Adrian Orr has been reappointed Reserve Bank Governor, a move the National Party have slammed.
"Following the Reserve Bank Board's unanimous recommendation to me, I am pleased to reappoint Adrian for another five-year term," Finance Minister and Deputy Prime Minister Grant Robertson said in a statement this morning.
He said that Orr has been "instrumental" in leading changes to the bank's strategy, people and culture since his initial appointment in 2018, adding Orr's "reappointment will allow him to carry on and ensure these changes are bedded in".
Robertson also pointed to global financial conditions as a factor in the decision.
"Adrian has demonstrated the skills, knowledge and experience to help steer the financial system through the 1-in-100 year economic shock of the pandemic. I am happy to endorse the recommendation of the Board," Robertson said.
"I have full confidence that he will continue to display the same integrity and leadership in performing his duties as Governor in what is still a challenging environment."
But National do not share that confidence. Finance spokesperson and deputy leader Nicola Willis said the move left them "appalled".
"We have repeatedly urged the Government to conduct an independent review of the Reserve Bank's performance before endorsing the Governor for another five years. Re-appointing him without first completing such an inquiry is a serious mistake," she said.
"It’s completely insufficient for the Bank to mark its own homework with an internal review verified by its own hand-picked favourites.
"New Zealanders suffering through a cost of living crisis deserve more than a cosy re-appointment process with no accountability."
Prior to his initial appointment in the role, Orr was head of NZ Super Fund for a decade.
His new term officially begins on March 27 next year.
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