Reserve Bank leadership turmoil 2025

The story so far

Reserve Bank board chair Neil Quigley resigned with immediate effect in late August 2025, after scrutiny of his handling of former governor Adrian Orr's resignation.^{29 Aug 2025} Labour leader Chris Hipkins accused Finance Minister Nicola Willis of being heavily involved in the bank's leadership turmoil, and Willis denied a cover-up, saying she had pushed for transparency and challenged the central bank's legal advice.^{2 Sep 2025} Newly released texts showed Treasury had warned Willis that Orr was leaving, and Willis defended her decision not to disclose this earlier.^{10 Sep 2025} Orr's restraint of trade payment was reported as $400,000 in the bank's annual report, and Willis later put it at $410,000, saying it was part of his negotiated contract and included terms barring him from disparaging the bank, its directors or the Finance Minister.^{6, 7 Oct 2025} In September, Willis appointed Dr Anna Breman, a deputy governor of Sweden's central bank, as the first woman to hold the Reserve Bank governor role.^{24 Sep 2025}

Latest

The most recent report says Willis declined Treasury advice to remove the governor from the bank's board, following Orr's resignation, which the bank had first described as a personal decision.^{21 Oct 2025}

What's next

Breman is scheduled to begin a five-year term as governor on 1 December.^{24 Sep 2025}

Key moments

1. 29 Aug 2025Quigley resigns as board chair, effective immediately, after scrutiny of his handling.
2. 2 Sep 2025Hipkins accuses Willis of heavy involvement; Willis denies any cover-up.
3. 10 Sep 2025Texts show Treasury warned Willis that Orr was leaving.
4. 24 Sep 2025Dr Anna Breman appointed as first woman Reserve Bank governor.
5. 7 Oct 2025Orr's $410,000 restraint of trade payment described as negotiated contract term.
6. 21 Oct 2025Willis declines Treasury advice to remove governor from the board.

Written from the stories below; each sentence links to its sources.