National says an independent review of the Reserve Bank is crucial to ensuring mistakes from the past aren't repeated.

Governor Adrian Orr has acknowledged interest rate decisions he has made during the Covid-19 pandemic, have contributed to inflation reaching the level it has.

It follows criticism from his predecessor, Graeme Wheeler.

National Leader Christopher Luxon told Mike Hosking the central bank's work needs to be reviewed.

He says New Zealand's been outside inflation targets now for 15 months straight, so an after-action inquiry is a must to learn from the last two years.

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