RBNZ Chief Economist Yuong Ha departing in February

Banking / news

Reserve Bank Chief Economist Yuong Ha to follow deputy governor Geoff Bascand out the door in early 2022

15th Nov 21, 1:24pm by Gareth Vaughan

The Reserve Bank says its Chief Economist Yuong Ha, who is also a member of its Monetary Policy Committee, will leave next year after 25 years at the central bank.

Ha, who is also Head of Economics, will leave after February's Monetary Policy Statement is issued. He has been at the Reserve Bank since 1997.

A statement from the Reserve Bank doesn't say what Ha's future plans are. He's the second senior Reserve Bank figure set to leave early in 2022 with Geoff Bascand, Deputy Governor and General Manager for Financial Stability, also departing.

The Reserve Bank says Ha’s position on the Monetary Policy Committee will be filled in accordance with the requirements in the Reserve Bank of New Zealand (RBNZ) Act, with the RBNZ Board - including the Governor - and Finance Minister responsible for appointing a suitable candidate from within the RBNZ.

The current Monetary Policy Committee is comprised of: RBNZ members: Governor Adrian Orr, Deputy Governor Geoff Bascand (until January 2022), Christian Hawkesby (who becomes Deputy Governor in January 2022) and Yuong Ha, and External Members: Professor Caroline Saunders, Professor Bob Buckle and Peter Harris.

In the statement Ha says it has been a privilege working at the Reserve Bank and serving on the Monetary Policy Committee. Orr describes Ha as a very capable leader who has contributed a huge amount to the RBNZ’s monetary policy efforts.

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30 Comments

by Nifty1 | 15th Nov 21, 1:34pm 1636936447

A job well done, jump before the sh*t hits the fan...

by Audaxes | 15th Nov 21, 1:37pm 1636936674

Or pushed?

by VanillaChilli | 15th Nov 21, 1:38pm 1636936722

The silent hero of our feudalist class members, this guy deserves a statue.

Him & Bascand got the timing perfect, 2022 might be a slo-mo train crash they've engineered by kicking the can down one last time; Orrsome.

by CWBW | 15th Nov 21, 1:40pm 1636936800

RBNZ is losing another talent. First Bascand and now Yuong Ha.

How long can RBNZ continue to bleed from brain drain before the bank turns into a floating ocean junk?

Politics have ruin a great many organisations.

by Rosenstein | 15th Nov 21, 1:53pm 1636937602

I see financial shills. Talent?

by CWBW | 15th Nov 21, 2:14pm 1636938849

The entire show (or fiasco if you like) is playing out exactly as I was expecting.

by alittle | 15th Nov 21, 3:22pm 1636942966

You forgot Mr Orr.....as he too may....

by Landgirl | 15th Nov 21, 9:34pm 1636965247

Feel like the brain may have already been drained 😒

by VTHO | 15th Nov 21, 1:47pm 1636937274

Like rats from a sinking ship. Captain Orr to be left aboard all alone wondering where it went wrong.

by J.C. | 15th Nov 21, 1:48pm 1636937315

Another one bites the dust. Dropping like flies.

Personally, I think this is an ominous sign. For many, central banking is the pinnacle of where you can go if you believe in the status quo and the power of the monetary dogma. But if you feel helpless and under pressure, the experience is likely to be soul destroying. Ideally, people will be replaced by algorithms.

by Brock Landers | 15th Nov 21, 1:57pm 1636937834

Well well well...

The man who proclaimed last year that that blowing an asset bubble was a great idea, because the central banks can always "mop up" after it.

Not sticking around to mop up the nation-wrecking clusterf*** that his hairbrained policies unleashed.

No suprises there. Another rat abandoning the sinking ship.

The only mystery is whether he jumped or was pushed.

by J.C. | 15th Nov 21, 2:11pm 1636938711

The man who proclaimed last year that that blowing an asset bubble was a great idea, because the central banks can always "mop up" after it.

He really said that or did you attach that claim to him?

by bw | 15th Nov 21, 2:47pm 1636940856

Perhaps just loosely referring to comments made:

The RBNZ is preparing to implement never-used-before measures to drop interest rates for loans like mortgages even lower, including a negative official cash rate and giving money to banks at a cheaper rate. Such moves would push house prices up further by increasing demand. "We acknowledge that asset prices will rise, and house prices are the key one. The worst situation we could face right now would be to see house prices fall," Ha said.

https://www.newshub.co.nz/home/money/2020/10/reserve-bank-says-house-pr…

by blobbles | 15th Nov 21, 4:06pm 1636945572

Ahhh yes, this is the thing I remember him saying. What's the bet he owns a whole bunch of houses...

by lowercase capitalist | 15th Nov 21, 2:47pm 1636940860

Not those exact words but yeah.

RBNZ Chief Economist and Head of Economics, Yuong Ha, wanted people to acknowledge the RBNZ’s view that while lower interest rates boost asset prices, this has a wealth effect, which boosts confidence, spending, economic activity and employment.

