279:
sentencing of a
Bridgecorp director, "The 79-year-old said he and his wife had invested their life savings with Bridgecorp. Their hopes for a comfortable retirement were gone and they were no longer able to provide any financial help to their children. They now had to rely on a modest pension. The effect of the failure had been devastating and this had been the most depressing period of their lives." During the 2010 sentencing of another company director the judge noted the "overwhelming sense of bitterness felt by investors"; "I acknowledge the presence of many investors here in court ... the letters that I have received range in consequences up to financial disaster, loss of homes, illness and effects on health and relationships." One investor, Carole Corner, had to sell her house after the company failed.
598:
30:
85:
274:
liquidation, receivership or moratorium, media speculation turned to the next. We saw angry scenes of elderly debenture holders haranguing hapless managers at meetings. The pattern seemed clear: poor governance, spider-web company structures, vulnerable business models, mismatched balance sheets, bad management and inadequate supervision by the trustee companies.
189:, the personal greed of directors was deemed to be the main cause of the fraud, " Petricevic was acting without any concern for ethical principles. He was using company resources to fund his personal interests and was determined to get his way whether it was ethical or not. Bridgecorp ultimately became an outworking of Petricevic's lack of ethical values."
195:, QC said in the wake of the company collapses, "Meaningful consideration of investor protection legislation is impossible without first identifying the culture of the New Zealand market that has treated investors as prey, rather than as fellow citizens engaged in an enterprise from which all might profit to the benefit of the nation as a whole."
72:, non-bank lenders had assets of about $ 25 billion and made up 8 percent of lending by financial institutions. By late 2013 the size of the finance sector was half its previous size and accounted for only 3 percent of institutional lending. In the years following the beginning of the collapses, sweeping
211:
believed that part of the cause of this was that policing of directors' duties was, "governed by a regime that is weak in terms of both standards of conduct and review and penalties. Coupled with the lack of power in the regulatory body to pursue directors for even egregious breaches, the reality is
143:
as property developers used finance firms to "fund requirements over and above their first mortgage from a major bank." According to a report by the
Commerce Select Committee, "between December 2004 and June 2007 the deposits invested by households in finance companies rose from $ 5.1 billion to
220:
Sloppy oversight of related party transactions was also a key cause as one study noted; "The interrelated characteristics of related party transactions in failed finance companies include: Excessive lending to related parties without satisfactory securities; Directors’ control over finance companies
176:
A 2014 mathematical survey of thirty-one New
Zealand finance company failures in the period 2006 to 2009 by a group of academics found that "failed finance companies have lower capital adequacy, inferior asset quality, more loans falling due, higher earnings and lower cash flows. Furthermore, failed
260:
Credit began to tighten in the market and loan defaults became more common. This brought down the first 3 finance companies – National, Provincial and
Western Bay – because of their lax credit- risk management (RBNZ, 2006). The collapsing housing market in New Zealand had the effect of reducing the
202:
The recent destruction of wealth by the finance company and investment product industry was the inevitable consequence of a failure to read the signs that were there for anyone to see: at least three decades of unreadiness, unwillingness, and inability, on the part of regulators, enforcers, courts,
235:
In the area of governance, a major problem was that some of the trustees of debt security companies provided inadequate oversight of the companies they were supposed to be supervising. At least 25 failed finance firms used one of two trustee companies – Perpetual Trust and
Covenant Trust; raising
483:
in New
Zealand". However, in the criminal case against three former officers of South Canterbury Finance the SFO achieved only five convictions as a result of eighteen charges prosecuted before the Timaru High Court. A central charge against the directors that they had obtained membership of the
278:
In the wake of the company failures there were numerous reports in the New
Zealand news media of retirees who had lost their life savings. One example of this was Ken Mitchell, who lost $ 1.1 million of his life savings when Bridgecorp collapsed. Another example was cited by a judge in the
273:
At the end of 2006 and in early 2007, we started to hear about property finance companies in trouble. Most were very small, and as individual failures they did not greatly concern us. But in the second half of 2007, bigger finance companies started to fall like flies. As each one entered into
225:
Capital + Merchant
Finance's recorded related party loans were $ 41.58 million, whereas its unrecorded related party loans were $ 41.1 million. Of Rockforte's $ 4.8 million in outstanding loans, $ 2 million were undisclosed related party lending. Undisclosed related party
144:$ 7.1 billion, an increase of 39 percent." This rapid rise meant the finance industry was growing at a faster rate than the banking sector, mainly funded by retail investors ("mum and dad investors") seeking higher-yielding investments than banks could offer.
