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Home / New Zealand / Politics

Christopher Luxon said National raised 'concerns' over Reserve Bank appointments

Thomas Coughlan
By Thomas Coughlan
Political Editor·NZ Herald·
26 Jul, 2022 11:24 PM3 mins to read

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Thomas Coughlan sits down with National leader Christopher Luxon to discuss the Reserve Bank and the cost of living crisis. Video / Mark Mitchell

National leader Christopher Luxon said Reserve Bank Governor Adrian Orr's acknowledgement of the Bank's role in creating the current high levels of inflation was positive, but he still wants a full public inquiry.

"It's good to have some acknowledgement of it," Luxon said.

The Bank is currently undertaking a regular scheduled review of its remit, but Luxon wanted to go further.

"What you don't want is the Reserve Bank grading its own homework and doing its own performance review. You need it to be independent," Luxon said.

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On Tuesday, former Reserve Bank Governor Graeme Wheeler published an essay criticising the Bank's monetary policy.

Luxon said National had also raised concerns with the Government about appointments to the Bank's board. The Government consults with other political parties before making appointments to the Reserve Bank board.

Luxon said National was not "really consulted".

"It's a Clayton's consultation you know," Luxon said.

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"There was a letter sent - we raised some concerns, he fired ahead with his decision anyway. It's his responsibility. He's got to have confidence in the Governor, he's got to have confidence in the board," Luxon said.

Luxon would not detail these "concerns".

Luxon began the three-week winter recess having recently fought off concerns he might alter abortion laws (he promised he would not), he spent the middle of the recess defending comments that business had gone "soft", and he spent the first day back from the recess explaining why his social media suggested he was in Te Puke when he was actually in Hawaii.

Luxon admitted that "mistakes happen", but said these repeated flubs probably had more to do with the fact he was not a career politician.

"I'm new to politics. I'm not coming at this as a career politician. I think that's a good thing because I come with a different thought process and a different mindset around how to take this country forward than someone who has just been here all their life as an advisor - and that's important," Luxon said.

Luxon acknowledged the social media posts were a mistake.

"Inevitably, mistakes happen. You actually front it and call it what it is.

"In my leadership journey and in doing other things, that's the natural thing that good leaders do, you just say, 'look, we got that wrong, and we didn't time the social media posts in the way we should have.

"That's not really the issue we should be lying awake at night worried about," he said.

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