Incoming New Zealand government pledges to return to single price stability goal

Reserve Bank of Australia

New Zealand’s incoming prime minister Christopher Luxon has said the new coalition government will remove the central bank’s dual mandate so that it is solely focused on inflation.

Luxon, leader of the National Party, agreed with leaders of the New Zealand First Party and ACT New Zealand to form a three-party coalition government today (November 24).

The agreement came after weeks of negotiations between the three parties following New Zealand’s general election on October 14.

At the election

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