The Reserve Bank of New Zealand has published its Annual Report 2025, reporting against its Statement of Intent 2024–28 and outlining progress in capability-building, delivery of mandated functions, and an organisational redesign under a new funding agreement. The report also notes that consumer price inflation fell back within the Monetary Policy Committee’s 1 to 3 percent target band during the financial year. Key developments cited include ongoing implementation of the Deposit Takers Act 2023 (DTA), the launch of the Depositor Compensation Scheme (DCS), revised access criteria for the Exchange Settlement Account System (ESAS), a submission to Parliament’s Finance and Expenditure Committee (FEC) inquiry into banking competition, and a current review of key regulatory capital settings for deposit takers. The update also records leadership and governance changes, including Adrian Orr’s departure as Governor in March 2025 and Board Chair Neil Quigley’s resignation in August 2025, alongside the Board’s agreement of a new Five-Year Funding Agreement with the Minister of Finance. Implementation of a new organisational structure, operating model and prioritisation approach is ongoing, with further work planned to optimise resourcing while continuing to deliver the Reserve Bank’s economic, financial stability and central banking objectives.

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