Adrian Orr Apologises as NZ braces for Economic Suffering
November 24, 2022
PHOTO: South Park
The Reserve Bank Governor has apologised to Kiwis as New Zealand braces for dark economic times and admitted deliberating engineering a recession to slow spending.
And Adrian Orr’s message to think harder about spending - or “cool the jets” - isn’t just for the public. He has told the Government to spend sensibly or risk even higher inflation.
It follows the release of the Reserve Bank’s Monetary Policy Statement (MPS) on Wednesday, which predicted inflation has not yet peaked, the official cash rate (OCR) will need to continue to rise, and as a result, New Zealand faces a year-and-a-half of either zero or negative growth.