The Reserve Bank Grift #1: Payments to Suppliers and Employees
In the 10 years to 2023 the Reserve Bank of New Zealand grew their 'wage bill' by ~9% per annum from $65M to $152M
The Reserve Bank of New Zealand does not produce anything real1. To not produce anything they had a ‘wage bill’ for FY2022-23 of $152M. It’s not clear what ‘suppliers’ specifically are; the Reserve Bank’s Financial Statements do not give a definition. The assumption here is because suppliers are grouped with employees, they’re contractors and consultants2.
2014 - 2023 Suppliers and Employees Line Item Grew +134%; ~9% per annum
2023 152 +9%3
2022 140 +26%
2021 111 +11%
2020 100 +23%
2019 81 +25%
2018 65 -25%
2017 87 +21%
2016 72 +20%
2015 60 -8%
2014 65
2022 - 2023 $152M
2021 - 2022 $140M
2020 - 2021 $111M
2019 - 2020 $100M
2018 - 2019 $81M
2017 - 2018 $65M
2016 - 2017 $87M
2015 - 2016 $72M
2014 - 2015 $60M
See also:
https://www.interest.co.nz/banking/124734/reserve-bank-staffing-levels-and-personal-costs-surge-over-past-five-years-it-takes (4th Oct 2023)
The only item the RBNZ ‘produces’ is currency, which is created out of thin air. They do sell coin and banknotes to private banks, a ‘business’ from which they gain profit (seigniorage).
Possibly costs of production of banknotes and coins. Though for all I know it includes pens and coffee mugs as well.
Percentages are rounded.