Kia ora, 

  

Thank you for contacting the Reserve Bank of New Zealand - Te Pūtea
Matua.  

Please note that this is an automatic reply to acknowledge that we have
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the meantime please read our frequently asked questions below. 

 

Upcoming Monetary Policy Announcements  

See all the Monetary Policy Announcement and Financial Stability Report
dates for 2024 [1]here.  

 

Money & Cash  

o [2]Returning old or damaged currency 
o [3]The Future of Cash  
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o [5]Using images of currency   

Banknote or coin suggestions   
If your email is offering suggestions related to banknote or coin designs
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Who we are and what we do  
We are kaitiaki (guardians) of New Zealand’s financial ecosystem, working
to fulfil our purpose of Toitu te Ōhanga, Toitu te Oranga (enabling the
prosperity and wellbeing of all New Zealanders). We deliver on our mandate
by: 

* [6]Operating monetary policy to maintain low and stable inflation  
* [7]Promoting a sound and efficient financial system 
* [8]Meeting the public’s cash needs 
* [9]Overseeing effective payments systems 

Statistics  
For any queries or clarifications on the [10]data and statistics we
publish, please email [11][email address].  

Firms we regulate  
The Reserve Bank is the prudential regulator of banks, insurers, and
non-bank deposit takers (NBDTs).  

o [12]List of registered banks in New Zealand 
o [13]List of licensed insurers  
o [14]Register of licensed NBDTs 

Deposit Takers Act

The Deposit Takers Act will protect deposits through the Depositor
Compensation Scheme, and increase the stability of our financial system.
You can find more information on our [15]website. Sign up to our regular
newsletter [16]Deposit Takers News which you can subscribe to [17]here
under the Deposit Takers category.

Complaints about banks, insurers, and NBDTs 
If you have a complaint, please deal directly with your bank or insurer in
the first instance. You can also contact the [18]Banking Ombudsman,
the [19]Insurance and Financial Services Ombudsman, or the [20]Financial
Markets Authority. 

Looking for information about the strength of the financial system?  
Check out our [21]Bank Financial Strength Dashboard. You can also read our
regular assessments of the economy and the financial system: 

o [22]Monetary Policy Statement 
o [23]Financial Stability Report  

Please note that the Reserve Bank is not authorised to give legal or
financial advice. Please contact a lawyer or a financial adviser
instead.  

Kōrero – our speaking and engagement programme 
Reserve Bank staff meet and speak with a wide range of businesses,
industry forums, community groups, schools and universities. These
engagements are welcome opportunities to discuss topical issues and
policies, hear people’s experiences and answer questions.  

Please check out the [24]Kōrero webpage for more information on the
programme. To request a speaker, please email [25][email address].  

We’ll be in touch as soon as possible. 

Kind regards | Ngā mihi nui 

Reserve Bank of New Zealand – Te Pūtea Matua     

2 The Terrace, Wellington 6011. PO Box 2498, Wellington 6140         
 
T + 04 471 3660  

E [26][RBNZ request email]   W [27]rbnz.govt.nz  

 

 

 

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20/02/2024

 

 

Adam Irish

[1][FOI #25791 email]

 

 

Dear Adam

 

Official information request for information on unemployment advice

Thank you for your official information request of 19/02/2024 for:

 

regarding the consultation process that the RBNZ undertakes with the
Ministry of Social Development, The Treasury, and Immigration New Zealand
regarding its forecasted unemployment rate.

The trade-off that the RBNZ makes in relation to tightening monetary
policy and the pace at which it pursues its target inflation level of 1 to
3 percent evidently impacts unemployment levels, as represented by the
somewhat semi-strong Phillips curve relationship. I am interested in
understanding whether the RBNZ communicates these forecasts to the
government and provides advice on the necessary fiscal support for
beneficiaries and the reduced migration levels required to address rising
unemployment.

It appears that external price shocks are influencing commodity prices,
and the RBNZ's historically loose monetary policy (as indicated by the
increased growth in the M3 money supply in
2020:(https://tradingeconomics.com/new-zealand...)) is thanks
to past interest rate decisions is, in part, contributing to growing
unemployment. Considering the recent actions taken by the new government
against the unemployed, effectively pushing some victims of the RBNZ's
monetary policy and the government's fiscal decisions, I am curious about
the guidance provided by the RBNZ to the government regarding fiscal
policy, its implications for unemployment, and the recommended fiscal
response to balance its monetary policy actions.

 

We will endeavour to respond to your request as soon as possible and in
any event no later than 18/03/2024, being 20 working days after the day of
your request. If we are unable to respond to your request by then, we will
notify you of an extension of that timeframe.

 

Charges for providing official information and publishing responses

The Official Information Act allows charges to be imposed for the
preparation of information that we send in response to requests. The
Reserve Bank is resourced to meet disclosure obligations for a reasonable
level of requests and generally will not impose charges for small, simple
or infrequent requests. Where the request is for information that requires
substantial collation, research and preparation work, and is chargeable,
we will work with you first to refine the request to a smaller scale or
scope that is less likely to involve charges.

 

Responses to official information requests are published on the Reserve
Bank’s website. We will confirm in our decision letter to you whether we
intend to publish our response to your request.

 

Further information about charges and publishing responses is available on
our website at
[2]www.rbnz.govt.nz/research-and-publications/official-information-requests.

 

 

Yours sincerely

Government and Industry Relations Team

  Reserve Bank of New Zealand –
Te Pūtea Matua

2 The Terrace, Wellington 6011.  
PO Box 2498, Wellington 6140
[5][IMG] [6][IMG] [7][IMG] [8][IMG] [9][IMG]
E
[3][email address]  
W [4]rbnz.govt.nz

 

 

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Dear Adam

 

Please find attached the response to your request of 19 February 2024.

 

Yours sincerely

 

Government and Industry Relations

Reserve Bank of New Zealand – Te Pūtea [2]Text Description automatically
Matua generated

2 The Terrace, Wellington 6011. PO Box    
2498, Wellington 6140

W [1]rbnz.govt.nz

 

 

 

This message (and any files transmitted with it) are confidential and may
be legally privileged. If you are not the intended recipient please notify
the sender immediately and delete this message from your system.

This message does not necessarily reflect the views of the Reserve Bank of
New Zealand. If the recipient has any concerns about the content of this
message they should seek alternative confirmation from the Reserve Bank of
New Zealand.

References

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