Latest / The Kākā by Bernard Hickey
Will Adrian Orr’s replacement unleash a new mortgage war?
Long story short: Reserve Bank Governor Adrian Orr has resigned unexpectedly and without explanation, three years before the end of his second five-year term. Finance Minister Nicola Willis and soon-to-be Deputy PM David Seymour never wanted the-then Labour Government to reappoint him in late 2022, arguing (with hindsight) his actions worsened the 2022-23 inflation shock by stimulating the economy too much and criticising his increased regulation of banks for stifling competition.
The big four banks also opposed Orr’s pre-Covid drive to make them hold much more of their own capital to back…
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