Pursuant to section 122 of the Reserve Bank of New Zealand Act 2021 (“Act”), I hereby give notice that on 26 June 2023 I issued a new Remit for the Monetary Policy Committee (“MPC”) of the Reserve Bank of New Zealand (“Reserve Bank”). The new Remit comes into effect on 28 June 2023. The new Remit has been issued after an extensive review of the Remit by the Reserve Bank during 2022 and 2023, the first such review as required by the Act at least every five years.

Pursuant to clause 9 of schedule 1 of the Act, this notice also revokes the existing MPC Remit on the close of 27 June 2023.

The Remit is available on the Reserve Bank’s website: www.rbnz.govt.nz.

Dated at Wellington this 26th day of June 2023.

Hon GRANT ROBERTSON, Minister of Finance.