MNI BRIEF: RBNZ To Attribute MPC Votes, More Public Comments

The Reserve Bank of New Zealand’s Monetary Policy Committee and the Minister of Finance Nicola Willis have agreed changes to the MPC Charter aimed at improving transparency and accountability in decision-making, including making it easier for members to communicate their individual views publicly and attributing individual votes.

The updated Charter, to take effect from the May 2026 Monetary Policy Statement, also reconfirms that the MPC’s decision-making process should continue to focus on seeking consensus where possible.

RBNZ Governor Anna Breman said the revised Charter strengthens transparency around MPC members’ views and supports greater accountability, bringing the Bank in line with some of the most transparent central banks in the world.

The new Charter makes clear that MPC members are encouraged to express their views publicly on the economic outlook and monetary policy strategy, while retaining rules that ensure equal access to information.

In addition to attributing votes, the MPC intends to identify material differences in views or judgement within the Committee in its published Record of Meeting, even when members ultimately reach consensus.

A 12-month review of the Charter will assess whether the changes improve public understanding of MPC decision-making, the communication of individual members’ views and the overall transmission of monetary policy.