Governor Orr, FinMin Robertson Address Criticism Of RBNZ Pandemic Response

The Reserve Bank of New Zealand released a statement in response to a paper co-authored by former Governor Graeme Wheeler, noting that it will consider his comments as part of the public Monetary Policy Remit review process. Meanwhile, New Zealand's Finance Minister Robertson threw his weight behind current RBNZ leadership amid growing criticism from the Reserve Bank's former officials and opposition lawmakers.

• In a statement published on the RBNZ's website, incumbent Governor Orr admitted that consumer price inflation is above the target range and "the Monetary Policy Committee’s decisions over recent years have influenced this outcome." Orr noted that "inflation is no one’s friend and causes economic cost."
  
• Separately, Finance Minister Robertson expressed confidence in the RBNZ and Governor Orr. He pushed back against criticism of his pandemic response, calling it "hindsight economics" and argued that "everyone had to deal with a very difficult situation" during the pandemic.