RBNZ to cut costs despite need to implement major new projects

Graeme Wheeler

The Reserve Bank of New Zealand (RBNZ) has outlined a new strategic plan to bring costs down even as it embarks on a series of major new projects, after the central bank agreed a stricter five-year funding deal with the government earlier in June.

Funding during the last five-year agreement, which expires in July, rose from NZ$46.9 million ($32 million) in 2010 to NZ$64 million in 2015, an increase of 36%. But for the next five years, funding will rise by an average of just 1% each year.

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