He plans to stay at the bank until his replacement has been recruited, but said it was time for him to step aside and someone new to step up.
Bagrie has been with ANZ since 1999 and its chief economist for over 11 years. Prior to joining the bank, he worked at Treasury.
Frequently called on by the media for commentary, Bagrie is a straight-talker and doesn’t necessarily deliver popular messages.
He recently warned that just because Auckland is suffering from a housing supply shortage it doesn’t mean house prices in the city will keep rising.
He has also made it clear that, in his view, the gradual rise of interest rates has been a major contributor to the cooling of the housing market.
In the past, he has warned that the Reserve Bank’s cuts to the OCR would not necessarily be passed on to customers.