The Government's announced an independent review of the fiscal response to the Covid pandemic

Finance Minister Nicola Willis says it will look at any lessons the country could learn to improve its monetary policy response to future events.

It will probe decisions by the Reserve Bank's Monetary Policy Committee, and advice it received.

During the pandemic, the RBNZ slashed the OCR to 0.25 percent.

Willis says it helped preserve jobs and businesses but saw significant inflation.

The review's expected to finish in August and be released publicly in September.