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Reserve Bank of New Zealand Act 2021

Financial and accountability matters - Reporting obligations - Planning: statement of intent

227: Obligation to publish and present amendments to statement of intent

You could also call this:

"The Reserve Bank must share changes to its plans with the public and Parliament."

Illustration for Reserve Bank of New Zealand Act 2021

When the Reserve Bank of New Zealand makes a change to its statement of intent, you need to know what happens next. The Bank must put the change on its website as soon as possible after the change is finalised under section 225. The Minister must also give a copy of the change to the House of Representatives. You should be aware that there are some exceptions to this rule. If the change will start on or after the next Budget day, the Minister can ask the Bank not to put the change on its website until later. The Bank cannot put a change on its website before it puts the full statement of intent on its website under section 226. The Minister also cannot give a copy of the change to the House of Representatives before giving them a copy of the full statement of intent. If Parliament is not meeting, the Minister does not have to give the change to the House of Representatives right away, but they must do it as soon as Parliament meets again.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287271.

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226: Obligation to publish and present statement of intent, or

"The Reserve Bank must share its plans with the public on its website and with the government."

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228: Purpose of statement of performance expectations, or

"The purpose of the Reserve Bank's performance plan is to set goals and track progress."

Part 5Financial and accountability matters
Reporting obligations: Planning: statement of intent

227Obligation to publish and present amendments to statement of intent

  1. As soon as practicable after an amendment to a statement of intent is finalised under section 225,—

  2. the Bank must publish the amendment on an Internet site maintained by, or on behalf of, the Bank; and
    1. the Minister must present a copy of the amendment to the House of Representatives.

      1. However,—

      2. if the amendment will come into force on or after the next Budget day, the Minister—
        1. may require the Bank not to publish the amendment in the pre-Budget period; and
          1. need not present the amendment to the House of Representatives in that period; and
          2. the Bank must not publish an amendment to a statement of intent before publishing the statement of intent under section 226; and
            1. the Minister must not present a copy of an amendment to a statement of intent to the House of Representatives before presenting a copy of the statement of intent to the House of Representatives under section 226; and
              1. if Parliament is not in session, subsection (1)(b) does not apply, but the Minister must present a copy of the amendment to the House of Representatives as soon as possible after the commencement of the next session of Parliament.

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