{"id":61593,"date":"2025-10-06T03:39:08","date_gmt":"2025-10-06T03:39:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/61593\/"},"modified":"2025-10-06T03:39:08","modified_gmt":"2025-10-06T03:39:08","slug":"ex-reserve-bank-governor-adrian-orr-to-receive-416k-restraint-of-trade-leaving-payment","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/61593\/","title":{"rendered":"Ex-Reserve Bank Governor Adrian Orr to receive $416k \u2018restraint of trade\u2019 leaving payment"},"content":{"rendered":"\u201cThe payment is due in October 2025, conditional on the terms being met. Under s 242 of the RBNZ Act, it is disclosed separately from the Governor\u2019s remuneration.\u201d<\/p>\n
The report also shows staffing expenses rose to $117 million in the year to June 30.<\/p>\n
That was up from $94m a year earlier and just $54m in the year to June 30, 2021.<\/p>\n
Executive leadership departures have been costly.<\/p>\n
The report shows that, in addition to the regular payments made to the Executive Leadership Team, redundancy and termination-related payments were paid or were payable to six Executive Leadership Team members at a cost of $1.6 million.<\/p>\n
Last month, Swedish economist Dr Anna Breman was appointed as the new governor by Finance Minister Nicola Willis.<\/p>\n
Breman was the First Deputy Governor of Sweden\u2019s central bank, and will lead the Reserve Bank of NZ for at least the next five years.<\/p>\n
She begins her new role on December 1.<\/p>\n
Acting Governor Christian Hawkesby\u2019s term will be extended until November 30, and he will support a smooth transition. He will then depart from the RBNZ.<\/p>\n
Hawkesby wrote the \u201cGovernor\u2019s statement\u201d for this report.<\/p>\n
In it, he thanks Orr and Quigley for their service and welcomes the new governor.<\/p>\n
He also alludes to his upcoming departure:<\/p>\n
\u201cI would like to take this opportunity to thank the Reserve Bank staff for their support and contributions during my nearly seven years across a range of leadership roles.\u201d<\/p>\n
The RBNZ delivered a $542 million dividend to the Government, down slightly from $597 million in the 2024 year. <\/p>\n
On Wednesday, the RBNZ will deliver its latest Monetary Policy Review and is widely expected to cut the Official Cash Rate by 25 basis points, or possibly 50 basis points.<\/p>\n
Liam Dann is business editor-at-large for the New Zealand Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003. <\/p>\n
Listen and subscribe to the Today in Business<\/a> podcast – the top headlines from the NZ Herald business team summarised and delivered by an AI voice as an easily digestible recap.<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cThe payment is due in October 2025, conditional on the terms being met. Under s 242 of the…\n","protected":false},"author":2,"featured_media":61594,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[836,50507,50505,3225,50503,4765,1643,1396,138,50502,2740,25807,2845,4486,111,139,69,1118,50504,4409,7565,1560,10665,50506,1961,61,584,1533],"class_list":["post-61593","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-836","tag-50507","tag-416k","tag-according","tag-adrian","tag-annual","tag-bank","tag-banks","tag-business","tag-exreserve","tag-former","tag-governor","tag-leaving","tag-month","tag-new-zealand","tag-newzealand","tag-nz","tag-of","tag-orr","tag-payment","tag-receive","tag-report","tag-reserve","tag-restraint","tag-this","tag-to","tag-trade","tag-will"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/61593","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=61593"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/61593\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/61594"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=61593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=61593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=61593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}