Mr Orr was a strong choice for governor given his background and skills, and would start the role with a lot of goodwill based on his reputation.
He had excellent qualifications for the role, both through his economic and financial stability policy background and chief executive experience.
"He is capable of building a positive working relationship with the new Government, including the potential for construction input into the Government’s desire to alter the Reserve Bank’s objectives and in developing a committee structure for making monetary policy decisions."
The announcement of Mr Orr, who would take up the role as Reserve Bank governor in March, provided more certainty to markets and also provided an opportunity for Mr Orr to get up to speed with current issues and potentially have an input into the new proposed changes, Mr Tuffley said.
Debate might turn to whether Mr Orr was a hawk or a dove in terms of monetary policy bias.
"We think this is a little premature given we are at initial stages of the monetary policy review. We note Orr’s strong communication and influencing skills will be a key asset with the proposed move to a monetary policy committee structure and more collaborative approach to policy-making."
Selling the message would be a key prerequisite to markets in the early stage of the new framework and Mr Orr would be able to do that with aplomb, Mr Tuffley said.
"We see a prolonged period of stability on official cash rate settings, with the Reserve Bank remaining on hold until early 2019."
The New Zealand Bankers Association said New Zealand was lucky to have someone of the calibre of Mr Orr available and willing to do the job.
Association chairman and Westpac chief executive David McLean said Mr Orr was very well thought of in the worlds of economics and finance.
In his role as chief of the New Zealand Superannuation Fund, Mr led the organisation to a position of respect among global sovereign wealth funds out of all proportion to its size.
