Policy Targets Agreement
The Reserve Bank Act requires that price stability be defined in a specific and public contract, negotiated between the Government and the Reserve Bank. This is called the Policy Targets Agreement (PTA). The current PTA signed in December 2008, defines price stability as annual increases in the Consumers Price Index (CPI) of between 1 and 3 per cent on average over the medium term.
What is the Policy Targets Agreement?
Current Agreement:
Policy Targets Agreement 2008 and PDF version (PDF 389KB)
News release 19 December 2008
Letter from the Minister to the Governor (PDF 55KB)
Previous Agreements
Policy Targets Agreement 2007
News release 29 May 2007
Policy Targets Agreement 2002
News release 17 September 2002
Briefing note and related papers 2002
Policy Targets Agreement and news release (1999)
Policy Targets Agreement (1997)
Background note to 1997 PTA
News release 15 December 1997
Policy Targets Agreement (1996)
Policy Targets Agreement (1992)
Policy Targets Agreement (December 1990)
Policy Targets Agreement (March 1990)
Other Agreements
The Reserve Bank’s Funding Agreement (May 2000)
