NEW ZEALAND GAZETTE, No. 84

26 JULY 2007

Electoral Commission

Electoral Act 1993

Amendment to the Register of Political Parties

Registration of Substitute Party Logo

Pursuant to Part 4 of the Electoral Act 1993, the Electoral
Commission resolved on 13 July 2007 to register a
substitute logo for Direct Democracy Party.

Dated at Wellington this 18th day of July 2007.

HELENA CATT, Chief Executive, Electoral Commission.

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Reserve Bank of New Zealand

Reserve Bank of New Zealand Act 1989

Policy Targets Agreement

This agreement between the Minister of Finance and the
Governor of the Reserve Bank of New Zealand (“the Bank”)
is made under section 9 of the Reserve Bank of New Zealand
Act 1989 (“the Act”).

The Minister and the Governor agree as follows:

1. Price Stability

(a) Under section 8 of the Act, the Reserve Bank is
required to conduct monetary policy with the goal of
maintaining a stable general level of prices.

(b) The objective of the Government’s economic policy
is to promote sustainable and balanced economic
development in order to create full employment,
higher real incomes and a more equitable distribution
of incomes. Price stability plays an important part in
supporting the achievement of wider economic and
social objectives.

2. Policy Target

(a) In pursuing the objective of a stable general level of
prices, the Bank shall monitor prices as measured

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by a range of price indices. The price stability
target will be defined in terms of the All Groups
Consumers Price Index (CPI), as published by
Statistics New Zealand.

(b) For the purpose of this agreement, the policy target
shall be to keep future CPI inflation outcomes
between 1 per cent and 3 per cent on average over
the medium term.

3. Inflation Variations Around Target

(a) For a variety of reasons, the actual annual rate of
CPI inflation will vary around the medium-term
trend of inflation, which is the focus of the policy
target. Amongst these reasons, there is a range of
events whose impact would normally be temporary.
Such events include, for example, shifts in the
aggregate price level as a result of exceptional
movements in the prices of commodities traded in
world markets, changes in indirect taxes, significant
government policy changes that directly affect prices,
or a natural disaster affecting a major part of the
economy.

(b) When disturbances of the kind described in clause
3(a) arise, the Bank will respond consistent with
meeting its medium-term target.

4. Communication, Implementation and Accountability

(a) On occasions when the annual rate of inflation is
outside the medium-term target range, or when such
occasions are projected, the Bank shall explain in
policy statements made under section 15 of the
Act why such outcomes have occurred, or are
projected to occur, and what measures it has taken,
or proposes to take, to ensure that inflation outcomes
remain consistent with the medium-term target.

(b) In pursuing its price stability objective, the Bank
shall implement monetary policy in a sustainable,
consistent and transparent manner and shall seek to
avoid unnecessary instability in output, interest rates
and the exchange rate.

(c) The Bank shall be fully accountable for its
judgements and actions in implementing monetary
policy.

Dated at Wellington this 24th day of May 2007.

HON. DR MICHAEL CULLEN, Minister of Finance.
DR ALAN E. BOLLARD, Governor, Reserve Bank of
New Zealand.

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Land Notices

Education Act 1989

Land Declared No Longer Required for Education Purposes

Pursuant to section 70A of the Education Act 1989,
and pursuant to an authority delegated to me, I, Paul
Dickson Burke, Group Manager Property, Ministry of
Education, Wellington, hereby give the following notice.

Notice

1. The land described in the Schedule to this notice is no
   longer required for education purposes.

2. This notice shall come into force on 26 July 2007.

Schedule

Dated at Wellington this 19th day of July 2007.

P. D. BURKE, Group Manager Property, Ministry of
Education.

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