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HomeEconomyNew Zealand to introduce RBNZ reforms, lift cigarette sale ban

New Zealand to introduce RBNZ reforms, lift cigarette sale ban

SYDNEY (Reuters) – New Zealand’s new government will introduce legislation to reform the Reserve Bank of New Zealand’s mandate and lift a ban on the sale of cigarettes to future generations within its first 100 days, Prime Minister Christopher Luxon said in a statement on Wednesday.

The centre-right National Party, led by Luxon, returned to power alongside the populist New Zealand First party and libertarian ACT New Zealand after six years of rule by governments led by the left-leaning Labour Party.

Luxon, who was sworn in on Monday, said its 49-point action plan was focused on the economy, easing the cost of living and restoring law and order.

“New Zealanders voted not only for a change of government, but for a change of policies and a change of approach – and our Coalition Government is ready to deliver that change,” he said in a statement.

New Zealand’s central bank has a dual mandate to target low inflation and full employment but Luxon said last week his government would amend the bank’s governing legislation to focus monetary policy solely on price stability.

The coalition will also push ahead with its plans to repeal amendments to the Smokefree Environments and Regulated Products Act 1990, including a world-first ban on the sale of cigarettes to future generations.

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