1 00:00:00,120 --> 00:00:02,560 Speaker 1: So we've finally being told the real reason why Adrian 2 00:00:02,640 --> 00:00:05,920 Speaker 1: all quit his Reserve Bank governor job, and it's surprisingly benign. 3 00:00:06,080 --> 00:00:08,800 Speaker 1: He quit because the Finance Minister wouldn't give the Reserve 4 00:00:08,880 --> 00:00:11,240 Speaker 1: Bank as much money as he wanted. Now, Michael Riddell 5 00:00:11,320 --> 00:00:13,520 Speaker 1: is a former Reserve Bank Economisty's been working his way 6 00:00:13,520 --> 00:00:17,480 Speaker 1: through the document dump from the bank today him Michael HeLa. 7 00:00:19,280 --> 00:00:22,120 Speaker 1: It hardly seems it seems something worth keeping a secret 8 00:00:22,200 --> 00:00:23,160 Speaker 1: for what three months? 9 00:00:23,200 --> 00:00:26,160 Speaker 2: Does it? No, it's just extraordinary. I mean, you know, 10 00:00:26,160 --> 00:00:27,960 Speaker 2: maybe they couldn't tell off the full story on the 11 00:00:28,040 --> 00:00:31,000 Speaker 2: day that the new Reserve Bank funding agreement was published 12 00:00:31,000 --> 00:00:34,320 Speaker 2: on sixteenth of April. There's absolutely no excuse for lack 13 00:00:34,360 --> 00:00:38,680 Speaker 2: of clarity at that point. I mean, who knows quite why. 14 00:00:39,200 --> 00:00:42,640 Speaker 2: I probably trying to protect Adrian because I mean widely 15 00:00:42,680 --> 00:00:45,400 Speaker 2: make the point that the issues about the budget. I 16 00:00:45,400 --> 00:00:49,280 Speaker 2: think it's also about Adrian's personality. You know, every government 17 00:00:49,280 --> 00:00:51,920 Speaker 2: department chief executive in Wellington's had to cope with budget 18 00:00:51,920 --> 00:00:53,760 Speaker 2: cuts in the last eighteen months. A lot of them 19 00:00:53,800 --> 00:00:57,240 Speaker 2: probably thought they should grow their own agencies. But they 20 00:00:57,280 --> 00:00:59,400 Speaker 2: acted like adults. They got on, they didn't toss their 21 00:00:59,440 --> 00:01:03,160 Speaker 2: toys walk out without notice. You know, Adrian's behaved more 22 00:01:03,200 --> 00:01:06,640 Speaker 2: like a moody teenager over inevitable fiscal restraint. 23 00:01:07,200 --> 00:01:09,120 Speaker 1: Do you think that it was kind of sparked by 24 00:01:09,160 --> 00:01:12,240 Speaker 1: the fact that Neil quickly appears to have undermined him. 25 00:01:13,920 --> 00:01:16,200 Speaker 2: No, I reached out that. I mean, Neil has spent 26 00:01:17,560 --> 00:01:20,479 Speaker 2: all the time he's been chair basically providing cover for 27 00:01:20,520 --> 00:01:23,320 Speaker 2: the governor. I mean, I think where you'd rephrase that 28 00:01:23,520 --> 00:01:27,280 Speaker 2: is that the board seems to have eventually faced reality 29 00:01:27,319 --> 00:01:30,120 Speaker 2: in a way that the governor wouldn't. So, you know, 30 00:01:30,160 --> 00:01:32,080 Speaker 2: the board signed on to this massive bid for a 31 00:01:32,080 --> 00:01:34,560 Speaker 2: billion dollars last sort of July or August, sent it 32 00:01:34,640 --> 00:01:37,480 Speaker 2: up to the minister, and eventually it became clear that 33 00:01:37,760 --> 00:01:40,960 Speaker 2: the Minister and Treasury unsurprisingly're not going to agree with that. 34 00:01:42,480 --> 00:01:45,160 Speaker 2: You know, any sensible person on that board would have gone, 35 00:01:45,400 --> 00:01:48,040 Speaker 2: you know, will ultimately ministers make these decisions, not us. 36 00:01:48,120 --> 00:01:52,560 Speaker 2: We have to bow to reality, are saying. Chief Executive 37 00:01:53,160 --> 00:01:55,560 Speaker 2: would also have reached much the same view that if said, look, 38 00:01:55,560 --> 00:01:57,520 Speaker 2: I don't like it, but in the end, she's the 39 00:01:57,560 --> 00:02:00,760 Speaker 2: Minister of Finance, it's her call. Do you think he 40 00:02:02,240 --> 00:02:06,440 Speaker 2: is the fight that the governor couldn't win and shouldn't 41 00:02:06,480 --> 00:02:09,480 Speaker 2: have got this this emotionally involved in it. There were 42 00:02:09,480 --> 00:02:13,119 Speaker 2: discraced described in the statement as the governor became distressed. Well, 43 00:02:13,400 --> 00:02:14,480 Speaker 2: you know, it's like a toddler. 