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FMA says its hands were tied over Du Val warning or action
Brent Melville
Thu, 03 Jul 2025
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Dairy drags commodity index lower in June
Commodity prices fell in June because of weaker dairy prices. Overall, the ANZ World Commodity Price Index fell 2.3% last month. Global shipping prices trended higher, while exporters expect costs to ease over the coming months because of weaker global demand. Dairy prices fell 3.7% last month, with key export commodity whole milk powder down 5.2%, while skim milk powder fell 1.1%. ANZ chief economist Sharon Zollner said the volatile global trading environment made buyers cautious, while demand pressures were mixed. She said sentiment was high in New Zealand with another strong dairy payout forecast, while production could rise in the new season. Elsewhere, the meat and fibre index increased in June because of strong demand in North America and Europe. Wool prices also gained, but the horticulture index dropped 6.9%. The forestry index fell for a fourth consecutive month, while aluminium prices rose steadily to finish 3.1% higher than May.
Government deficit slightly lower than forecast
The financial statements for the 11 months to the end of May show the Government’s books in slightly better shape than forecast in the Budget. The operating balance before gains and losses excluding ACC (Obegalx) recorded a deficit of $7.9 billion, $200 million smaller than forecast. Even with the ACC revenue and expenses included, the Obegal deficit was still $200m smaller than forecast at $12.3b. Core Crown tax revenue was $600m higher than expected, while spending was up $300m. Net core Crown debt was $180.3b (41.8% of GDP), largely in line with forecasts. But the largely better results were partially offset by weaker returns from State-owned Enterprises.
ASB extends North Wharf lease to 2034
ASB Bank has extended its lease for a further nine years at ASB North Wharf in Auckland’s Wynyard Quarter precinct. The seven-level North Wharf office development was built in 2013 by NZX-listed property group Kiwi Property specifically for ASB and has 21,621 sqm of lettable space. The building is valued at $212 million. Kiwi Property chief executive Clive Mackenzie said the lease extension was a significant result, reflecting the quality of the North Wharf building. It was also an example of Kiwi Property’s strong tenant relationships and provided long-term certainty of tenure at the property, he said. The lease extension is subject to approval by the Overseas Investment Office.
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