Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news that the New Zealand Institute of Economic Research has slashed its forecast for economic growth this year to 0.3% from 2.3%.
However, the economic forecaster said only half of that is due to the February 22 earthquake in Christchurch.
Consumer spending had been slow as households repaid debt and higher food and petrol prices had also hit many consumers, NZIER said.
See more detail in our article on NZIER's forecast.
Meanwhile, Stuff reports some commercial landlords have doubled rents on industrial properties in Christchurch with some being forced to pay key money of NZ$100,000 or being asked to buy the building outright.
See more detail here at Stuff.
Over in Australia, the CEO of Australasian insurer QBE, Frank O'Halloran, has warned that some reinsurers may pull out of Australia and New Zealand altogether in the wake of massive claims for both the Queensland floods and the Christchurch earthquakes.
O'Halloran said those that did not pull out of the market would increase premiums substantially.
The New Zealand dollar was solid overnight and has remained remarkably strong despite the worst natural and economic disaster in our history.
Prime Minister John Key pointed out yesterday that the combined cost of the two Christchurch earthquakes was likely to be around NZ$20 billion or around 7-8% of GDP, which compared to the 1% of GDP cost of Hurricane Katrina in America.
See more here in Alex Tarrant's article on Key's comments.
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