44 00:02:16,880 --> 00:02:19,080 Speaker 1: Do you think he really thought that he would be 45 00:02:19,120 --> 00:02:21,040 Speaker 1: opening the conference the day after he quit? 46 00:02:21,960 --> 00:02:23,880 Speaker 2: Well, it's sort of weird, isn't it. I mean that 47 00:02:24,000 --> 00:02:27,160 Speaker 2: email is literally an hour before the press statement went out, 48 00:02:28,800 --> 00:02:35,200 Speaker 2: and I started beyond comprehension. I mean maybe he must have. 49 00:02:35,320 --> 00:02:39,640 Speaker 2: I mean it's there, but how you know there just 50 00:02:39,639 --> 00:02:42,200 Speaker 2: seems to have a bit of detachment from reality. Presumably 51 00:02:42,280 --> 00:02:44,320 Speaker 2: someone either quickly or hawks he took on the side 52 00:02:44,320 --> 00:02:49,440 Speaker 2: and said, look, Adrian, go away, it's not your day. 53 00:02:49,639 --> 00:02:52,840 Speaker 1: Is there any explanation in the documentation as to why 54 00:02:52,880 --> 00:02:55,600 Speaker 1: they referred to his resignation as Project Baroda. 55 00:02:57,000 --> 00:03:00,000 Speaker 2: I think that's just what corporates will do, government agencies would. 56 00:03:00,000 --> 00:03:03,080 Speaker 2: So you want to have some innocuous name so that 57 00:03:03,120 --> 00:03:06,680 Speaker 2: if people are searching around your document managements, they don't 58 00:03:06,680 --> 00:03:08,960 Speaker 2: find document resignation of governor. 59 00:03:10,000 --> 00:03:12,200 Speaker 1: But why Baroda? What's the song? 60 00:03:12,880 --> 00:03:15,320 Speaker 2: I mean, Broda wasn't as a bank that was operating 61 00:03:15,360 --> 00:03:17,360 Speaker 2: in New Zealand. One of the Indian ones. But they 62 00:03:17,400 --> 00:03:20,799 Speaker 2: might just have some alphabetical list that you know, abudant 63 00:03:20,960 --> 00:03:22,880 Speaker 2: z and this may have just been the random being 64 00:03:22,919 --> 00:03:23,760 Speaker 2: name that came up. 65 00:03:23,960 --> 00:03:26,840 Speaker 1: Brilliant, Michael, Thank you very much. Appreciated as always, Michael Radelle, 66 00:03:26,840 --> 00:03:28,960 Speaker 1: former Reserve Bank Governor. Look, I don't know what this 67 00:03:29,080 --> 00:03:32,520 Speaker 1: tells you about working in the public service. But they 68 00:03:32,560 --> 00:03:34,639 Speaker 1: have the meeting, right so they're having this meeting. It's 69 00:03:34,680 --> 00:03:38,520 Speaker 1: Christian hawksby John McDermot, Naomi Mitchell, Nick McBride, and helenkin Kaid, 70 00:03:38,960 --> 00:03:41,400 Speaker 1: and they're having this meeting with on the Monday. He's 71 00:03:41,400 --> 00:03:43,480 Speaker 1: packed the tanty over the weekend and he's quitting, and 72 00:03:43,480 --> 00:03:45,520 Speaker 1: he finally quits on Wednesday. But on the Monday they 73 00:03:45,560 --> 00:03:47,680 Speaker 1: have this meeting. They get together and they're going to 74 00:03:47,720 --> 00:03:51,440 Speaker 1: talk about it. Number one item on the agenda, well 75 00:03:51,480 --> 00:03:57,280 Speaker 1: being check in dot everybody is doing okay. We all 76 00:03:57,320 --> 00:03:59,880 Speaker 1: need to work there, just to make sure we're all okay. 77 00:04:00,720 --> 00:04:03,920 Speaker 1: For more from Hither Duplessy Allen Drive, listen live to 78 00:04:04,000 --> 00:04:07,040 Speaker 1: News Talk Set B from four pm weekdays, or follow 79 00:04:07,080 --> 00:04:08,840 Speaker 1: the podcast on iHeartRadio.