Reserve Bank of New Zealand (Economic Objective) Amendment Act 2023
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Reserve Bank of New Zealand (Economic Objective) Amendment Act 2023
Public Act |
2023 No 64 |
|
Date of assent |
19 December 2023 |
|
Commencement |
see section 2 |
Contents
The Parliament of New Zealand enacts as follows:
1 Title
This Act is the Reserve Bank of New Zealand (Economic Objective) Amendment Act 2023.
2 Commencement
This Act comes into force on the day after Royal assent.
3 Principal Act
This Act amends the Reserve Bank of New Zealand Act 2021.
Part 1 Amendment to Reserve Bank of New Zealand’s objectives
4 Section 9 amended (Bank’s objectives)
Replace section 9(1)(a) and the heading above section 9(1)(a) with:
Economic objective
(a)
the economic objective of achieving and maintaining stability in the general level of prices over the medium term; and
Part 2 Related amendments
5 Section 4 amended (Overview)
In section 4(3)(a) and (4)(a), replace “economic objectives”
with “economic objective”
.
6 Section 10 amended (Bank’s functions)
In section 10(1)(a)(i), replace “objectives”
with “objective”
.
7 Section 116 amended (Central bank functions)
In section 116(a), replace “objectives”
with “objective”
.
8 Section 117 amended (Function to formulate monetary policy through MPC)
Replace section 117(1) with:
(1)
The Bank, acting through the MPC, has the function of formulating a monetary policy directed to the economic objective of achieving and maintaining stability in the general level of prices over the medium term.
9 Section 118 amended (MPC must formulate monetary policy in manner consistent with economic objectives and MPC remit)
(1)
In the heading to section 118, replace “objectives”
with “objective”
.
(2)
In section 118(a), replace “objectives”
with “objective”
.
10 Section 123 amended (Contents of MPC remit)
(1)
In section 123, replace “an economic objective”
with “the economic objective”
in each place.
(2)
In section 123(2)(b), after “economic objectives”
, insert “(if an Order in Council in force under section 125 provides for more than 1 economic objective)”
.
11 Section 125 amended (Order providing for different economic objective or objectives)
(1)
Replace section 125(2) with:
(2)
The economic objective or objectives may be in addition to or instead of the economic objective specified in section 9(1)(a).
(2)
In section 125(3)(b), replace “either or both of the economic objectives”
with “the economic objective”
.
12 Section 136 amended (Effect of directions on operational objectives)
In section 136(1), replace “economic objectives”
with “economic objective”
.
13 Section 138 amended (Effect of directions on monetary policy)
In section 138(1), replace “objectives”
with “objective”
.
Legislative history
12 December 2023 |
Introduction (Bill 2–1), first reading, second reading, committee of the whole House, third reading |
|
19 December 2023 |
Royal assent |
This Act is administered by the Treasury.
Versions
Reserve Bank of New Zealand (Economic Objective) Amendment Act 2023
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