Gabriel Makhlouf is head of New Zealand's Treasury Department, on the Reserve Bank of New Zealand
Spoke with Bloomberg TV
- Not particularly concerned by Labour's plan to add employment to RBNZ's mandate alongside inflation
- Says the Bank "already does take employment into account"
- On introducing committee-based decision making at RBNZ :"I think the Treasury would be supportive of legislating a committee. I think it's just a reflection of best practice around the world"
- "Committee-based decision making is something that we should do, but how you structure it, what its precise mandate should be, that's something that we're still considering"
Just on this second lot of headlines - Labour's proposal for committee-based decision making at RBNZ. I've posted on this in the past, but ICYMI:
- The Governor of the Reserve Bank of New Zealand is solely responsible for setting NZ interest rates
- This has been the case since 1989
- In effect, though, says current Governor Wheeler, the decision is made by him and the 3 deputy / assistant governors