Under its remit, the MPC is responsible for maintaining a stable general level of prices over the medium term.
The MPC is made up of 4 internal RBNZ members and 3 external members. Monetary policy decisions, such as setting the Official Cash Rate, are made by the 7 members of the committee. This appointment process is to replace one of the external members; the Committee is also carrying one vacancy for an internal member which will be filled towards the end of the year.
MPC appointments are made by the Minister of Finance, on the recommendation of the RBNZ Board.
Board Chair Neil Quigley said that "suitably qualified candidates will be interviewed later this year and assessed against the appointment criteria, then the name of the candidate recommended by the Board will be provided to the Minister of Finance."
Applications will be assessed by the MPC Appointments Committee against various criteria including:
- expertise in monetary policy and macroeconomics (which may be demonstrated by research and/or professional practice)
- relevant professional knowledge, skills and experience in public policy and banking.
Applicants will require a strong understanding of conflicts of interest, the market sensitivity associated with monetary policy decisions, and the constraints on other activities that are necessarily associated with membership of the MPC.
"The final appointment decision and timing is up to the Minister, but we anticipate an appointment to be announced by the end of September," Professor Quigley said. The new MPC member is expected to officially begin their appointment on 1 October 2025.
More information
Application Pack External Member - Monetary Policy Committee (PDF, 158KB)
More information about the Monetary Policy Committee
