25 OCTOBER 2012 NEW ZEALAND GAZETTE, No. 129 3713

transport and agriculture industry stakeholders and the public, that considered which changes could be made to allow greater flexibility while maintaining safety for operators and other road users.

A copy of Land Transport Rule: Agricultural Vehicles Omnibus 2012 and information about the amendment proposals can be obtained by calling the NZ Transport Agency Contact Centre on freephone 0800 699 000, or on the website

www.nzta.govt.nz/consultation/agricultural-vehicles-omnibus-2012/index.html

The consultation material is also available for viewing at the NZ Transport Agency’s national office and regional offices.

Groups and individuals who have registered an interest in the individual Rules to be amended have been advised of the availability of the Omnibus Rule for comment.

Submissions on Land Transport Rule: Agricultural Vehicles Omnibus 2012 close on 30 November 2012.

For further information about the Rules process, contact the Rules Team, NZ Transport Agency, Private Bag 6995, Wellington 6141, or email rules@nzta.govt.nz

Dated at Wellington this 23rd day of October 2012.

ANGELA DUNCAN, Managing Counsel (Rules).

au6890

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 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 of New Zealand (“the Bank”) is required to conduct monetary policy with the goal of maintaining a stable general level of prices.
   (b) The Government’s economic objective is to promote a growing, open and competitive economy as the best means of delivering permanently higher incomes and living standards for New Zealanders. Price stability plays an important part in supporting this objective.

2. Policy target
   (a) In pursuing the objective of a stable general level of prices, the Bank shall monitor asset prices, as measured 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, with a focus on keeping future average inflation near the 2 per cent target midpoint.

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. Among 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, have regard to the efficiency and soundness of the financial system, and 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 20th day of September 2012.

HON BILL ENGLISH, Minister of Finance.

GRAEME WHEELER, Governor Designate, Reserve Bank of New Zealand.

au6780

Land Notices

Public Works Act 1981

Land Acquired for Road and Land Acquired for the Functioning Indirectly of a Road—State Highway 1, Te Rapa Bypass, Waikato District

Pursuant to the Public Works Act 1981, and to a delegation from the Minister for Land Information, Natasha Pollard, Land Information New Zealand:

(a) Pursuant to section 114, acquires the land described in the First Schedule to this notice for road which, pursuant to section 88 of the Government Roading Powers Act 1989, becomes road, limited access road and State highway, and which vests in the Crown;

(b) Pursuant to section 20, an agreement to that effect having been entered into, acquires the land described in the Second Schedule to this notice for the functioning indirectly of a road (segregation strip), which shall vest in the Crown on the date of publication hereof in the New Zealand Gazette.