New Zealand Central Bank Restructures with Significant Staff Cuts

New Zealand's central bank has reduced its workforce by nearly 20% since March as part of a major restructuring effort following a government-mandated budget cut of 25% for the 2025-26 financial year. In total, 68 employees have been made redundant, bringing the staff count down to 554.

New Zealand's central bank has undertaken a major restructuring, resulting in a significant reduction in its workforce. Documents released on Wednesday reveal a nearly 20% cut in staff since March.

The overhaul comes after the government announced in April a 25% budget cut for the bank in the 2025-26 financial year. As a result, the staff count fell from 688 to 554 by October 13.

A fact sheet indicated that 68 employees had been made redundant during this restructuring phase, highlighting the bank's efforts to align with the upcoming budget adjustments.

(With inputs from agencies.)