221:
and their related parties; Deliberate non-disclosure of significant lending to related parties; and Breach of statutory requirements and agreements." The study noted that gaps between the disclosed and undisclosed related party transactions were often significant;
669:. One of the core changes was the replacement of requirements by issuers of financial products to provide a prospectus and investment statement with a requirement for a single product disclosure statement with penalties for misleading or deceptive statements.
282:
In response to the collapses, and worried about the fragility of the finance and banking sector, the New
Zealand Government moved in to reassure investors in the finance sector. Between 2008 and 2011 the Government operated a deposit insurance scheme, the
226:
transactions of more than $ 1 million were made to firms owned by Trevor Ludlow of
National Finance 2000. Bridgecorp did not disclose related party lending to Barcroft which represented more than 30 per cent of Bridgecorp's total loan book .
636:(FMA) and empowered the Authority to take legal action on behalf of investors against directors, trustees and auditors; to conduct market surveillance; prevent products being structured to avoid FMA oversight; and warning powers on
1788:
684:
brought in powers for greater oversight and regulation of finance companies; requiring independent directors, minimum capital requirements and restrictions on the amount of related party transactions allowed.
2252:
662:
created a new system for licensing of securities trustees and statutory supervisors by the FMA and requirements for trustees to report actual or potential breaches of trust documents to the FMA.
464:
finance directors sentenced to seven and a half years and five years after being found guilty of charges of theft by a person in a special relationship; and convictions of five directors of
452:(SFO) had prosecuted company officers such as directors and accountants involved in eleven finance companies, securing convictions against twenty people for a range of offences against the
1904:
460:
directors were found guilty of making untrue statements in the company's prospectus, two received prison sentences of over two years, one received a sentence of home detention; two
986:
456:
and Securities Act. As a result of convictions officers of finance companies were sentenced to a total of 707 months of prison. Examples of successful prosecutions include: three
677:
criticised the law as it will make it harder to secure criminal convictions against finance company directors involved in activities similar to those that caused the collapses.
1831:
1736:
1608:
651:
providers and created statutory duties for managers and trustees of Kiwisaver providers. The legislation was partly a response to the revelations that the manager of
552:
against the company's directors and auditors for breaches of the Securities Act, such as making false statements, were settled for $ 22 million in August 2014.
585:
In July 2015 the FMA settled civil actions, alleging misleading and untrue statements in firm prospectuses and advertisements, against six men associated with the
2097:
2235:
2334:
2268:
2247:
261:
value of many of the investments that finance companies were involved in, and the initial collapses and media attention spooked the "Mum and Dad‟ investors.
1864:
2240:
927:
691:
created new criminal offences for: directors who exercise powers or perform duties in bad faith; directors who allow insolvent companies to incur debt.
633:
519:
2329:
1154:
488:
through deception was not proved. Immediately after the failure to secure convictions, the SFO faced criticism that they had not called the former
1478:
1531:
1505:
2339:
2209:
1707:
701:
485:
284:
842:
Douglas, Ella; Lont, David; Scott, Tom (31 October 2014). "Finance company failure in New Zealand during 2006–2009: Predictable failures?".
