RBNZ Would Get Fed-Style Dual Mandate Under Labour Government
- Labour also wants move to committee-based policy decisions
- Inflation targeting won’t be diminished, Robertson says
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New Zealand’s main opposition party said it will give the central bank a dual mandate similar to the U.S. Federal Reserve’s if it wins this year’s election.
The Labour Party will instruct the Reserve Bank of New Zealand to target full employment as well as inflation should it unseat the ruling National Party in the Sept. 23 vote, Labour finance spokesman Grant Robertson said on Sunday. The responsibility for policy decisions would also be shifted from the RBNZ governor to a committee, which would be required to publish minutes, Robertson said in a telephone interview.