Former RBNZ Acting Governor Grant Spencer Appointed to Board

Grant Spencer, former Acting Governor of the Reserve Bank of New Zealand (RBNZ), has been appointed to the central bank’s board for a five-year term starting July 1, Finance Minister Nicola Willis announced on Tuesday. Spencer previously served as RBNZ Deputy Governor and led the bank’s financial stability committee from 2007 to 2017 before stepping in as Acting Governor from 2017 to 2018.

Willis praised Spencer’s deep expertise in central banking, financial stability, and monetary policy, noting that his experience will strengthen the RBNZ board during a critical period of transition. His appointment comes as the centre-right National Party-led coalition government continues its search for a permanent RBNZ Governor following Adrian Orr’s unexpected resignation in March.

Christian Hawkesby, who assumed the role of Acting Governor after Orr stepped down, was officially named Governor in April but only for a temporary six-month term. The government’s choice of Spencer is seen as a stabilizing move amid ongoing efforts to reshape the bank’s leadership.

Willis had previously criticized Orr’s tenure while in opposition, attributing post-pandemic inflation and recession-driving interest rate hikes to his policies. The current administration has since focused on restoring confidence in the RBNZ’s monetary policy direction and leadership structure.

In addition to Spencer’s appointment, Willis confirmed the reappointment of Byron Pepper to the central bank’s board for another five-year term, further solidifying the institution’s governance during this transitional phase. These leadership changes signal a broader effort by the government to reinforce the Reserve Bank's role in supporting New Zealand’s financial and economic stability.