563:
awarded a judgment of $ 8.6 million against a former director of the company and a property developer associated with it for breach of
1824:
1338:
953:
495:
Despite conducting what it described as, "by far the most extensive and challenging of the finance company investigations undertaken" into
2278:
2158:
2136:
1955:
1930:
904:
670:
2309:
2283:
652:
449:
769:
48:
estimated losses at over $ 3 billion that affected between 150,000 and 200,000 depositors. The most high-profile collapses were
2230:
2168:
185:
Directors' conduct in the years leading up to the collapses was often incompetent and at times fraudulent. In some cases, such as
2027:
1392:
589:
group of companies out of court in exchange for the distribution of $ 18 million to investors in the failed finance firms.
530:
against three directors of the firm for $ 18.9 million in February 2014. In the same month a case against the directors of
198:
Molloy, in a stinging tirade, wrote to the Commerce Select Committee during its inquiry into finance company collapses, stating,
2304:
2273:
2102:
1962:
1817:
1681:
1212:
1124:
245:
140:
69:
1945:
899:
522:(FMA) and the receivers of the failed finance firms often pursued civil actions to recoup investor losses. The receivers of
1290:
2324:
2319:
1950:
1312:
869:
795:
479:. The SFO director said that, "The value of the fraud alleged to have been committed exceeds anything in the history of
2148:
1972:
1935:
256:. These macro-economic factors and subsequent "run on the funds" sparked the collapse of most of the finance companies;
1016:
2194:
2124:
2032:
1987:
1982:
1977:
1940:
1909:
1242:
1180:
177:
companies have a longer audit lag and some trustees appear to have a greater percentage of failed firms than others."
65:
1042:
Yahanpath, Noel; Cavanagh, John (9 August 2011). "Causes of New Zealand Finance Company Collapses: A Brief Review".
2107:
2070:
2044:
1874:
1638:
1582:
1557:
1453:
1427:
1265:
625:
were enacted, professionalising advisory services, including by requiring advisers to adhere to a code of conduct.
613:
carried out a wide range of law and regulatory reforms of the finance industry. Key legislative changes included:
2225:
1967:
1097:
610:
17:
2314:
2163:
716:
475:
384:
288:
49:
506:, was sentenced to a minimum of five years and five months in prison for running, what a judge described as a
1762:
1663:
212:
that the New Zealand regime has failed to punish, much less prevent, serious breaches of directors' duties."
2119:
2080:
2010:
192:
870:"Report for the Minister of Finance on the operation of the prudential regime for Non- bank Deposit Takers"
796:"Report for the Minister of Finance on the operation of the prudential regime for Non- bank Deposit Takers"
597:
2204:
2173:
2112:
2085:
2075:
1840:
148:
45:
2199:
2153:
1894:
1869:
602:
136:
582:
for their failure to perform their roles adequately was settled for $ 10.24 million in June 2015.
76:
and regulatory changes were made, aimed at improving oversight and regulation of the finance industry.
2015:
1859:
928:"Inquiry into finance company failures – Tony Molloy (Independent Specialist Adviser Report – Final)"
568:
527:
499:, the SFO decided in April 2013 not to proceed with criminal charges against the directors involved.
489:
90:
29:
2092:
2049:
1366:
706:
560:
465:
186:
57:
1737:"Financial Markets Conduct Bill, Financial Markets (Repeals and Amendments) Bill – Third Readings"
2037:
2020:
1925:
1899:
1055:
480:
128:
73:
61:
1994:
1067:
1063:
291:, were bailed out after they had collapsed. This cost the government around $ 2 billion.
2178:
1047:
851:
44:
including companies entering into liquidation, receivership or moratoria. An inquiry by the
2141:
721:
453:
132:
53:
987:"The Role of Related Party Transactions in the Failure of New Zealand Finance Companies"
470:
resulting in prison sentences of six and a half years for Rod Petricevic and Rob Roest.
151:
inquiry into finance company failures identified four causes of the company collapses:
1609:"A Guide To New Zealand's Financial Services Regulation – Financial Advisers Act 2008"
2298:
1854:
1059:
674:
253:
208:
740:
1181:"The Treasury: Implementing and managing the Crown Retail Deposit Guarantee Scheme"
711:
507:
266:
84:
1884:
1583:"FMA settles with Hanover Finance directors and promoters for $ 18 million"
249:
1789:"Companies and Limited Partnerships Amendment Bill divided and passed into law"
855:
1889:
203:
lawyers, and accountants, to fulfil their respective functions with integrity.
