Well, that's a rhetorical question. Yes, of course it will be (renewed). You read it here first.
In our country of upside-down incentives, it's the reward the Governor is going to get from Grant Robertson for completely missing his Key Performance Indicator, namely the inflation target which he undertook to meet as part of his signed agreement with Finance Minister Robertson. Just goes to show, in the "New" New Zealand, performing in your job in Wellington bears little relation to whether you will get promoted or stay on in it for as long as you like. The reason is political, of course. Not renewing the contract would be an admission of failure on behalf of the government.