Our Annual Report shows our capability-building and has been designed to report against the Statement of Intent for 2024-28.
Deputy Board Chair Rodger Finlay says that a great deal has been achieved by the Reserve Bank of New Zealand over the past year towards the delivery of its mandated functions.
"The Reserve Bank continued to support the New Zealand economy in navigating challenging economic conditions in the external environment both domestically and internationally. This included consumer price inflation falling back to within the Monetary Policy Committee's target band of 1 to 3 percent during the financial year."
Highlights this year also include the ongoing implementation of the Deposit Takers Act 2023 (DTA), the launch of the Depositor Compensation Scheme (DCS), revised access criteria for the Exchange Settlement Account System (ESAS), our submission to Parliament's FEC Inquiry into Banking Competition, and the current review of key regulatory capital settings for deposit takers.
"A long-term strategic focus for the Reserve Bank is strengthening efficiency and competition, enabling a financial system where competition drives innovation and inclusion," Mr Finlay says.
The past year has also seen wide ranging changes for the Reserve Bank. In particular, the departure of Adrian Orr as the Governor of the Reserve Bank in March 2025, and the resignation of Neil Quigley as Board Chair in August 2025.
The Board also agreed to a new Five-Year Funding Agreement with the Minister of Finance. Since then, the Board has worked with the Reserve Bank's leadership team to redesign our ways of working and optimise our resources while continuing to deliver on our mandates.
Governor Christian Hawkesby says that significant organisational changes have taken place in the Reserve Bank's structure, operating model, ways of working, and prioritisation.
"We are in the process of implementing a new organisational structure, making us fit for purpose and able to sustainably deliver on our mandates within our new operating environment," Mr Hawkesby says.
The year ahead provides an opportunity to shape the Reserve Bank's future with a renewed focus on effectively and efficiently delivering the Reserve Bank's economic, financial stability and central banking objectives.
More information
Statement of Intent 2024 - 2028
Statement of Performance Expectations (SPE) 2025/26
