RBNZ to expand communication, adding briefings after every policy decision.

Summary:

• RBNZ to introduce post-decision media briefings from April

• April 8 meeting will be first under new format

• Governor Anna Breman to speak after every policy review

• Previously, press conferences only followed quarterly MPS meetings

• Interim reviews previously limited to written statements only

• New format closes communication gap between meetings

• Policy decision release process remains unchanged

• Quarterly MPS press conferences and forecasts to continue

• Move aimed at improving transparency and guidance

• Likely to increase short-term market volatility

The Reserve Bank of New Zealand will introduce post-decision media briefings following its Monetary Policy Reviews, marking a shift toward more consistent communication with markets. The change will take effect from April, with the April 8 meeting set to be the first under the new format.

Under the revised approach, the RBNZ will continue to publish its policy decisions on its website as usual, but will now follow up with an online media conference approximately one hour later. Governor Anna Breman will participate in the briefing and is expected to provide additional context around the decision.

The move represents a notable change in the central bank’s communication framework. Previously, the RBNZ held full press conferences only after its quarterly Monetary Policy Statements, which include updated forecasts and the official cash rate track. Interim Monetary Policy Reviews, by contrast, were accompanied by written statements alone, offering limited opportunity for real-time clarification.

By introducing media briefings after every review, the RBNZ is effectively closing that communication gap, providing markets with more frequent insight into its policy thinking between major quarterly updates.

The central bank said the new format is intended to enhance transparency and will be live streamed on its website. It added that the approach will be reviewed and adjusted over time in response to feedback, suggesting further refinements are possible.

Importantly, the quarterly Monetary Policy Statements will remain unchanged, continuing to feature full forecasts, the official cash rate track and in-person press conferences.

From a market perspective, the addition of post-decision briefings is likely to increase short-term volatility around RBNZ announcements, as investors gain more immediate access to the Governor’s assessment of economic conditions and policy risks. The added colour may also help anchor expectations between meetings, reducing uncertainty that previously surrounded interim decisions.

More broadly, the move aligns the RBNZ more closely with global central bank practices, where frequent and transparent communication is increasingly used as a policy tool in itself. As inflation and growth dynamics remain uncertain, clearer and more timely guidance is likely to play a larger role in shaping market pricing.