New Zealand's opposition Labour Party pledged to restore the Reserve Bank of New Zealand's dual mandate if it wins the Nov. 7 election, emphasizing both price stability and maximum sustainable employment as essential for a strong economy. The center-right National Party-led government simplified the RBNZ's remit in 2023, removing employment as an objective to focus on the cost-of-living crisis. Labour's fiscal strategy also targets a surplus by 2029/30 and reducing net debt to 20% of GDP.

The OECD previously urged New Zealand to reconsider how frequently it adjusts the central bank's remit, warning of monetary policy risks. National trails Labour in polls amid a weak economy, high living costs, and rising interest rates. Prime Minister Christopher Luxon pledged no new taxes if re-elected, while Labour proposes a capital gains tax on investment property.

Other countries like the United States and Australia maintain dual mandates balancing inflation and employment.