2129:
2054:
1879:
648:
564:
655:
had used his own money to top up investors funds to hide investment losses.
534:, alleging breach of directors' duties, was settled for $ 10 million.
36:
city is home to the head offices of most of New Zealand's finance industry.
623:
Financial Service Providers (Registration and Dispute Resolution) Act 2008
248:
had a flow on effect in the New Zealand economy causing a downturn in the
1809:
1051:
900:"The great financial services company fraud: A structuration perspective"
637:
33:
542:
1083:
Crisis: One Central Bank Governor & the Global Financial Collapse
1708:"Securities Trustees and Statutory Supervisors Act comes into force"
954:"Wake up New Zealand: Directors' Duties Reform Responses to the GFC"
236:
concerns the trusts "were slow to detect adverse financial issues".
1532:"Belgrave receivers get $ 8.6m from director – no interest though"
596:
83:
166:
Deficiencies in disclosure, advice, and investors’ understanding;
60:. The collapse radically reduced the size and importance of the
1813:
1479:"$ 18.5 million settlement for Capital + Merchant Finance"
2253:
Australian and New Zealand Standard Industrial Classification
40:
Between May 2006 and the end of 2012 there were sixty-seven
1017:"Trustees fingered in probe into finance company collapses"
764:
762:
760:
758:
295:
Bailouts under the Crown Retail Deposit Guarantee Scheme
287:. During its operation nine finance companies, including
1155:"Investors disappointed at Blue Chip Founder's Sentence"
1125:"Six and a half years in prison for Bridgecorp director"
605:, Executive Wing of New Zealand's Parliament buildings.
574:
Civil action against the directors of sister companies
127:
New Zealand's economy became increasingly dominated by
660:
Securities Trustees and Statutory Supervisors Act 2011
1416:
15 November 2013 DC Wellington, CRI-2013-085-007462.
68:, at the height of financial expansion prior to the
2261:
2218:
2187:
2063:
2003:
1918:
1847:
293:
1428:"Bridgecorp receiver cuts $ 18.9m settlement deal"
1372:. NZHC 2500. Ministry of Justice. 14 October 2014
844:Journal of Contemporary Accounting & Economics
545:of the firm for $ 18.5 million in July 2014.
1506:"Strategic investors get first settlement payout"
1454:"Lombard case dropped – $ 10m settlement reached"
1241:Krause, Nick; Mace, William (2 September 2011).
18:Finance company collapses, 2006-12 (New Zealand)
1483:Ministry of Business, Innovation and Employment
541:finance settled their civil claims against the
1393:"SFO Concludes Finance Company Investigations"
741:"Deep freeze list – Finance industry failures"
1825:
1558:"Dominion Finance investors get $ 10m payout"
548:Civil action by the FMA and the receivers of
8:
2269:Campaign Against Foreign Control of Aotearoa
2248:Trans-Pacific Strategic Economic Partnership
1291:"Remorseless director Rod Petricevic jailed"
996:. Nelson Marlborough Institute of Technology
665:The Securities Act 1978 was replaced by the
632:replaced the Securities Commission with the
571:of breach of fiduciary duties respectively.
444:Investigations, prosecutions and convictions
139:grew rapidly in the years leading up to the
776:. House of Representatives. 11 October 2011
647:imposed an improved regime of reporting by
492:Secretary John Whitehead to give evidence.
1832:
1818:
1810:
1743:. House of Representatives. 27 August 2013
1682:"Kiwisaver Amendment Bill – Third Reading"
994:Nelson Marlborough Institute of Technology
985:Wu, Xiaojing; Malthus, Sue (August 2012).
