Wednesday, 20 November 2019 11:16

Boo-hoo

Written by  The Hound

OPINION: Your old mate can’t believe the gall of the NZ big banks crying about their ‘reduced’ profitability this year.

First out of the blocks was ANZ, shedding crocodile tears about how “tough things” had been in the past year and how it had only managed to make a profit of $1.825 billion for the year to September 30 on its NZ business -- an 8% drop on 2018.

The next big Aussie bank to publish its result was Westpac, with its NZ arm reporting a 3% lift in net profit to $964m, from $936m last year.

But this didn’t stop its $2.5m-a-year NZ boss decrying how business conditions had “deteriorated” in the second half of the reporting period, based largely on uncertainty about the outlook for next year.

Your canine crusader would be interested to know just how ANZ and Westpac are currently treating their rural/farming clients and how ‘tough’ they are making it for them.

More like this

China keeps dairy prices high

Whole milk powder (WMP) prices are now sitting above pre-Covid-19 levels and New Zealand farmers can thank a resurging Chinese economy for that.

Milk price forecasting ‘tricky’

Rising milk production in the Americas and Europe, the COVID-19 pandemic and a strong NZ dollar are making it difficult for economists to forecast the 2020-21 milk price.

Is China back?

There was a silver lining to the fourth straight drop in global dairy prices last week: demand in China is recovering.

Featured

Lindsay Farm raw milk recall

Raw milk from Central Hawke’s Bay producers Lindsay Farm is being recalled after Campylobacterbacteria was found in some product.

 

Carcase collection impasse

Collection of dead calves from farms around the country has stopped with farmers and the recycling company blaming each other for the impasse.

Taking NAIT seriously

North Otago calf rearer Jared Ovens believes the Mycoplasma bovis outbreak has led to more farmers embracing animal traceability.

» The RNG Weather Report

» Latest Print Issues Online

The Hound

Too soft

This old mutt wonders why multi-national, tax-dodging, fundraising organisation Greenpeace always gets a free pass from the police.

No tax

Your old mate understands that there is quite a bit of nervousness around sheep farming circles that another levy will…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter