I should clarify Adrian Orr is the new incoming Reserve Bank of New Zealand Governor, headline pedants/hair splitters will be having conniptions (good :-D )
- Orr begins his role on March 27
Speaking in response to the new Policy Target Agreement just announced
(details here: RBNZ new Policy Target Agreement announced: inflation band unchanged, jobs goal added )
- Pleased the new PTA remains firmly focused on price stability
- RBNZ model already takes employment into account
- RBNZ will speak more about employment under the new PTA
- In general terms, the dual mandate will not change monetary policy, but there may be times when the dual mandate impacts upon policy
Finance Minister Robertson:
- RBNZ to retain operational independence
