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Adrian Orr

Former Governor, Reserve Bank of New Zealand

Search every verified Adrian Orr interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Adrian Orr, Governor of the Reserve Bank of New Zealand, has overseen a significant easing of monetary policy through 2025. In February 2025, the Monetary Policy Committee reduced the Official Cash Rate (OCR) by 50 basis points to 3.75%, a decision Orr described as the best contribution the bank can make to New Zealand's economic wellbeing. He stated that inflation was within the target range near the 2% midpoint and that economic growth was picking up, adding that if the economy evolved as predicted, the bank would be able to lower the OCR further. By November 2025, the committee voted to reduce the OCR by a further 25 basis points to 2.25%. Orr noted that while annual CPI inflation had increased to 3% in the September quarter, spare capacity in the economy was expected to bring it back to around 2% by mid-2026kus. Orr has also commented on the broader economic outlook and the drivers of inflation. He has pointed to upside inflation risks from global fiscal dynamics and the erosion of central bank independence internationally. He described administered prices, such as council rates, as a slow-moving "echo" of the period when headline inflation was high, but stated that the key concern is whether those prices spill over into more persistent inflation expectations. Orr has also emphasized the need for productivity improvements, describing New Zealand as a "capital-shallow country" that requires significant investment in infrastructure to lift long-term growth. He has expressed a desire for the Reserve Bank to "bring back boring" and move off the front pages, allowing other factors to drive the economy.

Recent appearances

Notable quotes

“I would be hugely reluctant to introduce price controls because once you start meddling with relative prices you distort resource allocation; instead, policy should focus on boosting competitiveness and productivity (for example, improved digital access and open banking).”

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