ALEX HICKEY | Economy
Reserve Bank Governor Adrian Orr says New Zealanders have no sense of humour after coming under fire as the cost of living continues to rise.
In an announcement on Thursday, Orr proudly confirmed New Zealand’s economy was up 0.9%, ending fears of a recession.
In May, Orr suggested inflation was under control, and he didn’t expect to see the Official Cash Rate rise further than where it was, at 5.5%.
Naturally, many Kiwis took that to mean prices would immediately go back to what they were before the cost of living crisis.
However, people who maxed out credit cards on trips to Europe in the belief that rent, petrol and vegetables would all of a sudden become affordable again have been sadly mistaken.
With prices continuing to rise across the board and interest rates remaining stubbornly high, Orr has hilariously moved to clarify himself.
“Oh na, inflation is going to be through the roof for ages,” he laughed. “I thought that was pretty obvious.
“It’s like there’s no place for sarcasm in the Reserve Bank theatrette anymore lol.”
Money Machine principal economist Jack Marshall insightfully says comedy isn’t often used as a tool to influence national economies.
“By my count, this is the first joke Adrian Orr has cracked since he started as Reserve Bank governor. Maybe it’s one of those situations where if you didn’t laugh you’d cry?”
More to come.