The Minister of Finance has today published the Reserve Bank of New Zealand's (RBNZ) Five Year Funding Agreement (FYFA). The FYFA sets the RBNZ's core operating expenditure from 1 July 2025 through to 31 June 2030.
The FYFA has been set at $750m, with some elements of RBNZ's spending excluded from the agreement.
Board Chair Neil Quigley says: "Our new FYFA presents an opportunity for RBNZ to shape ourselves for the future. Our priority in the coming months will be to work with our people to redesign our way of working to optimise our resources while continuing to deliver on our mandate."
"We remain focused on ensuring economic wellbeing and prosperity for all New Zealanders. To achieve this, we will need to look closely at our capital and operational expenditure, as well as our spend on personnel."
