28 Sep 2015

RBNZ makes $624m surplus

2:21 pm on 28 September 2015

The Reserve Bank of New Zealand has had a bumper financial year.

It's reported a surplus of $624 million for the year to June, which came from the falling New Zealand dollar, and compared with a surplus of $56 million last year.

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Photo: RNZ

The central bank will pay the government a dividend of $510 million, which should help Finance Minister Bill English reach a budget surplus.

RBNZ Governor Graeme Wheeler has repeated his concerns about the strength of the housing market - Auckland in particular - and the worry about the risks, if there were a big slide in prices.

The RBNZ's war chest, which it can use to intervene in the market in order to affect the value of the New Zealand dollar, has increased by 20 percent to $9.8 billion, and 150 of the bank's 247 staff earned $100,000 or more.

The top wage earner, who was assumed to be Mr Wheeler, is making between $640,000 and 649,000.

Reserve Bank governor Graeme Wheeler

Reserve Bank governor Graeme Wheeler Photo: RNZ

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