Adrian Orr's Resignation as Reserve Bank Head a 'Personal Decision' – Chair

Adrian Orr's decision to stand down as Reserve Bank governor was personal, and he thought it was the "right time" to do so, according to the bank's chairman.

Reserve Bank Chair Neil Quigley spoke to the media this afternoon following the startling revelation of Orr's resignation after seven years of service and halfway through his second term.

Earlier today, Finance Minister Nicola Willis stated she would not "characterize the reasons" for Orr's resignation.

Quigley stated this afternoon that he had discussed the resignation process with Orr for "several days" and that the governor thought it was the appropriate time to leave.

"He's accomplished a lot of what he set out to do when he took the job; we've been through a lot, not just the pandemic, but all of the changes that have occurred at the bank during Adrian's tenure as governor."

"So Adrian feels that he has done the job, and he has inflation under the target range, and he feels positive about that."

Quigley claimed he still maintained a "very good relationship" with Orr.

"He and I have been through a lot in my time as board chair and his time as governor, and we have very good memories of the challenges we have fronted."

Orr is on leave till the end of the month and did not attend this afternoon's media briefing.

"It doesn't make sense for someone like the governor to have a grey period where they have come to a decision, but they have continued to be around the bank," says Quigley.

He described the role of the Reserve Bank governor as one of "unrelenting criticism of your actions."

"No matter what you do, there are options that others claim they would have done, so there comes a point when you believe that having accomplished your goals is enough.

"He's decided to take a leave of absence and is content with his decision.

"He's doing what he feels is appropriate."

Quigley admitted that the quick departure was unusual, "but it is what happened in this case."

Deputy Governor Christian Hawkesby will serve as Acting Governor until March 31.