The extraordinary events reported by the Sunday Star Times yesterday about the Governor of the Reserve Bank “agitated and clearly unhappy” exchanges in a Koru lounge and airport do not reflect well on what was once a leading office in New Zealand, says the New Zealand Taxpayers’ Union.
“The Governor needs to understand that criticism is not abuse,” says Executive Director of the Taxpayers’ Union, Jordan Williams.
“Under this Governor’s leadership, the desirability of the best and brightest graduates wanting to work for the Reserve Bank has plummeted. Business leaders rank the Bank among the worst-performing regulatory agencies. The Governor's approach appears too often to be as much about politics as good economics. These are all valid criticisms, and we stand with the many others who have rightly pointed out these inconvenient truths.”
“Adrian appears to also object to the widespread mockery of the adoption of Maori mythology by senior leaders at the bank. But the blame rests on him. With many countries seeing negative interest rates and having no room to cut when a recession hits, central banking is in crisis. But instead of being the adult in the room, Adrian is out there doing media interviews about altogether different crises: diversity quotas and the Bank’s Tāne Mahuta.”
“Adrian’s adoption of political sideshows and now spats in a Koru, would deeply embarrass any previous Governor. He is dragging the RBNZ's reputation downward in the same way as Treasury’s recent leadership has damaged its reputation.”
“The reducing respect for Adrian Orr as a Governor, and the Reserve Bank as an institution, is deeply troubling for taxpayers and all of those who share an interest in the quality of one of our most important public institutions. With the decline of specialist New Zealand business media, if anything more people need to be shining the light on what is going on at the Reserve Bank.”