Remember how back in September last year the Assistant Governor Christian Hawkesby said the Bank’s approach to Covid was inspired by a bird, specifically, the white heron?
Well this time, they're a tree.
Act’s drawn media attention to a speech Adrian Orr has compared the reserve bank to Tāne Mahuta, the tree.
He says the Reserve Bank “is akin to the being Tāne Mahuta of New Zealand’s financial landscape.”
“Our roots are our legislation…giving us strength and well-being”
“The money we print and circulate for New Zealand is the sap that flows through [the Reserve Bank]”
And “Our complex payment and settlement system is our trunk. This system allows the money to flow to the branches of the reserve bank”.
What makes it even more embarrassing is that Adrian Orr said that in a speech to an international conference in Brussels in front of other central bankers from around the world.
Not only is this turning the bank into a laughing stock, but I’m sure most of us would rather that the bank focus on getting inflation under control than dreaming up forest metaphors.
Adrian Orr’s a smart guy. I’m sure he can chew gum and walk at the same time; he can deal with inflation and being a tree
But, there is just too much of this stuff lately.
The bank seems way too distracted by being a tree and considering whether to incorporate climate change into their thinking and getting a $400,000 piece of light up art installed in the building’s lobby.
Meanwhile, inflation is at 7 percent and we’re not sure that’s the worst of it
Inflation is literally the bank’s job. Imagine if you got distracted by trees and birds and art and didn’t do your actual job. How long would your boss tolerate that?
Until you deal with inflation, you probably don’t want to be a tree in public.
And, if the Reserve Bank is a tree, what is inflation? Kauri dieback?
What’s the economic contraction we just saw in those GDP figures today? A chainsaw?
In Adrian’s story the tree is in trouble.
See omnystudio.com/listener for privacy information.
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