1910:New Zealand property bubble, 1987–present
1769:. New Zealand Government. 3 December 2013
1222:. New Zealand Government. 30 January 2015
837:
835:
42:finance company collapses in New Zealand;
1688:. House of Representatives. 7 April 2011
1190:. New Zealand Government. September 2011
879:. New Zealand Government. September 2013
805:. New Zealand Government. September 2013
28:
1313:"Roest gets six-and-a-half years' jail"
770:"Inquiry into finance company failures"
732:
617:In the area of financial services, the
473:The most serious case was that against
1530:Fletcher, Hamish (19 September 2014).
1485:. New Zealand Government. 26 July 2014
1085:. Auckland: Auckland University Press.
898:Sharma, Umesh; Sinha, Paresha (n.d.).
1731:
1729:
1452:Fletcher, Hamish (24 February 2014).
1361:
1359:
1332:
1330:
1266:"Capital + Merchant directors jailed"
1207:
1205:
1148:
1146:
980:
978:
702:Crown Retail Deposit Guarantee Scheme
518:Alongside criminal prosecutions, the
486:Crown Retail Deposit Guarantee Scheme
285:Crown Retail Deposit Guarantee Scheme
7:
1339:"Vital witness missing in SCF trial"
1337:O'Sullivan, Fran (15 October 2014).
630:Financial Markets Authority Act 2011
2335:History of companies of New Zealand
2279:New Zealand Council of Trade Unions
1504:Fletcher, Hamish (12 August 2014).
1264:Fletcher, Hamish (31 August 2012).
963:. Auckland University of Technology
952:Cassidy, Julie (11 December 2013).
905:Critical Perspectives on Accounting
555:In an action taken by receivers of
1905:Finance company collapses, 2006–12
1763:"Non-bank Deposit Takers Act 2013"
1426:Fletcher, Hamish (12 March 2014).
1243:"Nathans Finance directors jailed"
1098:"Bridgecorp claimants owed $ 3.2m"
1096:Kidson, Sally (16 December 2009).
667:Financial Markets Conduct Act 2013
526:settled claims alleging breach of
314:Allied Nationwide Finance Limited
180:
25:
926:Molloy, Tony (25 November 2010).
689:Companies Amendment Act No 4 2014
609:In response to the collapses the
64:in New Zealand. According to the
2028:New Zealand Trade and Enterprise
1637:O'Sullivan, Fran (11 May 2011).
1556:Fletcher, Hamish (8 June 2015).
682:Non-bank Deposit Takers Act 2013
385:South Canterbury Finance Limited
2330:Economic history of New Zealand
2274:New Zealand Business Roundtable
1639:"Mild style hides an iron will"
1044:Social Science Research Network
743:. Interest.co.nz. November 2012
156:Poor governance and management;
1664:"KiwiSaver Amendment Act 2011"
181:Directors' conduct and culture
1:
1188:Office of the Auditor-General
1153:Mace, William (20 May 2010).
514:Civil actions and settlements
2340:Legal history of New Zealand
1293:. Stuff.co.nz. 26 April 2012
645:Kiwisaver Amendment Act 2011
328:Equitable Mortgages Limited
240:Crisis, effects and bailouts
2033:Reserve Bank of New Zealand
1895:Mother of all Budgets, 1991
1712:Financial Markets Authority
1123:Field, Tony (18 May 2012).
1015:NBR Staff (23 March 2009).
877:Reserve Bank of New Zealand
803:Reserve Bank of New Zealand
634:Financial Markets Authority
619:Financial Advisers Act 2008
520:Financial Markets Authority
93:in 1994-1998 and 2004-2008
2356:
2045:Overseas Investment Office
1315:. Stuff.co.nz. 18 May 2012
856:10.1016/j.jcae.2014.10.002
502:David Ross, principal for
448:As at 30 January 2015 the
428:Vision Securities Limited
370:Rockforte Finance Limited
246:2007–2008 financial crisis
216:Related party transactions
141:2007–2008 financial crisis
131:in the decades before the
70:2007–2008 financial crisis
2310:Government of New Zealand
2226:Closer Economic Relations
1900:Leaky homes crisis, 2000s
653:Huljich Wealth Management
1021:National Business Review
717:South Canterbury Finance
476:South Canterbury Finance
414:Viaduct Capital Limited
289:South Canterbury Finance
50:South Canterbury Finance
2081:New Zealand Dairy Board
1767:New Zealand Legislation
1668:New Zealand Legislation
559:Justice Fogarty in the
400:Strata Finance Limited
356:Mutual Finance Limited
342:Mascot Finance Limited
171:Inadequate supervision.
