3962 (2026). Hon Barbara Edmonds to the Minister of Finance

Written Question

Published date: 03 Mar 2026

Metadata

Document type:	Written Question
Parliament number:	54
Question number:	3962 (2026)
Question asked:	11 Feb 2026
Member asking:	Hon Barbara Edmonds
Portfolio:	Minister of Finance
Minister replying:	Hon Nicola Willis
Answer received:	25 Feb 2026
Status:	Question Answered
Reply type:	Reply
Document ID:	WQ_03962_2026
Document guid:	bc8d4d6f-1325-41c1-8434-62a88a021acf

3962 (2026). Hon Barbara Edmonds to the Minister of Finance: 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?

Hon Nicola Willis: 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.