Reserve Bank explains $850k travel expenses for staff

The Reserve Bank incurred $850,000 in travel costs over the past year for staff flights between Wellington and Auckland, which the Taxpayers’ Union criticized as wasteful, especially with the availability of Zoom. This expenditure reflects a broader trend of excessive spending at the bank, including a $56 million 10-year lease for new offices in Auckland, four times the current rent. Additionally, the bank allocated around $13 million for the fit-out of the new space, which was below the initial budget.

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