Reserve Bank Governor Adrian Orr resigns

Reacting to the Minister of Finance’s announcement that RBNZ Governor Adrian Orr has resigned, Taxpayers’ Union Spokesman James Ross stated “this resignation is not before time.”

“Orr’s work caused the single worst economic downturn in New Zealand in over three decades. He was far too slow to react as inflation increased, and far too slow to lower interest rates as inflation fell.”

“With more than two and a half times as many staff at the Reserve Bank now as in 2018, the Governor spent his time in the top seat empire-building rather than focussing on his core responsibilities.”

“This is the opportunity to take a thorough look at the Reserve Bank’s actions over the last few years, to ensure this never happens again. The replacement Governor needs to be absolutely laser-focused on keeping inflation within the target range, and we can’t see repeats of Orr’s money-printing spree.”