Agribusiness executive Hayley Gourley appointed to the Reserve Bank’s Monetary Policy Committee

Hayley Gourley will take part in the Reserve Bank's Monetary Policy Committee's next OCR review in October.

Finance Minister Nicola Willis has appointed an agribusiness executive to the Reserve Bank’s Monetary Policy Committee, which is responsible for keeping inflation in check.

Hayley Gourley will start her four-year term on October 1 and will take part in the committee’s next Official Cash Rate (OCR) review on October 8.

Gourley was the agri divisional manager for Skellerup Industries between 2019 and 2023. Before that, she worked at Rabobank for more than 17 years, as a senior credit analyst in London, a dairy research director, and eventually the New Zealand general manager.

Gourley replaces Bob Buckle, whose term as an external member of the committee ends on September 30.

She was appointed by Willis on the recommendation of the Reserve Bank board.

“Hayley Gourley brings extensive experience across corporate, rural, and financial services sectors to the role,” Willis said.

“Her roles at both board and executive level in leading agribusinesses provide her with a unique perspective that will enhance the committee’s discussions.”

The Monetary Policy Committee lost its agri expert, Caroline Saunders, when her term expired last year.

Its internal members (who work fulltime at the Reserve Bank) include interim governor Christian Hawkesby, chief economist Paul Conway and assistant governor Karen Silk.

Hawkesby has international central banking experience and helped found Harbour Asset Management, Conway has done a lot of research into productivity and Silk has experience in banking.

Gourley will join Prasanna Gai – a professor of macroeconomics at the University of Auckland, and Carl Hansen – who has expertise in the electricity market, as external members.

Gourley has a Master of Science in Agricultural Economics from the University of London/Imperial College and attended the London Business School under the Rabobank senior leadership programme. She has a Bachelor of Applied Economics, Agricultural Economics, from Massey University.

Willis is soon due to announce who will be appointed governor for a full term, following Adrian Orr’s abrupt resignation in March.

Hawkesby and Gai are understood to be among those in the running.

Labour leader Chris Hipkins said he was consulted with on a proposed candidate on August 18, when Neil Quigley was still chairman of the board that would have made a recommendation to Willis for who it believed should be governor.

Quigley resigned last month after Willis expressed her dissatisfaction to him over the board’s handling of Orr’s departure.

Reserve Bank deputy chairman Rodger Finlay said Gourley was a “highly qualified candidate”.

Hawkesby welcomed Gourley to the committee and thanked Buckle for his service.

“The Monetary Policy Committee remains laser-focused on its job to control inflation and Hayley will play an important part in our discussions,” Hawkesby said.

Jenée Tibshraeny is the Herald’s Wellington business editor, based in the parliamentary press gallery. She specialises in government and Reserve Bank policymaking, economics and banking.