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Reserve Bank of New Zealand Act 2021

Financial and accountability matters - Reporting obligations - Planning: statement of performance expectations

238: Obligation to publish and present amendments to statement of performance expectations

You could also call this:

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

Illustration for Reserve Bank of New Zealand Act 2021

You need to know what happens when the Reserve Bank of New Zealand changes its statement of performance expectations. When this happens, the Bank must publish the changes on its website as soon as possible. The Minister must also give a copy of the changes to the House of Representatives. You should be aware that there are some exceptions to this rule. If the changes will come into effect after the next Budget day, the Minister can stop the Bank from publishing the changes before the Budget. The Minister does not have to give the changes to the House of Representatives before the Budget either. The Bank cannot publish changes to the statement of performance expectations before it publishes the actual statement. The Minister cannot give changes to the House of Representatives before giving them the actual statement. If Parliament is not meeting, the Minister does not have to give the changes to the House of Representatives right away, but must do so as soon as Parliament meets again, as stated in section 236 and section 237.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287283.

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237: Obligation to publish and present statement of performance expectations, or

"The Reserve Bank must share its performance goals with the public."

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

238Obligation to publish and present amendments to statement of performance expectations

  1. As soon as practicable after an amendment to a final statement of performance expectations is finalised under section 236,—

  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 performance expectations before publishing the statement of performance expectations under section 237; and
            1. the Minister must not present a copy of an amendment to a statement of performance expectations to the House of Representatives before presenting a copy of the statement of performance expectations to the House of Representatives under section 237; 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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