Update: 03/2025: Orr Has Resigned: RBNZ Governor Must Resign Over Select Committee Testimony : Update in Pictures

“It’s a great business to be in, central banking. We print money and people believe it"

Mar 05, 2025

**Simone Robbers for new RBNZ Governor? New Zealand’s Elvira Nabiullina?**

5 March 2025

RBNZ Governor Adrian Orr resigns

https://www.rbnz.govt.nz/hub/news/2025/03/rbnz-governor-adrian-orr-resigns

Adrian was first appointed as Governor in March 2018 and was reappointed for a second 5-year term effective from March 2023.

https://www.rbnz.govt.nz/about-us/our-people/adrian-orr

Reserve Bank Governor Adrian Orr resigns

https://www.rnz.co.nz/news/business/543834/reserve-bank-governor-adrian-orr-resigns

Adrian Orr departing as Reserve Bank Governor, Deputy Governor Christian Hawkesby to be Acting Governor

https://www.interest.co.nz/public-policy/132236/adrian-orr-departing-reserve-bank-governor-deputy-governor-christian-hawkesby

19 Feb. 2024

On Monday 12 February 2024 the New Zealand Parliament’s Finance and Expenditure Select Committee met with Reserve Bank of New Zealand (RBNZ) officials to discuss the Bank’s 2022/23 Annual Report1 and the 2023 Financial Stability Report (video here).

RBNZ Governor Adrian Orr’s problems began with a question from Committee member Barbara Edmonds (Labour) - a pretty stupid question for someone in her position, who should know this. She was a Government Minister after all. But that is the standard of parliamentarian we’re blessed with in New Zealand.

Edmonds: “Are you subject to the public service cuts as well?”

Orr didn’t need to add anything in response to this question. An answer had already been provided. But he couldn’t help himself. After a few comments of minor relevance, he could have shut up. But he didn’t. Instead, he said this:

From 31:55 on the full video - my narrative added to photos [apologies to Simone Robbers for the words put into her head. I’m sure she doesn’t swear like this]. Front row individuals and their roles listed below.

Orr (second on RHS): “The fiscal challenges that are there…very focused on the cost.”
[who knows what this means]

“We actually fund ourselves and then work out what dividend is needed to pay so…”

“It’s a great business to be in, central banking”

“We print money…”

“…and people believe it”
[general laugher in the committee room]

[and more laughter, including loudly from some of the politician committee members, heard but not seen]

“and um and um … touch wood”
[laughter continues]

The two men on either side of Orr, Greg Smith and Neil Quigley, appear to try to hide their smiles/smirks by looking down, Orr touches “wood” - his head, the other woman (second from left), Juliet Tainui-Hernandez, should probably stop laughing.