New Zealand central bank announces surprise exit of governor
March 5 (Reuters) - Reserve Bank of New Zealand Governor Adrian Orr has resigned in a surprise move, with his role finishing on March 31, three years before his current term ends, New Zealand's central bank said on Wednesday.
"I leave the role with consumer price inflation at target, and an economy in a cyclical recovery following the long period of COVID-related disruption. The financial system remains sound," Orr said in a statement.
Orr was reappointed as the central bank governor for another five-year term effective from March 27, 2023.
Deputy Governor Christian Hawkesby will be the acting governor until March 31, the RBNZ statement said.
From April 1, New Zealand's finance minister, on recommendation from the RBNZ Board, will appoint a temporary governor for up to six months. Hawkesby will also chair the monetary policy committee, the RBNZ said.
Finance Minister Nicola Willis acknowledged Orr's resignation and wished him well for his future.
Orr's resignation did not have much impact on the New Zealand dollar , with the kiwi extending earlier losses and last down 0.25% to $0.5651.
His surprise exit comes amid New Zealand's worst economic downturn since 1991 outside of the pandemic, which analysts blame on low productivity and various policy missteps in part caused by unreliable data.
Unemployment is at a more than four-year high while the number in work saw the largest annual decline since 2009. Companies are going bust at the fastest pace in over a decade.
New Zealand's Labor-led government in 2018 appointed Orr, who was the chief of the country's sovereign wealth fund, as the country's top central banker. Orr had served as RBNZ's deputy governor for four years before joining the New Zealand Super Fund in 2007.
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Owner of top Welsh restaurant forced to close down speaks out
Owner of top Welsh restaurant forced to close down speaks out Michelle Evans, who runs Paternoster Farm, and her family have been fighting for answers from the council Founder of Paternoster Farm Michelle Evans and her family are looking for answers after they were told they would have to move elsewhere as their tenancy at the farm had not been renewed (Image: Paternoster Farm ) The founder of an award-winning restaurant in Pembrokeshire has said she is "mentally exhausted" after she received news that it would have to close later this year. Paternoster Farm in the village of Hundleton, Pembrokeshire has been hailed as serving some of the very best food in Wales and has received rave reviews by the likes of The Good Food Guide, The Times, and Hugh Fearnley-Whittingstall. It employs around 12 members of staff and sources tens of thousands of pounds worth of produce from local suppliers. For the latest restaurant news and reviews, sign up to our food and drink newsletter here. But last month its founder Michelle Evans confirmed the restaurant would have to close as their lease on the farm had not been renewed by its landlord Pembrokeshire County Council. Since receiving the news Michelle and her family have been fighting for answers from the local authority. The mother-of-two has expressed frustration at the council's handling of the situation, claiming they haven't provided her answers on why the business' future was abruptly cut short and offered to another party without consultation. "It's been mentally exhausting," Michelle said. "When I already had a full life anyway – the farm work, the restaurant, admin, and kids – this happens. Article continues below "I've got two kids who maybe we're not doing as much with them as we would normally try and fit in because I'm working on this. "I'm constantly writing something. I'm doing FOI (freedom of information request), then another FOI, and then another FOI. "It takes a lot out of you. I'm just exhausted by it all." The family have been at Paternoster Farm since 2016 after Michelle and her husband Leum decided to take over the small holding's tenancy for 10 years. Michelle started out with a beach hut, which focused on street food before deciding to start a business in the farm's former milking parlour. During the Covid-19 lockdowns Michelle initially opened a farm shop selling home-reared meat and pastries which then evolved into a restaurant. For the latest restaurant news and reviews, sign up to our food and drink newsletter here . Over time the business transformed a small farmstead into a hospitality destination which was featured in The Good Food Guide for three consecutive years and profiled in The Times, which described it as a "rural gem reinventing Welsh dining". During the Covid-19 lockdowns Michelle initially opened a farm shop selling home-reared meat and pastries which then evolved into a restaurant (Image: Paternoster Farm ) According to Michelle the family had "no doubt" the tenancy would be for a decade but when they asked Pembrokeshire County Council about the likelihood of renewing their tenancy after the first 10 years the council hoped there would be no issue. In an email exchange between Michelle and an asset manager for the council in April of last year, seen by WalesOnline, Michelle was told that there was a "lot of support" within the authority for the county farms and that they hoped that "any decision on a renewal would be favourable". In response to WalesOnline's query to this exchange a Pembrokeshire County Council spokesman said they had "hoped to be able to offer and provide a tenancy in one of [their] larger farms",but confirmed the "language used in correspondence with [their] tenant did not make that clear" and "may have given the impression that a renewal of the current tenancy at Paternoster would be possible". The restaurant has received rave reviews from The Times and The Good Food Guide (Image: Paternoster Farm ) Michelle explained that in November of last year representatives of the council came to inspect the farm and conduct a survey. She said: "They came out, they spent about two hours here – we walked the land, they looked at the livestock. "They were really happy with how the animals looked, happy how the land was. It was looking really good for that time of year." The conclusion of their visit did not come until four months later. "We heard nothing then until a letter arrived in February," Michelle said. "It was just this one paragraph saying: 'We're not renewing your tenancy. We're offering you a larger farm in Solva. Here's a map. Yours faithfully…'. That was literally it – one paragraph." Hundleton is around an hour's drive from Solva in Pembrokeshire. According to Michelle such a move would disrupt their business, livelihoods, and their children's education. Michelle said she has tried to get an answer on the council's decision not to renew their lease at Paternoster Farm. Michelle has sent a request asking for records including emails, reports, minutes, and transcripts of all meetings in regards to the decision not to renew