62:non-bank finance sector
2305:Finance in New Zealand
2210:International rankings
2098:Information technology
2086:New Zealand Wool Board
2076:New Zealand Meat Board
1841:Economy of New Zealand
1643:The New Zealand Herald
1587:The New Zealand Herald
1562:The New Zealand Herald
1536:The New Zealand Herald
1510:The New Zealand Herald
1458:The New Zealand Herald
1432:The New Zealand Herald
1343:The New Zealand Herald
1270:The New Zealand Herald
1081:Bollard, Alan (2010).
932:New Zealand Parliament
774:New Zealand Parliament
611:New Zealand government
606:
276:
265:Reserve Bank Governor
263:
228:
205:
124:
46:New Zealand Parliament
37:
2284:New Zealand Institute
2231:Free trade agreements
1391:SFO (30 April 2013).
824:Kelsey, Jane (2015).
600:
504:Ross Asset Management
303:Entry date in scheme
271:
258:
223:
200:
87:
80:Background and causes
32:
2325:2010s in New Zealand
2320:2000s in New Zealand
2262:Unions and lobbyists
2016:New Zealand Treasury
1885:Rogernomics, 1984–90
1414:SFO/FMA v David Ross
1220:Serious Fraud Office
1052:10.2139/ssrn.1906923
569:dishonest assistance
450:Serious Fraud Office
252:and precipitating a
161:Criminal misconduct;
91:Inverted yield curve
2188:Economic conditions
2050:Commerce Commission
1890:Ruthanasia, 1990–93
1714:. 30 September 2011
961:AUT Researchgateway
707:Bridgecorp Holdings
680:The passage of the
640:unsolicited offers.
580:North South Finance
561:Auckland High Court
296:
269:would reflect that,
58:Bridgecorp Holdings
2169:Telecommunications
2038:Official cash rate
2021:New Zealand budget
1926:New Zealand dollar
1880:Think Big, 1979–84
1875:Black Budget, 1958
1865:IC&A Act, 1894
828:. Wellington: BWB.
607:
539:Capital + Merchant
537:The liquidator of
524:Bridgecorp Finance
481:white-collar crime
462:Capital + Merchant
294:
129:finance capitalism
125:
88:New Zealand bonds
38:
2292:
2291:
1995:New Zealand pound
1670:. 1 January 2014.
1159:The Dominion Post
550:Strategic Finance
528:directors' duties
441:
440:
417:13 November 2008
403:19 November 2008
389:19 November 2008
373:20 February 2009
359:13 November 2008
334:26 November 2010
317:19 November 2008
137:Finance companies
16:(Redirected from
2347:
1931:Dollar banknotes
1855:Vogel Era, 1870s
1834:
1827:
1820:
1811:
1805:
1804:
1802:
1800:
1785:
1779:
1778:
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839:
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826:The Fire Economy
821:
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792:
786:
785:
783:
781:
766:
753:
752:
750:
748:
737:
675:Dr Russel Norman
576:Dominion Finance
565:fiduciary duties
557:Belgrave Finance
431:5 December 2008
345:12 January 2009
331:4 December 2008
309:Amount paid out
297:
121:
115:
109:
103:
97:
21:
2355:
2354:
2350:
2349:
2348:
2346:
2345:
2344:
2315:Great Recession
2295:
2294:
2293:
2288:
2257:
2214:
2183:
2142:Licensing trust
2059:
1999:
1914:
1870:Wool boom, 1951
1843:
1838:
1808:
1798:
1796:
1793:Russell McVeagh
1787:
1786:
1782:
1772:
1770:
1761:
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1756:
1746:
1744:
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587:Hanover Finance
532:Lombard Finance
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458:Nathans Finance
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406:31 August 2010
392:31 August 2010
320:20 August 2010
250:property market
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1795:. 27 June 2014
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1616:Buddle Findlay
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149:Parliamentary
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122: 1 month
