Wheeler retires

The Herald reports:

Reserve Bank Governor Graeme Wheeler will step down at the end of his current term on September 26, Finance Minister Stephen Joyce confirmed today.

Current Deputy Reserve Bank Governor Grant Spencer will be appointed acting Governor of the Bank for six months of the Reserve Bank from that date.

“Following advice from the Cabinet Office and consultation with Cabinet, I have decided that the most appropriate course of action would be to appoint an acting Governor for a six month period to cover the post-election caretaker period,” Joyce said.

This will give the next Government time to make a decision on the appointment of a permanent Governor for the next five year term.

“I have decided to appoint Mr Spencer as acting Governor from 27 September 2017 to 26 March 2018, on the advice of the Reserve Bank Board of Directors.”

This seems appropriate, and very respectful of the Opposition. The Government could have proceeded with making an appointment before the election, but considering how powerful the role of Governor is, it is wise to go with a Acting Governor.