Covid slashes $550m from Auckland Council revenue

Dan Brunskill
Fri, 22 May 2020

The covid­-19 crisis has put a $550 million hole in Auckland Council’s expected revenue and triggered a temporary debt blow-out.Revenue usually collected from public transport, fuel tax excise and council operations dried up during the national lockdown.An emergency committee assembled by the council has released a draft budget which projects an operating revenue shortfall of about $550 million for the coming financial year. That will cause the council’s debt-to-revenue ratio to rise to 290 percent in the financial year starting...
Finance
Regulator sues ANZ over credit card insurance
Dan Brunskill | Fri, 05 Jun 2020

The Financial Markets Authority has filed High Court proceedings against ANZ Bank New Zealand, alleging it charged some customers for credit card repayment insurance policies that offered those custom...

Markets
MARKET OPEN: Profit taking may be the flavour of the day, US jobs data in focus
Rebecca Howard | Fri, 05 Jun 2020

Weaker offshore markets may spill over into New Zealand as investors look to lock in profits after several positive days. Wall Street is set to end its four-day rally ahead of the May non-farm payr...

Infrastructure
Loss expected from NZ Steel on covid shutdown
Gavin Evans | Fri, 05 Jun 2020

BlueScope Steel’s New Zealand business could post its first half-yearly loss in four years on the back of the country’s strict covid-19 shutdown, Jarden analysts say. The New Zealand Steel and Paci...

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