1 00:00:00,200 --> 00:00:03,240 Speaker 1: Adrian Orr is gone in a month. We don't know 2 00:00:03,320 --> 00:00:07,240 Speaker 1: why was he pushed, did he jump? Whatever? He'll probably 3 00:00:07,280 --> 00:00:09,760 Speaker 1: breathe a sigh of relief because Adrian Or has been 4 00:00:09,800 --> 00:00:11,840 Speaker 1: at the center of public scrutiny ever since he got 5 00:00:11,880 --> 00:00:14,680 Speaker 1: the job as New Zealand Superfund CEO, and he got 6 00:00:14,680 --> 00:00:17,520 Speaker 1: that back in two thousand and seven, and during his 7 00:00:17,600 --> 00:00:20,360 Speaker 1: tenure as Reserve Bank Governor, he was damned no matter 8 00:00:20,400 --> 00:00:22,400 Speaker 1: what he did, because here's the thing about being the 9 00:00:22,400 --> 00:00:25,279 Speaker 1: Reserve Bank governor. With every move there will always be 10 00:00:25,400 --> 00:00:28,840 Speaker 1: victims who always feel punished in the pocketbook. So everyone 11 00:00:28,960 --> 00:00:32,400 Speaker 1: has an opinion of Adrian Orr, and most are not complimentary. 12 00:00:32,680 --> 00:00:36,600 Speaker 1: And honestly, who needs that. He's sixty three, he's wealthy, 13 00:00:37,280 --> 00:00:40,199 Speaker 1: and I'm sure keen to return to anonymity. So was 14 00:00:40,240 --> 00:00:42,760 Speaker 1: he as bad as many say? Well had the super Fund, 15 00:00:43,159 --> 00:00:45,440 Speaker 1: he was generally hailed as a good operator who increased 16 00:00:45,479 --> 00:00:48,360 Speaker 1: our savings, but he was also vilified for taking a 17 00:00:48,400 --> 00:00:51,720 Speaker 1: million dollar salary. You have to say, though, that was 18 00:00:51,760 --> 00:00:55,320 Speaker 1: well below equivalent private positions. But you know, we looked 19 00:00:55,320 --> 00:00:58,760 Speaker 1: at it. Was he stupid? No, he's got an impressive CV. 20 00:00:59,200 --> 00:01:02,280 Speaker 1: He's had stints and Paris at the OECD. He's worked 21 00:01:02,280 --> 00:01:04,560 Speaker 1: here with the National Bank, the Reserve Bank, Westpac, and 22 00:01:04,680 --> 00:01:07,520 Speaker 1: then the Reserve Bank again. Then he got the CEO 23 00:01:07,760 --> 00:01:10,080 Speaker 1: job for the Superfund in two thousand and seven, and 24 00:01:10,080 --> 00:01:12,640 Speaker 1: then he became the governor. So if I have one 25 00:01:12,640 --> 00:01:16,360 Speaker 1: criticism of Adrian or well, now I've got two. One 26 00:01:16,600 --> 00:01:19,240 Speaker 1: he's a little bit woky, and you'll hear about that 27 00:01:19,319 --> 00:01:21,479 Speaker 1: as the day goes on. Some of his staff there's 28 00:01:21,480 --> 00:01:23,679 Speaker 1: a battle happening about his funding. But the other one 29 00:01:23,760 --> 00:01:26,200 Speaker 1: I have is his lack of confidence in New Zealanders. 30 00:01:26,800 --> 00:01:30,040 Speaker 1: When the pandemic started, he made money virtually free, believing 31 00:01:30,080 --> 00:01:33,960 Speaker 1: the economy would collapse. But it didn't because New Zealanders 32 00:01:33,959 --> 00:01:36,600 Speaker 1: found a way and the flood of money fueled the 33 00:01:36,680 --> 00:01:40,200 Speaker 1: fire of inflation, combined with a government that was drunk 34 00:01:40,240 --> 00:01:43,720 Speaker 1: on spending. And then when inflation rage, he reacted in 35 00:01:43,720 --> 00:01:47,080 Speaker 1: an orthodox way by raising the interest rates. But I 36 00:01:47,080 --> 00:01:49,280 Speaker 1: don't think he figured on a government that had then 37 00:01:49,400 --> 00:01:53,480 Speaker 1: turned the government spending tap off, turning his big stick 38 00:01:53,520 --> 00:01:58,080 Speaker 1: for the economy into a sledgehammer. Our macroeconomic policies have 39 00:01:58,240 --> 00:02:01,040 Speaker 1: reel from feast to famine over the last five years. 40 00:02:01,680 --> 00:02:05,080 Speaker 1: We'll like some drunks stumbling down the street. And it's 41 00:02:05,120 --> 00:02:09,160 Speaker 1: certainly time for some stability and some conservative policies, and 42 00:02:09,240 --> 00:02:11,320 Speaker 1: to worry about the dollars and cents and nothing else. 43 00:02:12,040 --> 00:02:15,800 Speaker 1: So Adrian, after getting our ship headed towards the stable path, 44 00:02:16,080 --> 00:02:19,359 Speaker 1: has called it a day, and I wish him and 45 00:02:19,400 --> 00:02:21,960 Speaker 1: his family all the best, and I hope he enjoys 46 00:02:21,960 --> 00:02:24,600 Speaker 1: the piece in quiet, and I hope I never hear 47 00:02:24,639 --> 00:02:28,800 Speaker 1: his name again. For more from Early Edition with Ryan Bridge, 48 00:02:28,880 --> 00:02:32,320 Speaker 1: listen live to News Talks at B from five am weekdays, 49 00:02:32,600 --> 00:02:34,639 Speaker 1: or follow the podcast on iHeartRadio.