National's outlining how it will approach working with a Reserve Bank Governor it's criticised if elected next year.

Adrian Orr will spend another five years in the role after the unanimous recommendation from the central bank's board.

Finance spokesperson Nicola Willis told Kate Hawkesby they'd initiate an independent inquiry into monetary policy decision making over the past two years.

She says that would include its contribution to the cost of living crisis, what it's done in terms of unsustainable house price rise and its coordination with fiscal policy.

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