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Hunt on for new Reserve Bank MPC members

The Reserve Bank has begun its search for new external members of its Monetary Policy Committee, with two members’ terms due to expire next year.

Monday, June 19th 2023, 4:30PM 1 Comment

Under its remit, the MPC is responsible for maintaining a stable general level of prices over the medium term and supporting maximum sustainable employment.

It is made up of four internal RBNZ staff and three external members. Monetary policy decisions, such as setting the Official Cash Rate, are made by the seven members of the committee.

MPC appointments are made by the Minister of Finance, on the recommendation of the Reserve Bank board.

The new MPC appointees will replace current members Professor Caroline Saunders and Peter Harris when their terms end in 2024; Harris on 31 March and Saunders’ term ends on 30 June.

Board chair Neil Quigley says, “suitably qualified candidates will be interviewed later this year and assessed against the appointment criteria, then the names of candidates recommended by the board will be provided to the Minister of Finance after the General Election".

Applications will be assessed by the MPC appointments committee against various criteria including expertise in monetary policy and macroeconomics (including those carrying out ongoing research in these areas); and relevant professional knowledge, skills and experience in public policy and banking. 

Applicants will require a strong understanding of conflicts of interest, the sensitivity associated with “inside knowledge” of monetary policy decisions, and the constraints on other activities that are necessarily associated with membership of the MPC.

“The final appointment decisions and timing is up to the minister, but we expect appointments to be announced by early 2024,” he says. Once the two new MPC members are inducted, they will officially begin their appointments on 1 April or 1 July 2024, respectively.”

Tags: RBNZ

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Comments from our readers

On 23 June 2023 at 4:13 pm Amused said:
“The final appointment decisions and timing is up to the minister, but we expect appointments to be announced by early 2024,” he says. Once the two new MPC members are inducted, they will officially begin their appointments on 1 April or 1 July 2024, respectively.”

On the subject of new staff appointments, I note that the RBNZ is now employing 26 different directors tasked with issues including sustainability, financial inclusion, diversity, equity, inclusion and wellbeing , transformation, innovation, people and culture. Many of these directors have only been appointed to these roles in the last few years. Looking across the Tasman it appears the Reserve Bank of Australia doesn’t employ directors in similar positions so why are we in New Zealand? It seems to me that we can probably make do with half of these individuals as their “titles” appear to overlap one another and some of these subjects have actually very little to do with the central bank setting monetary policy for New Zealand.

Might be a few overdue changes coming up at 2 The Terrace Wellington following the general election on October 14th.

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