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Bernard Hickey highlights the key news overnight in 90 seconds at 9am in association with BNZ, including news the Tax Working Group has proposed a range of taxes on residential property investors. They include removing depreciation on buildings as a taxable expense, imposing a small land tax and taxing equity in residential property. A GST increase and a capital gains tax are unlikely.

This could raise NZ$3 billion, which would pay for cuts in in the top personal tax rates to match the family trust rate

Landlords described the proposals as an 'orchestrated attack' on residential property investors that would unleash a mass exodus from the industry that would drive up rents and drag down house prices. But I doubt it. Landlords made NZ$100 billion in capital gains in the last 8 years and can afford taxes worth NZ$3 billion. Have your say here.

Meanwhile the Dow fell on China growth fears after monetary policy there was tightened again, which dragged the NZ$ under 72 USc as international investors avoided 'risky' currencies like ours.

New Zealand prices fell 0.2% in the December quarter, causing economists to push back their expectations for the first Official Cash Rate hike to closer to mid 2010 than March, which brings the market closer into line with the Reserve Bank's own views.