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Reserve Bank of New Zealand (Monetary Policy) Amendment Bill (Consistent) (Section 14) [2018] NZBORARp 63 (28 June 2018)
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Reserve Bank of New Zealand (Monetary Policy) Amendment Bill (Consistent) (Section 14) [2018] NZBORARp 63 (28 June 2018)
Last Updated: 4 January 2019
28 June 2018
LEGAL ADVICE
LPA 01 01 23
Hon David Parker, Attorney-General
Consistency with the New Zealand Bill of Rights Act 1990: Reserve Bank of
New Zealand (Monetary Policy) Amendment Bill
- We
have considered whether the Reserve Bank of New Zealand (Monetary Policy)
Amendment Bill (‘the Bill’) is consistent
with the rights and
freedoms affirmed in the New Zealand Bill of Rights Act 1990 (‘the Bill of
Rights Act’).
- We
have not yet received a final version of the Bill. This advice has been prepared
in relation to the latest version of the Bill
(PCO 20946/6.0). We will provide
you with further advice if the final version includes amendments that affect the
conclusions in
this advice.
- The
Bill amends the Reserve Bank of New Zealand Act 1989. It amends the objectives
of monetary policy decision making to require consideration
of maximum
sustainable employment alongside stability, and institutes a monetary policy
committee (MPC) to make decisions on monetary
policy. The Bill also proposes a
number of consequential or supplementary amendments in order to implement these
changes.
- The
Bill compels the provision of information from various individuals and agencies
(for example, in the context of reporting requirements
and notification of
decisions). We consider that, to the extent these provisions limit s 14 of the
Bill of Rights Act (freedom of
expression), those limitations are minimal and
justified. This takes into account the objectives of the provisions, which
include
promoting transparency and accountability to the public and ensuring
that any issues of disqualification are addressed promptly (including
with
advanced notice if practicable), and the necessity of information-gathering in a
regulatory context.
- We
have concluded that the Bill appears to be consistent with the rights and
freedoms affirmed in the Bill of Rights Act.
Jeff Orr
Chief Legal Counsel Office of Legal Counsel
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