Former Reserve Bank Governor Adrian Orr will this month receive a $416,120 “restraint of trade” payment, according to the Reserve Bank’s 2025 Annual Report.

The report, released today, shows that will take Orr’s annual pay packet to $1,182,300.

Orr resigned as governor in March following a conflict with the board and the Finance Minister over RBNZ funding.

Despite media focus and criticism around the handling of the resignation, which led to the resignation of chairman Neil Quigley on August 29, Orr has not yet spoken publicly about his decision.

“As at 30 June 2025, the bank has provided for a restraint of trade payment to the Governor,” the report says.

“The payment is due in October 2025, conditional on the terms being met. Under s 242 of the RBNZ Act, it is disclosed separately from the Governor’s remuneration.”

The report also shows staffing expenses rose to $117 million in the year to June 30.

That was up from $94m a year earlier and just $54m in the year to June 30, 2021.

Last month, Swedish economist Dr Anna Breman was appointed as the new governor by Finance Minister Nicola Willis.

Breman was the First Deputy Governor of Sweden’s central bank, and will lead the Reserve Bank of NZ for at least the next five years.

She begins her new role on December 1.

Acting Governor Christian Hawkesby’s term will be extended until November 30, and he will support a smooth transition. He will then depart from the RBNZ.

Hawkesby wrote the “Governor’s statement” for this report.

In it, he thanks Orr and Quigley for their service and welcomes the new governor.

He also alludes to his upcoming departure:

“I would like to take this opportunity to thank the Reserve Bank staff for their support and contributions during my nearly seven years across a range of leadership roles.”

On Wednesday, the RBNZ will deliver its latest Monetary Policy Review and is widely expected to cut the Official Cash Rate by 25 basis points, or possibly 50 basis points.

Liam Dann is business editor-at-large for the New Zealand Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003.