The Taxpayers’ Union has condemned the Government’s decision to reappoint Adrian Orr for another five-year term as Reserve Bank Governor despite having failed to keep inflation under control.

Taxpayers’ Union Campaigns Manager, Callum Purves, said:

“It is shocking that the Government thinks it appropriate to reappoint Adrian Orr for another five-year term. He has singularly failed in his objective to keep inflation between 1 and 3%. 7% inflation is costing New Zealand families dear. While inflation caused by international factors may have peaked, domestic causes continues to rise.

“This hasn’t been helped by Mr. Orr’s colossal bond-buying programme during the pandemic that has resulted in a staggering $8.46 billion loss. The Treasury is spending between $150 and $200 million a month trying to rectify this cock up. Our children and grandchildren will be paying for his mismanagement of the economy for years to come.

“Perhaps if Mr. Orr had spent more time tackling inflation than redesigning the Reserve Bank’s website at a cost of $6 million and comparing himself to a god, we might be in a better position.”

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