The new Labour-led Government in New Zealand has ordered a two-phased review of the Reserve Bank that is expected to shift its mandates and its decision-making structure into line with the Reserve Bank of Australia. Finance Minister Grant Robertson announced the review on Tuesday as he signed an unchanged Policy Targets Agreement with acting Governor Grant Spencer. Robertson said the first phase of the review would aim to include a new mandate to maximize employment in the Reserve Bank Act alongside the current sole mandate of keeping inflation low around two percent. It would also look to introduce a committee-style system for decision making that included external voting members, which would replace the current system where the Governor is the single decision maker with no external advice. The second phase would look at whether other unspecified changes are needed to the Reserve Bank's operations, although Robertson said in a news conference he did not expect the review would lead to any currency targets for the bank. The New Zealand dollar rose after the announcements.