Reappointment of Orr as RBNZ Governor Evokes Chorus of Criticism

Point of Order

The Ardern government has reappointed Adrian Orr for a second five-year term as governor of the Reserve Bank of New Zealand.

Finance Minister Grant Robertson said the RBNZ board unanimously recommended his reappointment.

He said the central bank had been going through considerable change during Orr’s first term and his reappointment would make sure the changes were bedded in.

But the reappointment has brought a chorus of criticism from Opposition parties. National’s deputy leader Nicola Willis says

National is “appalled” by the Finance Minister’s decision to re-appoint Orr without first completing an independent review of the Bank’s performance.

“In recent years, Adrian Orr as the Chair of the Monetary Policy Committee signed off on an extraordinary programme of money printing and cheap lending that pumped tens of billions of dollars into the economy.That programme directly contributed to house prices rising 28% in one year, inflation rising to a 32-year high…

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