covid-19 pandemic impacts the operational independence of the Reserve Bank, if so, on what date did she recieve this advice?

Answer

A strong monetary policy framework is one that is independent, accountable and builds on experience. Treasury advice in May 2025 noted that the review may create risks to perceptions of the Reserve Bank’s operational independence of monetary policy. However, the Treasury also advised that such reviews could support accountability and public confidence in the operational independence of monetary policy and inform the ongoing effectiveness of monetary policy. Section 194 of the Reserve Bank of New Zealand Act 2021 provides for Minister-initiated reviews of the Reserve Bank’s operations and performance.