But it does nothing to close the widening per capita income gap with Australia, says Alexander in his Budget overview in his weekly economic overview.

However, the ASB’s economic team says the cost cutting allows much swifter return to operating surplus than initially expected, in its succinct overview of the budget.

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Fonterra names new CEO

Fonterra Co-operative Group has appointed Richard Allen (pictured) as its next CEO, succeeding Miles Hurrell. Allen joined the co-op as a graduate 18 years ago. Chair Peter McBride says that

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