://www.interest.co.nz/banking/107444/rbnz-not-looking-%C2%A0rein%C2%A0-pro…

by J.C. | 15th Nov 21, 4:40pm 1636947608

.........wanted people to acknowledge the RBNZ’s view that while lower interest rates boost asset prices, this has a wealth effect, which boosts confidence, spending, economic activity and employment.

Yes, but that is not the the sole voice of Yuong Ha. That message comes from the orchestra of the entire NZ ruling elite. The thinking permeates throughout banks, academia, and the braindead media.

by Landgirl | 15th Nov 21, 9:40pm 1636965603

Because they’ve never needed to actually run anything in real life. The first generation earns it, second keeps it and the third ….turns it all to shit while self righteously telling everyone how much they care.

by AJ123 | 15th Nov 21, 2:15pm 1636938942

Read before that he is the architect for interest cut and lowering LVR.

Now after pushing kiwis in troubled waters, he is leaving.

As I said before this team is full of headless chickens with zero accountability.

by antonybao | 15th Nov 21, 2:18pm 1636939120

Ruined nz economy and housing market and time to leave now,exactly JK did few years ago.poor us kiwis have to put up with these clowns and their team watching how they destroy our beautiful country...

by HouseMouse | 15th Nov 21, 2:25pm 1636939506

None of us can say for sure, but it does seem a bit suspicious that both he AND Bascand are leaving now.

It seems fishy.

Well, we all know the Brown stuff is going to hit the fan next year, can you blame them. Especially if, despite the public rhetoric, they don't believe in the direction the RBNZ has been taking.

by Fairlyfrank | 15th Nov 21, 2:27pm 1636939671

"Appointing a suitable candidate from within the RBNZ " I think they would be well advised to cast their net wider as new thinking is needed I believe.

by rastus1 | 15th Nov 21, 3:02pm 1636941747

...the selection panel should be composed of Int.co subscribers.

by Pragmatist | 15th Nov 21, 6:31pm 1636954279

So we can add tin foil hats to the RBNZ unofficial uniform? Pass thanks.

by Rob Reid | 15th Nov 21, 8:24pm 1636961045

That would be great. I'd push for no replacement, and shove the rest out the door with him. The big Hasta La Vista to the lot of them.

I've had enough of them trying to manipulate price (of money).

by Te Kooti | 15th Nov 21, 2:29pm 1636939744

Agent Ha, this is Blue Leader. Stand down, your new contract with the ANZ is being drafted now. Thank you for your service.

by HouseMouse | 15th Nov 21, 2:31pm 1636939874

I am even more convinced, now, that we are heading into deeply troubled waters in 2022.

Don't raise the OCR too much, and you can maintain economic momentum and employment, but do little to mitigate inflation.

Raise the OCR a lot, and help cool inflation and housing market but sink the economy and employment.

And yet they have these two competing mandates!

2022 will be the year the RBNZ can't, and won't, win.

We can rightly criticize the RBNZ, but we can also rightly criticize the government, which seems poor at recognizing unintended consequences, for changing their mandate.

by J.C. | 15th Nov 21, 2:46pm 1636940768

We can rightly criticize the RBNZ, but we can also rightly criticize the government, which seems poor at recognizing unintended consequences, for changing their mandate.

Yes, 'unintended consequences.' Now, I think the've felt that they felt they had nailed the magic formula for the never-ending bubble with their employment and price stability mandates. But now the bubble is so big that it's threatening the stability of the whole economy even though the sheeple are unaware of why yet. They didn't account for that. I would be hightailing it out of that office too. Because you know what's going to happen if the proverbial hits the fan. The govt (primarily Robbo) is going to point his finger at the RBNZ as the culprit. The sheeple will follow the accusations put forward by Robbo and the Queen Bee through the media. Worse case scenario, RBNZ employees would be looking for gigs offshore where they can escape the finger pointing and social exclusion.

by HouseMouse | 15th Nov 21, 4:45pm 1636947941

The govt (primarily Robbo) is going to point his finger at the RBNZ as the culprit.

100%!!!

And Parker in his arrogant recent interview with Jenee pretty much did that with his 'Oh, do you think it is us who are to blame'

by J.C. | 15th Nov 21, 2:50pm 1636941024

Could Ashley Church replace him? Might not have the technical chops of Ha, but he could become the voice of RBNZ on talkback radio.

by blobbles | 15th Nov 21, 4:05pm 1636945502

So another one down, just like I was predicting before Bascand went. Looks like my crystal ball upgrade worked. I remember Ha saying something like "We know house prices will rise if we do this next crazy thing, but by god you don't want them to fall!", all but admitting housing is the backbone of our horrifically unproductive economy. Or put another way "We have to do the wrong thing, my economic text book that hasn't got anything right in ages says so".