“Adrian Orr's job is to tackle inflation and regulate for financial stability, not to browbeat banks for supporting a thinktank he disagrees with,” says ACT Finance spokesperson Todd Stephenson.

“Writing a rebuttal to someone who disagrees with his policies is entirely reasonable. But as a regulator (who is also a law unto himself and independent of government) he's required to be responsible. Instead of just disagreeing with an idea, he's trying to damage the bottom line of an independent organisation.

“Orr has repeatedly shown he struggles to maintain focus on his statutory obligation of price stability, instead promoting branding exercises, Te Tiriti, climate action, and diversity initiatives. All of this detracts from the Bank's core mandate. This latest attack on an independent think tank, directed at the very companies he regulates, reinforces the impression he is temperamentally unfit as a steward of banking regulation.”

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