New Treasury boss: Public sector insider Iain Rennie appointed for five years

The newly appointed Treasury secretary, Iain Rennie. Photo / Mark Mitchell

An economist who’s held various leadership roles in the public sector, Iain Rennie, has been appointed secretary and chief executive of the Treasury.

The Public Service Commission made the announcement on Thursday, following chatter within Wellington circles that Rennie had been appointed to the role.

He will begin his five-year term on Monday, as his predecessor, Caralee McLiesh, becomes Australia’s Auditor-General.

Deputy Public Service commissioner Heather Baggot said, “Mr Rennie is well connected with key parts of the New Zealand economy, including business and political leaders and commentators.

“He is well qualified for the role and has served successive governments on both sides of the political fence.”

Rennie is a consultant economist with a focus on public sector strategic design.

He is currently the independent chair of the Treasury’s Financial Statements of Government Audit Committee.

This has seen him provide independent advice and assurance on the preparation of the Government’s financial statements.

Rennie is a former State Services commissioner and has previously held a number of roles at the Treasury, including deputy secretary of both the regulatory and tax policy and budget and macroeconomic branches.

Baggott said Rennie had a deep understanding of New Zealand’s financial system and macroeconomics and was well positioned to build credibility as the public service’s chief financial officer.

Finance Minister Nicola Willis previously said she wanted the head of the Treasury to be a “change agent”.

Rennie will be the first Treasury secretary in a while who’s come to the role with extensive local experience. McLiesh was Australian. Her predecessor, Gabriel Makhlouf, was from the United Kingdom and went on to be the governor of the Central Bank of Ireland.

Rennie holds a Bachelor of Arts (Honours), majoring in economics, from Victoria University of Wellington. He was awarded the Companion of the New Zealand Order of Merit in 2017 for services to the state.

Jenée Tibshraeny is the Herald’s Wellington business editor, based in the parliamentary Press Gallery. She specialises in government and Reserve Bank policymaking, economics and banking.