Finance Minister Nicola Willis has announced the appointment of Professor Neil Quigley as the new Governor of the Reserve Bank of New Zealand (RBNZ), marking a significant shift in the country’s central banking leadership. Quigley, who currently serves as Vice-Chancellor of the University of Waikato, will assume the role on April 27, 2025, succeeding Adrian Orr at the conclusion of his second term.
The announcement followed unanimous approval from Cabinet and a formal recommendation from the Reserve Bank’s Board, which oversaw a thorough recruitment process. Minister Willis emphasized that Quigley’s extensive economic expertise and governance background made him the ideal candidate to lead the RBNZ during a period of economic uncertainty and inflationary pressure.
“Professor Quigley brings a wealth of experience in economic policy and institutional leadership,” said Willis. “He has the integrity, independence, and insight to lead the Reserve Bank through its current challenges and ensure it meets its core objectives.”
Quigley previously served on the Reserve Bank Board and has a deep academic and practical understanding of monetary policy, financial regulation, and economic governance. His academic work includes extensive publications on banking systems, and he has held roles in public sector bodies such as the New Zealand Qualifications Authority and the Board of the New Zealand Treasury.
Quigley said he was honoured to accept the appointment and pledged to uphold the independence and credibility of the central bank. “The Reserve Bank has a critical role in maintaining price stability and financial system soundness. I look forward to serving New Zealanders in this important capacity,” he said in a statement.
The appointment comes amid a political climate focused heavily on fiscal discipline and monetary accountability. Adrian Orr’s tenure as governor was marked by controversial pandemic-era policies, including quantitative easing and interest rate adjustments that have since drawn criticism for contributing to inflationary trends.
Willis thanked Orr for his service, stating, “Adrian Orr has led the Reserve Bank through unprecedented global economic events. We acknowledge his dedication and public service.”
The new appointment has been broadly welcomed by financial analysts and economists, who view it as a move toward strengthening the Reserve Bank’s focus on its primary mandate—controlling inflation. Several market commentators noted that Quigley’s academic independence and prior governance experience may bring a steadier hand to monetary policy decisions and improve communication between the bank and the public.
Opposition parties have called for transparency regarding the Reserve Bank’s strategic direction following the change in leadership. Green Party finance spokesperson Chlöe Swarbrick urged that future monetary policy remain focused on social equity as well as economic stability.
Under the Reserve Bank Act 2021, the Governor is responsible for implementing monetary policy, managing inflation targets, and ensuring financial system stability, with a renewed emphasis on transparency and accountability. Quigley’s five-year term will begin at a time when global economic volatility, inflation control, and central bank credibility are high on the public agenda.
His appointment is seen as a strong signal that the New Zealand government is looking to re-anchor the Reserve Bank’s priorities around core economic fundamentals, while avoiding the more expansive policy mandates that had come under criticism in recent years.
As Quigley prepares to take over the reins, all eyes will be on how he navigates complex global financial conditions while restoring public trust in one of New Zealand’s most important economic institutions.
Source: Inside Government NZ
