Workforce Planning
Reserve Bank of New Zealand cuts 20% of staff after government budget reduction
The central bank has reduced 68 roles as part of a major restructuring linked to a 25% budget cut for FY 2025-26.
The Reserve Bank of New Zealand (RBNZ) has reduced its workforce by close to 20% since March, following a government directive to cut its budget for the upcoming financial year.
According to official documents released this week, 68 roles have been made redundant as part of the central bank’s ongoing restructuring. The total staff count now stands at 554, down from 688 earlier this year.
The changes follow a government decision in April to lower the bank’s budget by 25% for the 2025–26 financial year. The move forms part of a broader cost-saving initiative across public institutions.
In a fact sheet released by the RBNZ, the bank noted that the restructuring aims to ensure operations remain “sustainable and efficient” under the revised budget. The document did not specify which departments were most affected by the cuts.
While the RBNZ has not detailed further measures, the changes signal a challenging adjustment period for one of New Zealand’s key financial institutions. The smaller team will likely change how the central bank splits up its money and effort across crucial jobs, things like setting interest rates, watching over the financial system, and handling rules. With fewer people, the main goal will be keeping things stable while figuring out how to work under the new budget limits.
The move also comes at a time when there’s growing debate in New Zealand’s public sector about how to strike a balance between tighter budgets and the need to preserve institutional capability.
According to official documents released this week, 68 roles have been made redundant as part of the central bank’s ongoing restructuring. The total staff count now stands at 554, down from 688 earlier this year.
The changes follow a government decision in April to lower the bank’s budget by 25% for the 2025–26 financial year. The move forms part of a broader cost-saving initiative across public institutions.
In a fact sheet released by the RBNZ, the bank noted that the restructuring aims to ensure operations remain “sustainable and efficient” under the revised budget. The document did not specify which departments were most affected by the cuts.
While the RBNZ has not detailed further measures, the changes signal a challenging adjustment period for one of New Zealand’s key financial institutions. The smaller team will likely change how the central bank splits up its money and effort across crucial jobs, things like setting interest rates, watching over the financial system, and handling rules. With fewer people, the main goal will be keeping things stable while figuring out how to work under the new budget limits.
The move also comes at a time when there’s growing debate in New Zealand’s public sector about how to strike a balance between tighter budgets and the need to preserve institutional capability.
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