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Wellington (Monday, 22 September 2026) - The Reserve Bank of New Zealand has been unfairly scapegoated for the current recession when it was simply doing its job of bringing inflation under control, according to new research from The New Zealand Initiative. The research note, Monetary Policy Without Mates, reveals that while the RBNZ fought to tame inflation that peaked at nearly 8%, the government's fiscal policy worked against these efforts – forcing interest rates to stay higher for longer. Read more

Mike Hosking discussed the Initiative's report "Monetary policy without mates" on Newstalk ZB, agreeing with its argument that the Reserve Bank has been unfairly scapegoated for the current recession when it was simply doing its job of bringing inflation under control. He emphasised that the government's fiscal policy worked against the Reserve Bank's efforts, with Grant Robertson's spending forcing interest rates to stay higher for longer. Read more

Herald NOW mentioned Dr Oliver Hartwich on their news segment about the Reserve Bank governor appointment. He emphasised the importance of maintaining the Reserve Bank's independence and allowing it to focus on addressing inflation without political interference. Read more

Dr Oliver Hartwich debated Robert MacCulloch on The Platform over claims that the New Zealand Initiative has "captured" the National government and is controlling fiscal policy. Dr Hartwich defended the Initiative, stating they have minimal contact with government ministers and would have pursued different policies if they truly had influence, particularly opposing last year's tax cuts in favour of budget consolidation and deficit reduction. Read more

Dr Eric Crampton told Kerre Woodham on Newstalk ZB that New Zealand’s 0.9% economic contraction reflects the Reserve Bank “going incredibly overboard” in 2020–21 and losing credibility on inflation, making today’s correction unavoidable. He criticised government claims of restraint, noting budgets remain “incredibly stimulatory” with “massive structural deficits,” and argued that if spending had returned to 2019 wellbeing-budget levels, the Bank would have had far more room to cut interest rates. Read more

Wellington (Tuesday, 16 September 2025) – The New Zealand Initiative welcomes the Government’s decision to strengthen the governance of the Commerce Commission, describing it as an important step towards world-class regulatory practice. The Initiative’s 2018 report Who Guards the Guards? Read more

In this episode, Eric and Nick talk to Michael (Mick) Keen, a former Deputy Director of the IMF's Fiscal Affairs Department and co-author of "Rebellion, Rascals and Revenue", about the many ways taxation can go wrong throughout history. They explore bizarre historical taxes like Britain's window tax and ship taxation, discuss New Zealand's exemplary GST system, and examine how poor tax design can lead to smuggling, rebellions, and unintended economic distortions. Read more