Second Phase report now available!

The issues paper for the second phase of the review is available here.

The terms of reference for the second phase of the review are available here.

Media release inviting submissions available here.


The Treasurer, in consultation with the Prime Minister and the Ministerial Economic Committee of the National Executive Council, has decided it is timely to have a review of the Central Banking Act 2000. The objective is to modernise the Central Banking Act 2000 in line with international developments over the last 20 years while continuing to ensure the independence of the central bank in line with international norms.

The Independent Advisory Group (IAG) is chaired by Robert Igara, Chancellor of UPNG and formerly Chief Secretary to the Government of Papua New Guinea when the Central Banking Act was introduced in 2000. Other members include former Bank Governor from 1999 to 2009, Sir Wilson Kamit (until his untimely demise on 10 January 2023), and Dr Stephen Howes, Professor of Economics at the Australian National University. You can read about the members of the IAG here.

First Phase report available. Click here.

Treasurer’s Parliamentary Speech of 30 November 2021 on the adoption of 21 of the 31 recommendations in the First Phase IAG report.

Press release of 11 November from IAG Chair announcing handover of First Phase IAG report to the Minister of Treasury and publication of report.

First Phase Terms of Reference

You can read the terms of reference for the Independent Advisory Group and the First Phase of the review here.

First Phase Issues Paper

The IAG has produced an Issues Paper for the First Phase of the review, which is available here for the sake of transparency and to guide submissions. Download the Paper by clicking here. You can also view the press release from the IAG Chair releasing the Issues Paper here. Updated press release here.

First Phase Submissions – now closed

Submissions in regards to the First Phase of the review were invited from interested parties, whether organisations or individuals, due no later than Friday 24 September. Submissions could address issues in the first or second phase or both. Submissions will be reflected in the first phase report of the Independent Advisory Group.

Useful links