the lease. But in response the local authority said they had searched their records and the information requested was not held by them. While Michelle feels frustrated by the council's response she also feels uncertain about the future. "It's the uncertainty of not knowing," she said. Michelle has said she feels 'mentally exhausted' and uncertain about the future following the news (Image: Paternoster Farm ) "We're obviously looking at alternative sites for restaurants and cafes because we'd be daft to just tread along fighting this but not have a Plan B. "I'm worried about money. The cost of having to move is going to be enormous. "It's a terrible time for restaurants as it is but the cost of moving a restaurant and establishing somewhere else, as well as the cost of being closed for that time, will be huge." But the recent news has also had an impact on Michelle's children and especially her 14-year-old daughter who has a passion for farming. "When she first found out she took it upon herself to write a letter to the farm's manager," Michelle said. "We didn't know – I didn't know about it until afterwards. "She hopped off the school bus in the village, got some stamps, and posted the letter. They didn't reply to her. "And then she was frustrated so she emailed and asked for a reply and that prompted the farm manager then to email me and say she'd written a letter and that they weren't going to reply because she was a child. I was furious." Michelle added: "She's really into farming. She works in the restaurant and she works every weekend with me. "And she really thought that, with the renewal, the next 10 years would be the start of her adult life here. "She thought she'd be farming with us. She's got her own sheep, she's got her own ducks, she sells her eggs and helps out with the lambing. "She's also only a few years away from GCSEs, which is another thing, because when the tenancy runs out she's only 12 months away from sitting her exams. As any parent would know that's not the time to be moving a teenager." Michelle and her husband Leum have launched a petition calling for a full and thorough review of a policy (Image: Paternoster Farm ) Following the news that their lease renewal was denied Michelle and her husband Leum have launched an online petition calling on Pembrokeshire County Council to conduct a full and thorough review of its County Farm Policy. Previously the county council said their proposals at Paternoster Farm were in line with the policy offering the tenancy to new tenants and providing "those who wish to farm a way of entering into the industry". But the petition argues that the policy is "not fit for purpose" as it does not support "farm diversification nor integration into the community". It continues: "If County Farm Policy does not support and encourage our type of farming enterprise, one which farms the holding to its fullest whilst caring for the land, farms regeneratively, provides employment, fosters community links, supports a wealth of local businesses, supports local schools, feeds farm produce to the community every single week of the year, then it cannot possibly be said to be fit for purpose." It later adds: "County Farm Policy lists its objective as facilitating entry into farming, and moving tenants up to larger farms, but to what end? "Has the authority actually considered who it aims to benefit, and why do they not seek to measure the success, or otherwise, of the policy? "It is all very well to seek to help new entrants into farming, but what are the authority really trying to achieve? Farming for farming's sake is not enough. The authority has to ask, who will benefit, and to what extent?" So far the petition has received more than 500 signatures. In response the county council has said the petition will be "fully considered" with the policy said to be due for a renewal next year. "The amount of support we've received is unbelievable," Michelle said. "I didn't expect it. I thought some people would be angry but everyone was really supportive." She added: "And that support continues with people signing the petition. Within less than two hours we got the 500 signatures that we needed to enable it to be heard by the full council. "I think the restaurant has eclipsed the farm and that's why there's been a bit of a pushback from people." Although no official closing date has been set Paternoster Farm is expected to remain open into the autumn with bookings made available through the restaurant's Instagram page and via For now Michelle and her family remain hopeful that they will get answers. "We've been here nine years," she said. "It's our home, it's our children's home. This place means a lot to us because we've made a huge success at the restaurant. "But at the same time had we known in advance that we'd need to move we'd have made quite different business decisions. "I'm not an unreasonable person. We could have made plans to move and I think, although it would have been difficult, we would have been okay with that as we would've kept other options open. "My issue is the way they've treated us – that's what it comes down to. "The fact that in November, when we spoke about renewal, they went away to do their report and made the decision and then came back in February and only had until March to give us notice if they were going to renew or not. "So it was right down to the last minute. And the way that letter was so unceremonious with one paragraph and no explanation." In response a Pembrokeshire County Council spokesman said: "Renewing the lease on a long-term basis would be contrary to the existing County Farm Policy which is designed to provide opportunity and movement up through the different-sized tenanted farms. Hundreds of people have signed the petition (Image: Paternoster Farm ) "In April last year we hoped to be able to offer and provide a tenancy in one of our larger farms in accordance with our policy; unfortunately, the language used in correspondence with our tenant did not make that clear and may have given the impression that a renewal of the current tenancy at Paternoster would be possible. "As part of our approach the E-petition will be fully considered in accordance with our petitions policy. "That will include a debate at council should there be sufficient valid signatures on the petition. The County Farm Policy is due for renewal next year and will therefore be reviewed in the near future; the petition contents will also be considered as part of this review. "The council supports and commends the contribution and success of the Paternoster Farm restaurant. "However extending the tenancy to facilitate the restaurant on a long-term basis would contravene the existing County Farm Policy; this aspect will be further reviewed along with the policy. "Any relevant information will be released to our tenant in accordance with our data control policies, freedom of information requests, and subject access requests as appropriate." Article continues below
