It was verbally endorsed by the government of the day. But it was not formally endorsed by the government until 1996, when the first Statement on the Conduct of Monetary Policy was signed jointly by the incoming government and the new Reserve Bank Governor, Ian Macfarlane. The political support for the inflation target has been bi-partisan.
The Statement has been renewed at the start of the term of each of the subsequent two Governors. It has also been endorsed with each change of government. The Reserve Bank Act 1959 states that monetary policy has both nominal and real objectives.