Adrian Orr will officially take up the position of governor of the Reserve Bank today.
Orr will be the 12th governor of the Bank, and will be faced with new challenges laid down by the government.
The Bank will now be required to consider the employment rate when setting the Official Cash Rate.
There will also be a new committee set up by 2019 that will decide the OCR, instead of this being done by the governor alone.
The Reserve Bank's main goal of keeping inflation levels between 1-3% will remain the same.