New Zealand's coalition government has begun its roll-back of Labour reforms, passing its first law since the election.
The Chris Luxon-led government re-oriented the Reserve Bank of New Zealand (RBNZ) on Wednesday by stripping employment from the central bank's mandate.
In 2018, Jacinda Ardern's government added "supporting maximum sustainable employment" to the RBNZ's mandate, alongside the primary focus of keeping inflation between one to three per cent.
The National party campaigned against the dual mandate, arguing a return to a singular focus on inflation would help bring prices down faster.
"This bill makes clear that for New Zealand's new government, inflation is public enemy number one," Finance Minister Nicola Willis said.
The bill was passed under urgency, shortening debate times and bypassing public consultation.
Former finance minister Grant Robertson, who introduced the dual mandate, said the law was fashioned to ensure the focus on jobs would only apply if it did not accelerate inflation.
"What a sad indictment on this government that the very first piece of legislation ... is to take away a focus on jobs by one of the most important actors in the New Zealand economy," he said.
Ms Willis was delighted it was the first law passed by the coalition.
"It is a bill that confronts squarely the major challenge facing New Zealanders, which is the cost of living crisis," she said.
"This bill sends a very clear message about our government's war on inflation."
Inflation is running at 5.6 per cent in NZ, down from a peak of 7.3 per cent in mid-2022.
Two further repeals will follow this year - axing Labour's industrial relations reforms and a clean car rebate that increased growth in hybrid and electric vehicles.
Mr Robertson attempted to introduce Australia-style industry-wide bargaining in NZ, but long consultations meant the reforms were not bedded in during the Labour majority government.
The right-leaning coalition will axe them as soon as this week.
The repeals are all part of the government's 100-day plan, which includes 49 action points.
The government has also stopped work on a South Island pumped hydro scheme at Lake Onslow, citing costs, and upped speeds on regional roads.
