RBNZ’s Orr suggests rampant inflation not his fault

Governor Adrian Orr said NZ should be “very proud” of its resilient financial system. (Image: NZME)

Thu, 03 Nov 2022

Reserve Bank governor Adrian Orr came under fire from various members of parliament’s finance and expenditure committee but either batted away their questions or justified the central bank’s failure to control inflation by saying it was caused by events beyond its control.Even before questioning began, Orr asserted the Reserve Bank’s lack of culpability for the consumer price index reaching 7.2% in the year ended September.“We would’ve had to predict the 2022 Russian invasion of Ukraine in early 2020” to have...

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