116: 3 month
104: 10 year
98: 20 year
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27:
19:
2195:Social class
2125:Woodchipping
1963:Dollar coins
1797:. Retrieved
1792:
1783:
1771:. Retrieved
1766:
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1745:. Retrieved
1740:
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1397:. Retrieved
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1219:
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1133:. Retrieved
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1101:
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998:. Retrieved
993:
965:. Retrieved
960:
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931:
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909:. Retrieved
903:
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881:. Retrieved
876:
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847:
843:
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819:
807:. Retrieved
802:
790:
778:. Retrieved
773:
745:. Retrieved
735:
712:Mark Hotchin
688:
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508:Ponzi scheme
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420:14 May 2010
376:10 May 2010
281:
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267:Alan Bollard
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110: 2 year
66:Reserve Bank
41:
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26:
2159:Oil and gas
2137:Hospitality
2108:Aquaculture
2071:Agriculture
1718:1 September
1593:3 September
1567:3 September
1541:3 September
1515:3 September
1489:3 September
1463:3 September
1437:3 September
1165:4 September
1135:4 September
1108:4 September
1102:Nelson Mail
1023:. nbr.co.nz
883:2 September
671:Green Party
395:$ 1,580.3m
193:Tony Molloy
74:legislative
2299:Categories
2219:Agreements
2004:Government
1741:Parliament
1686:Parliament
1319:22 January
1297:22 January
850:(3): 277.
728:References
467:Bridgecorp
454:Crimes Act
187:Bridgecorp
2164:Retailing
2130:Kauri gum
2055:KiwiSaver
1692:31 August
1060:153073025
649:KiwiSaver
337:$ 140.2m
323:$ 131.0m
2236:Malaysia
2120:Forestry
2064:Industry
2011:Taxation
1919:Currency
696:See also
638:low-ball
490:Treasury
437:$ 30.0m
351:$ 70.0m
34:Auckland
2205:Poverty
2174:Tourism
2113:Whaling
2103:Fishing
1848:History
1068:1906923
673:leader
603:Beehive
543:auditor
423:$ 7.6m
409:$ 0.5m
379:$ 4.0m
365:$ 9.2m
2200:Income
2154:Mining
1648:14 May
1066:
1058:
937:14 May
593:Reform
120:
114:
108:
102:
96:
2241:China
1956:$ 100
1799:5 May
1773:4 May
1747:4 May
1622:4 May
1612:(PDF)
1399:5 May
1376:4 May
1370:(PDF)
1348:4 May
1275:5 May
1249:5 May
1226:4 May
1216:(PDF)
1194:1 May
1184:(PDF)
1129:3News
1056:S2CID
1027:5 May
1000:5 May
990:(PDF)
967:5 May
957:(PDF)
911:5 May
873:(PDF)
809:4 May
799:(PDF)
780:4 May
747:4 May
2179:Wine
2093:Beer
1951:$ 50
1946:$ 20
1941:$ 10
1801:2015
1775:2015
1749:2015
1720:2015
1694:2015
1650:2015
1624:2015
1595:2015
1569:2015
1543:2015
1517:2015
1491:2015
1465:2015
1439:2015
1401:2015
1378:2015
1350:2015
1321:2017
1299:2017
1277:2015
1251:2015
1228:2015
1196:2015
1167:2015
1137:2015
1110:2015
1064:SSRN
1029:2015
1002:2015
969:2015
939:2015
913:2014
885:2015
811:2015
782:2015
749:2015
687:The
658:The
643:The
628:The
621:and
601:The
578:and
567:and
244:The
56:and
1988:$ 2
1983:$ 1
1978:50c
1973:20c
1968:10c
1936:$ 5
1048:doi
852:doi
2301::
1791:.
1765:.
1739:.
1728:^
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1666:.
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854::
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20:)
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