Westpac begs to differ on milk payout forecast

Westpac is sticking to its forecast of $10.00 kgMS. (Image: Getty)

Tue, 30 May 2023

Not only does Westpac Bank not buy the idea that the central bank has finished hiking interest rates, but it also doesn’t agree with dairy giant Fonterra on the forecast milk price payout.Last week, Fonterra said its forecast farmgate milk price for the season that kicks off June 1 is $7.25 to $8.75 per kilogram of milk solid (kgMS), with a midpoint of $8.00 per kgMS. Westpac Bank, however, is sticking to a forecast of $10.00 per kgMS.DairyNZ forecasts in March put the cost of production at around $9 per kgMS.More bullish on ChinaSen...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market Close

NZ sharemarket down 1.5% for week, 8.4% for year

"We may have seen the worst of the tariff announcements ..."

Graham Skellern 11 Apr 2025

Markets

Asian markets fall as Trump acknowledges costs

In early trade in Asia on Friday, Japan's Nikkei tumbled more than 5%.

AFP 11 Apr 2025

Asian markets fall as Trump acknowledges costs

Travel

Helloworld Travel acquires Wellington's Barlow Travel Group

Barlow Travel Group employs 30 staff, mostly in its Wellington head office.

John Anthony 11 Apr 2025

Helloworld Travel acquires Wellington's Barlow Travel Group

Sponsored

Go beyond reporting zero emissions

Clean energy that helps businesses and communities thrive

Meridian Energy

Sponsored

New life in property market

Tax rule changes are bringing back mum-and-dad investors.

Fletcher Living

More Economy

Economy

Manufacturing sector keeping head above water

New Zealand’s manufacturing sector remained in expansionary territory for a third consecutive month, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI). The seasonally adjusted PMI for March was 53.2, down from 54.1 in February. A number above 50 m...

Rebecca Howard 11 Apr 2025