Board Chair Professor Neil Quigley says the past year's achievements have laid the foundations to enable significant, multi-year programmes of work.
"The Board's major focus this year has been to evolve our strategy and performance framework. In June, we published our refreshed Statement of Intent for 2024-2028, which, alongside our Performance Expectations, outlines our accountability for delivering on our mandate," Professor Quigley says.
Over the next few years, as we continue to develop as an organisation, we will also evolve how we assess and report on our achievement against our strategic themes, outcomes and key activities.
Highlights this year include the implementation of one of the largest programmes of work, the Deposit Takers Act; commencing the implementation of the Foreign Reserves Management and Coordination Framework; delivering our Outsourcing Policy (BS11); and the new payments messaging format (ISO 20022). All of which have helped to ensure New Zealanders can have confidence in our financial system.
Governor Adrian Orr acknowledges we continue to operate in a challenging external environment. Global economic growth remains below trend. However, our monetary policy actions, have reduced capacity pressures in the New Zealand economy and lowered consumer price inflation to 3.3% in June 2024, down from 6% in June 2023.
"I am proud of the gains we have made as we continue to progress our vision of a trusted, inclusive, resilient, and competitive financial system," Mr Orr says.
"We are also exploring the future of money and role of digital currencies; we have published our Approach to Financial Inclusion; updated our Te Ao Māori strategy - Te Waka Hourua; and we will release our first climate-related financial disclosure later in October. Each initiative is moving us closer towards our vision."
In line with our dividend principles, the RBNZ is required to recommend to the Minister the amount of dividend to be paid to the Crown at the end of each financial year. The Minister of Finance has agreed that the RBNZ will pay a dividend of $597 million in 2023/24.
