Andrew Dickens: My thoughts on Adrian Orr calling it quits

So, Adrian Orr is gone in a month. And he’ll probably breathe a sigh of relief. 

He’s been at the centre of public scrutiny ever since he got the job as NZ Super Fund CEO back in 2007. 

During his tenure as Reserve Bank Governor, he was damned no matter what he did because with every move there were victims who felt punished in the pocketbook.  

So, everyone has an opinion of Adrian Orr, and most are not that complimentary. Who needs that?

He’s 63 and wealthy and I’m sure keen to return to anonymity.  

So, was he as bad as many say?

At the Super Fund he was generally hailed as a good operator who increased our savings. But he was also vilified for taking a million-dollar salary - a sum that was well below equivalent private positions.  

Was he stupid?

No. He’s got an impressive CV.

There’ve been stints in Paris at the OECD then back here with the National Bank, the Reserve Bank, Westpac, and the Reserve Bank again, before landing the CEO job for the super fund in 2007 and then Reserve Bank Governor.  

If I have one criticism of Adrian Orr it’s his lack of confidence in New Zealanders.  

When the pandemic started, he made money virtually free believing the economy would collapse. 

It didn’t because Kiwis found a way.  And the flood of money fuelled the fire of inflation combined with a government drunk on spending.  

When inflation raged, he reacted in an orthodox way by raising the interest rates.  

But he didn’t figure on a government that then turned the Government spending tap off turning his big stick for the economy into a sledgehammer.  

Our macroeconomic policies have reeled from feast to famine over the past 5 years. It’s certainly time for stability and conservative policies.  

So Adrian, after getting the ship headed towards a stable path has called it a day.  

I wish him and his family all the best and I hope he enjoys the peace, and I hope I never hear about him again. 

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Episode Transcript

Speaker 1 (00:00):
Adrian Orr is gone in a month. We don't know
why was he pushed, did he jump? Whatever? He'll probably
breathe a sigh of relief because Adrian Or has been
at the center of public scrutiny ever since he got
the job as New Zealand Superfund CEO, and he got
that back in two thousand and seven, and during his
tenure as Reserve Bank Governor, he was damned no matter

(00:20):
what he did, because here's the thing about being the
Reserve Bank governor. With every move there will always be
victims who always feel punished in the pocketbook. So everyone
has an opinion of Adrian Orr, and most are not complimentary.
And honestly, who needs that. He's sixty three, he's wealthy,
and I'm sure keen to return to anonymity. So was
he as bad as many say? Well had the super Fund,

(00:43):
he was generally hailed as a good operator who increased
our savings, but he was also vilified for taking a
million dollar salary. You have to say, though, that was
well below equivalent private positions. But you know, we looked
at it. Was he stupid? No, he's got an impressive CV.
He's had stints and Paris at the OECD. He's worked
here with the National Bank, the Reserve Bank, Westpac, and

(01:04):
then the Reserve Bank again. Then he got the CEO
job for the Superfund in two thousand and seven, and
then he became the governor. So if I have one
criticism of Adrian or well, now I've got two. One
he's a little bit woky, and you'll hear about that
as the day goes on. Some of his staff there's
a battle happening about his funding. But the other one
I have is his lack of confidence in New Zealanders.

(01:26):
When the pandemic started, he made money virtually free, believing
the economy would collapse. But it didn't because New Zealanders
found a way and the flood of money fueled the
fire of inflation, combined with a government that was drunk
on spending. And then when inflation rage, he reacted in
an orthodox way by raising the interest rates. But I

(01:47):
don't think he figured on a government that had then
turned the government spending tap off, turning his big stick
for the economy into a sledgehammer. Our macroeconomic policies have
reel from feast to famine over the last five years.
We'll like some drunks stumbling down the street. And it's
certainly time for some stability and some conservative policies, and

(02:09):
to worry about the dollars and cents and nothing else.
So Adrian, after getting our ship headed towards the stable path,
has called it a day, and I wish him and
his family all the best, and I hope he enjoys
the piece in quiet, and I hope I never hear
his name again. For more from Early Edition with Ryan Bridge,
listen live to News Talks at B from five am weekdays,

(02:32):
or follow the podcast on iHeartRadio.