Treasury Releases Minutes of Adrian Orr's Controversial Meeting with Nicola Willis

Newly released documents reveal the tense atmosphere surrounding the resignation of former Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr. These minutes, obtained by the Treasury, detail a meeting between Orr, Finance Minister Nicola Willis, and senior officials from both the Treasury and RBNZ that took place just over a week before Orr's abrupt resignation on March 5.

According to the minutes, Orr left the meeting early, expressing strong frustration with the Treasury's perceived interference in the Reserve Bank's operations. He specifically raised concerns over the amount of government funding allocated to the RBNZ over the next five years, stating that he believed the Treasury's estimate was at odds with the bank's operational needs.

The minutes also indicate that RBNZ board chairman Neil Quigley attempted to mediate, stating that the board's view on funding was closer to the Treasury's than to Orr's. Quigley emphasized the board's belief in a