The Reserve Bank has already been restructuring its executive team, with a number of its higher ups departing, and the latest news of a wider restructure comes after a major funding cut. Photo: RNZ / Samuel Rillstone
A broad restructuring is on the cards at the Reserve Bank, less than two months after the government announced it would cut its budget.
RBNZ said it would consult with staff about potential "broader organisational changes" later this month, but refused to provide additional details.
RNZ understands certain backroom functions were being reviewed, as the central bank faced a 25 percent cut to its budget in the new financial year.
It comes amid a restructure of its executive leadership team, with the departure of another assistant governor.
It said Sarah Owen had left the RBNZ, following the earlier departures of Kate Kolich, Greg Smith, Nigel Prince and Simone Robbers.
In May, the RBNZ said it would halve its executive leadership (excluding the governor) to four.
After slimming down the executive, it said the leadership team below the executive also faced changes.
The new leadership structure would come into place from 16 June, and would be made up of 20 director roles under four groups - financial stability, money, enterprise services and operations.
"This is a critical time for Te Pūtea Matua (RBNZ), and the changes we're making are more than just structural," governor Christian Hawkesby said.
"We want to ensure that we're match-fit for the changing environment and context we're operating in," he said.
However, the RBNZ was tight-lipped about the broader organisational restructure.
"We will soon be going into consultation with our staff as part of this next phase," a spokesperson said. "Out of care for our people, we have no further details to share externally at this time."
The RBNZ has faced a period of uncertainty in recent months, with the reduction in government funding arriving after the abrupt departure of former governor Adrian Orr.
It has previously faced criticism over a sharp increase in staff numbers, with the number of full-time equivalent employees increasing from 255 in 2018 to 641 in September 2024.
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