A 3% fall after announcement of a radical rewind from electricity reforms of the last 25 years.

All local councils should start charging ratepayers for drinking and waste water by volume, report says.

Labour Party leader David Shearer announced no new policy today in a much-hyped 'state of the nation' speech, but outlined a series of policy-making initiatives in 2013 for a new "hands-on" approach, including to "develop a clear plan to diversify our economy."

John Key says there are benefits to a strong exchange rate, even as it creates headaches for exporters.