Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Dr Alan Bollard New RBNZ Governor

Thu, 22 Aug 2002

Data Flash (New Zealand)
Treasury Secretary Dr Alan Bollard New RBNZ Governor

Finance Minister Cullen announced today that the Secretary to the Treasury, Dr Alan Bollard, will be appointed the next Reserve Bank Governor. Dr Bollard was nominated by the non-executive directors of the Reserve Bank Board and the nomination has been accepted by the government.

Confirmation of Dr Bollard's appointment will be subject to the conclusion of a contract of employment and to the negotiation of a new Policy Targets Agreement (PTA), which includes the definition of the inflation target band. The duration of this process is not certain at this stage, but we expect Dr Bollard to take up his new position by early October at the latest.

The government wants monetary policy outcomes to move closer to those of Australia. Dr Cullen stated that he will not change the top of the 0-3% target range, but did not rule out changing the bottom of the band. Dr Cullen had criticised the RBNZ earlier this year for implicitly having elevated the 1.5% mid-point of the target band to a medium-term policy target.

Regardless of the ultimate wording of the PTA and specification of the target range, it is our assessment that Dr Bollard will adopt a pragmatic approach to the running of monetary policy. That fits with our view that there will be no further RBNZ rate increases from the current level of 5.75% during this cycle. Growth momentum is already slowing and CPI inflation is expected to track down from currently 2.8% to 2% over the next year - an outlook that does not require any additional monetary policy pressure.

Curriculum Vitae - Dr Alan Bollard

Age: 51

Tertiary qualifications: BA in economics and mathematics, an MA (Hons) in economics, and a PhD in economics, from Auckland University.

1987-1994 Director of the New Zealand Institute of Economic Research (advising governments and companies on a wide range of applied economic issues).

1994 -1998 Chairman of the New Zealand Commerce Commission (the country's anti-trust and fair trading regulatory authority).

1998 - 2002 Secretary to the Treasury (government department that manages the Crown's finances and is the Government's principal economic adviser).

Ulf Schoefisch, Chief Economist, New Zealand


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Climate Summary: NZ’s Equal-2nd Warmest Year On Record

Annual temperatures were above average (+0.51°C to +1.20°C above the annual average) across the majority of New Zealand... 2018 was the equal 2nd-warmest year on record for New Zealand, based on NIWA’s seven-station series which began in 1909. More>>

ALSO:

GDP: Economic Growth Dampens In The September Quarter

Gross domestic product (GDP) rose 0.3 percent in the September 2018 quarter, down from 1.0 percent in the previous quarter, Stats NZ said today... GDP per capita was flat in the September 2018 quarter, following an increase of 0.5 percent in the June 2018 quarter. More>>

ALSO:

Up $1.20: $17.70 Minimum Wage For 2019

Coalition Government signals how it will move toward its goal of a $20 p/h minimum wage by 2021... “Today we are announcing that the minimum wage will increase to $17.70 an hour on 1 April 2019." More>>

ALSO:

Retail: IKEA To Open In New Zealand

Inter IKEA Systems B.V. is today announcing its intentions to grant the Ingka Group exclusive rights to explore expansion opportunities in New Zealand. More>>