Economist quits ‘exhausting’ job
Cameron Bagrie has quit as ANZ chief economist, a role he has held for more than a decade.
Bagrie, a frequent commentator on television, radio and in print, is set to take a break once a replacement is found, before either setting up a consultancy, taking board positions, or both in 2018.
‘‘The immediate priority is to get fit and healthy and spend a bit of time with my kids into year end,’’ Bagrie said.
‘‘I’d like to get involved in governance when I’ve still got a bit of fire in the belly, when I’m young.’’
ANZ said in a statement that Bagrie would remain in the role while a replacement was found.
Originally from Central Otago, Bagrie worked as an official at Treasury before joining the National Bank.
He has been chief economist of ANZ for 11 years and is well known in political circles in the capital.
Bagrie described the job as ‘‘exhausting’’ with long hours and frequent travel around New Zealand and internationally, as well as facing scrutiny over commentary and forecasting.
‘‘It’s not what you’d call a low-stress job. You’ve got to have pretty broad shoulders because, let’s be honest, people are going to have a crack at you.
‘‘Sometimes that’s fair, sometimes it gets a bit over the top, but you’ve got to have big broad shoulders to deal with it,’’ Bagrie said.
While he has long dealt with the stress with what he calls ‘‘madman’s yoga’’ – sessions on the rowing machine lasting 75 minutes – Bagrie said he would focus on his health during a break.
‘‘I’ve enjoyed it, I’ve had a blast, but it’s time for the old dog to step aside and a young pup to step up.’’
While bank economists are often accused of talking up the business of their employers, Bagrie has delivered messages that may have been uncomfortable for ANZ. In March 2016, when the Reserve Bank cut the official cash rate (OCR) to an all-time low of 2.25 per cent, Bagrie warned that little of the cut was likely to be passed on to customers.
Although the Reserve Bank said it expected the lower OCR to be passed on to customers, and former prime minister John Key said banks as ‘‘good corporate citizens’’ should pass on the cuts, Bagrie was right.
In recent weeks, Bagrie has been warning that the New Zealand economy was reaching a phase where the recent drivers – construction, migration, and tourism – were all cooling.
‘‘We’re past peak construction, we’re at peak migrant and we’re probably at peak tourist,’’ Bagrie said the morning after New Zealand’s general election.