In his own words: Adrian Orr on rates and regrets

The Governor of the Reserve Bank of New Zealand - the front man for our existing economic pain - has a few things he wants you to know.

“Inflation is the big evil, not higher, nominal interest rates.”

But: “Don’t fret inflation, it’s going away.”

In an extensive interview on today’s episode of Markets with Madison, mortgage-free Adrian Orr explained how his plan was working - rate hikes had lowered inflation, sent the the economy into a recession, some of us were spending less (himself included) and taking on less debt, while the majority still had jobs.

“I would feel bad about it if I didn’t think it was for the long-term benefit of the country,” Adrian Orr said.

He also reflected on his regrets - he has a few.

Watch the interview above to find out what they are and what would cause the RBNZ to lower rates again.

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Madison Reidy is the host of New Zealand’s only financial markets show Markets with Madison. She joined the Herald in 2022 after working in investment, and has covered business and economics for television and radio broadcasters.