Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


RBNZ chief economist McDermott leaving central bank

RBNZ chief economist McDermott leaving central bank to join Motu

By Rebecca Howard

Dec. 18 (BusinessDesk) - Reserve Bank chief economist John McDermott will be leaving the bank next year to join the economic research institute Motu as an executive director.

His departure comes a month after Reserve Bank governor Adrian Orr set about creating a new senior leadership team. That saw McDermott accept the role of chief economist and a department head, as opposed to the assistant governor's role he held under the past two governors. The assistant governor and general manager of economics, financial markets and banking role is still to be appointed.

McDermott will remain the Reserve Bank’s head of economics department and chief economist until the end of February after the release of the February Monetary Policy Statement, the central bank said in a statement.

“We wish John every success in his new role and thank him for the solid work and culture he leaves behind at the Bank,” Orr said.

Motu said he will begin his executive directorship in early March 2019. He has been a Motu Associate since 2002.

At Motu he joins Arthur Grimes, who is a senior fellow. Grimes has also been RBNZ chief economist and was chair of the central bank's board.

Recruitment for a new RBNZ chief economist will begin in the New Year.

McDermott joined the central bank in 2007, heading its economic function and was assistant governor by 2008.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Sweden Crash: CAA Grounds 21 Aircraft Over Safety Concerns

The Director of Civil Aviation Graeme Harris, has today, Saturday 20 July, 2019 suspended the airworthiness certificates of all 21 Gippsland GA8 Airvan aircraft currently operating in New Zealand. More>>


Emission Statement: No New Coal Boilers For Fonterra

Fonterra is shaving eleven years off its coal target, as it announces a new commitment to reduce its reliance on coal. More>>


Long Time Coming: Soil Turned On Waimea Dam

After almost 20 years of planning and a 'gruelling' process to keep the project on track, the Waimea Community Dam, one of the Tasman District's largest-ever projects, is now under way. More>>

Where's My Drone Pizza: Govt's Drone Plan 'Will Help Economy Take Off'

The paper Taking Flight: an aviation system for the automated age sets out the Government’s vision for how drones can be better integrated into the current transport system to develop a thriving, innovative and safe sector. More>>


Up 17.% In June Year: Fuel And Rent Drive Inflation

The consumers price index (CPI) rose 0.6 percent in the June 2019 quarter, due to higher prices for petrol and rent, Stats NZ said today. More>>