Adrian Orr

NZ Super Fund

In 2007, he was appointed Chief Executive of the New Zealand Superannuation Fund (the NZ Super Fund). Orr said he enjoyed the job's "beautiful mix [of] big, long-term, intergenerational challenges — and its hard-edge economics and finance."

In 2017, while Chief Executive of the New Zealand Superannuation Fund, his salary (almost NZ$1,000,000 ($1,335,661 in 2026)) and his annual pay saw an increase of 36%, which caused controversy. Prime Minister Bill English and the State Services Commission objected to the increase, and English said the NZ Super Fund Board members who had approved the increase could lose their positions as a result. The board members' position was that Orr's salary was in line with the market.

Governor of the Reserve Bank

Orr was appointed by Finance Minister Grant Robertson to be Governor in December 2017 (succeeding Graeme Wheeler, then acting Governor Grant Spencer). He started in the role in March 2018.

Robertson noted at the time of his appointment that the Sixth Labour Government was reviewing the Reserve Bank Act, and Orr would be well placed to steer the Bank through the review. Before his appointment the Government had signalled its intention to add maximising employment to the Reserve Banks's objectives in addition to its inflation target.

On 8 November 2022, the Government extended Orr's position as Reserve Bank Governor for another five years at the recommendation of the Reserve Bank Board. While Robertson supported Orr's reappointment on the grounds of continuity and stability, the opposition National Party finance spokesperson Nicola Willis called for an independent review of the Reserve Bank's performance. National Party leader Christopher Luxon also questioned the Government's decision to extend Orr's term for another five years prior to the 2023 New Zealand general election. ACT Party leader David Seymour opposed Orr's reappointment on the grounds of what he described as his "poor leadership, poor focus and poor outcomes".

On 5 March 2025, Orr abruptly resigned as Reserve Bank Governor. According to Finance Minister Willis, discussions between Orr and the Reserve Bank Board had occurred prior to Orr's resignation. Deputy Governor Christian Hawkesby was appointed as acting Governor until 31 March, when Willis will appoint a temporary governor for six months as the Reserve Bank seeks a permanent successor. Seymour expressed hope that Orr's successor would address the country's cost of living crisis while Labour Party leader Chris Hipkins thanked Orr for his leadership during the COVID-19 pandemic in New Zealand.

On 11 June 2025, several media outlets, including Radio New Zealand and The New Zealand Herald, reported that Orr had resigned in early March 2025 following a disagreement with Willis and the Reserve Bank about the National-led coalition government's decision to reduce funding to the bank over the next five years. While the Reserve Bank's board, led by Neil Quigley, had accepted the reduced funding, Orr disagreed and subsequently stepped down as Reserve Bank Governor. The following day, Willis criticised the Reserve Bank for not disclosing this information earlier but waiting until the media had submitted an Official Information Act request.

On 10 September 2025, texts released under OIA revealed that Willis was warned she might be asked by the Reserve Bank's board to sack Adrian Orr as Reserve Bank Governor.