This process naturally lends itself to incremental adjustments, influenced by the economic and political environment at the time. Since 1990, there have been 13 PTAs, with some alterations more significant than others.
The Reserve Bank of New Zealand has seen more changes to its target than most other inflation-targeting central banks, and the process of renegotiation also provides more opportunity for government direction than is the case in some other countries (Wadsworth, 2017).