Opposition Leader Luxon Calls On Government Not To Reappoint RBNZ Gov Orr

New Zealand's main opposition National Party would prefer to see a 12-month extension to RBNZ Governor Orr's current term rather than have him reappointed for another five-year term, Nationals' leader Christopher Luxon told NewstalkZB.

• Orr's term expires in March 2023, while New Zealand's next general election must be held no later than in January 2024. If the ruling Labour government nominates Orr for another term, the official will serve under the next administration.
• The National Party has been vocal in criticising the RBNZ over monetary loosening delivered during the COVID-19 pandemic, which it says poured fuel on consumer inflation and led to a sharp increase in borrowing costs.
• Luxon doubled down on his call for a public inquiry into the Reserve Bank's role in causing higher costs of living. He also reiterated his view that the RBNZ's dual mandate should be scrapped and replaced with a sole focus on inflation-fighting.
• The National Party is ahead of Labour in opinion polls, but would not win an outright majority alone. However, if recent survey results were replicated in a general election, it could form a coalition government with ACT.