Point of Order: Buzz from the Beehive - 21/6/24

World media report on our latest GDP stats – but RBNZ chairman’s reappointment was too trivial even for the govt’s website

We didn’t learn about it from the government’s official website (which contained no fresh news since we reported yesterday when we checked its contents an hour ago).

But we were tipped off that Finance Minister Nicola Willis had announced the reappointment of Professor Neil Quigley as Chair of the Reserve Bank of New Zealand Board for a further term of two years, until 30 June 2026.

Professor Quigley had played a key role in establishing the new Board after the commencement of the new RBNZ Act on 1 July 2022 and she was pleased he was continuing in the role, Willis said

“Professor Quigley’s reappointment retains his leadership and experience in central banking and monetary policy, and ensures the Board is well positioned to take on new members.”

There are two board vacancies to be filled when suitable candidates have been identified.

Willis said there would be further opportunities to consider a broader refresh of the Board with two terms due to end in June next year, Willis said.

Professor Quigley is Vice-Chancellor of the University of Waikato and has also served as a director of the New Zealand Qualifications Authority. He has previously held positions at Victoria University of Wellington, including Professor of Economics, Deputy Vice-Chancellor (Research) and Provost, and at the University of Western Ontario, Canada, where he was Professor of Economics.

Quigley’s reappointment perhaps has been buried by mainstream media.

There has been much greater interest – internationally as well as at home – in the latest GDP figures which showed that, technically at least, we have slipped out of recession.

Point of Order entered the words “Reserve Bank of New Zealand” for a Google search.

The first 10 responses when we refined our search to “news” were –

• Al Jazeera – New Zealand exits recession, but economic troubles linger

GDP grows 0.2 percent in first quarter, buoyed by record immigration.

• AFR – New Zealand shakes off recession but no relief yet

Gross domestic product gained 0.2 per cent from the previous quarter, when it declined 0.1 per cent, Statistics New Zealand said on Thursday.

• Pound Sterling LIVE – New Zealand Dollar Welcomes End to Recession

The New Zealand Dollar is one of the better performers on the day, with markets welcoming some stronger-than-expected growth data. The Pound to New Zealand…ShareCafe – 

• New Zealand economy avoids recession

The New Zealand economy narrowly escaped recession in the three months to March 31, but like Australia, activity remains very weak as it continues to be…

• Reuters – Switzerland leads big central banks in rate cuts as US Fed lags

Switzerland is at the front of the rate-cutting pack among developed economy central banks, lowering borrowing costs again on Thursday,…

• Finimize – Australian Dollar Hits Multi-Year High Amid Hawkish RBA Outlook

The AUD benefits from expectations of tight monetary policy, surging to its strongest level against the yen since 2007.

• Benzinga – The New Zealand Dollar Faces Growth Challenges

By RoboForex Analytical Department. The NZD/USD pair declined to 0.6135 on Wednesday, despite the New Zealand dollar performing much better in the previous…

• The Edge Malaysia – New Zealand returns to growth, exiting recession

New Zealand’s economy exited recession, with modest expansion in the first quarter. Gross domestic product (GDP) gained 0.2% from the previous quarter,…

• Economies.com – New Zealand dollar’s 2024 forecasts.. strong versus US dollar, weak against Sterling

According to the major New Zealand financial institution ANZ, the New Zealand dollar is expected to regain ground against the dollar in 2024.

• Business Desk NZ – Quigley reappointed as RBNZ chair

Neil Quigley has been reappointed as chair of the Reserve Bank of New Zealand for a further two years, until 30 June 2026.Finance Minister Nicola Willis…

Point of Order is a blog focused on politics and the economy run by veteran newspaper reporters Bob Edlin and Ian Templeton