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PHOTO: Adrian Orr the Governor of the Reserve Bank of New Zealand.FILE

The National Party and ACT are furious after Adrian Orr was reappointed as the Governor of the Reserve Bank of New Zealand for another five years.

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Finance Minister Grant Robertson announced Orr’s reappointment on Tuesday after the RBNZ Board made a unanimous recommendation to give him another term.

“I am pleased to reappoint Adrian for another five-year term, effective from 27 March 2023,” Robertson said.

The Deputy Prime Minister said Orr has been “instrumental” in seeing the RBNZ through a period of “considerable” change and his reappointment will allow him to “ensure these changes are bedded in”.

“The Reserve Bank of New Zealand Act 2021 came into force in July this year and has changed how the Bank operates and is governed. This has led to considerable change in the Bank’s strategy, people and culture.

“As the Governor, Mr Orr has been instrumental in leading this change and his reappointment will allow him to carry on and ensure these changes are bedded in. In light of global conditions, this is also a time when stability and continuity are paramount for the Bank.

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“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.”

Robertson said he was “happy to endorse the recommendation of the Board” and had full confidence in Orr.

But the appointment has not gone down well with the Opposition.

National’s Finance spokesperson Nicola Willis said the Party was “appalled” Orr had been reappointed without an independent review of the bank’s performance during the COVID-19 pandemic.

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“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,” Willis said on Tuesday.

“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 percent in one year, inflation rising to a 32-year high and record bank profits.”