Neil Sands
Reserve Bank Governor Adrian Orr has resigned with another three years left to run on his term. He gave no reason for his departure, blindsiding Prime Minister Christopher Luxon.
Orr, who took on the role in 2018 and was reappointed for a five-year term in March 2023, released a statement announcing his departure that listed achievements during his seven-year term but did not explain why he was quitting early.
“I’m incredibly proud of the RBNZ’s people, our work and the impact of our mahi on all New Zealanders,” he said.
Luxon said he learned of the resignation only today, and refused to say what prompted it.
“I appreciate there’ll be lots of commentary on it. I’m not going to climb in on that. As prime minister, I’ve respected the independence of the governor and the Reserve Bank.”
Luxon said he had a “very constructive” relationship with Orr. “Typically, I’ve met with him before different announcements he’s made and my engagements have been very constructive,” he said.
Pressed further on why Orr was leaving, Luxon said: “Those are questions for the Reserve Bank governor.”
Finance Minister Nicola Willis was also tight lipped about the reasons behind Orr’s decision, although she did reveal she became aware in “the past few days” about discussions between the governor and the Reserve Bank board.
“I’m not going to characterise the reasons for Adrian Orr’s resignation. The reasons are his own,” she said.
Willis said she had not asked Orr to move on. She expressed confidence in Orr’s deputy Christian Hawkesby, who will take over as acting governor until a temporary replacement is appointed for a six-month period.
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