An avian deterrent grass being commercialised by PGG Wrightson Turf has scooped the Australasian DuPont Innovation Award for Performance Materials, which recognises the commercialisation of outstanding science and technology in Australasia.

Future investment in training and development critical to the New Zealand economy

"There's a little tax devil in the detail of Budget 2011 around future policy reform targeted at mixed use assets - read as planes, boats and holiday homes," says Thomas Pippos, managing tax partner at Deloitte.

Today's Budget is designed to save New Zealand's credit rating and lift our national savings rate with KiwiSaver, the Employers & Manufacturers Association says.

Improving savings in productive sectors crucial to economic growth

The compliance costs for businesses of administering KiwiSaver contributions continue to mount with each change to the scheme, says Deloitte tax partner Greg Haddon.

KEY POINTS

BOTTOM LINE: The 2011 Budget forecasts underlying operating deficits as a percentage of GDP of 8.4% in FY11 and 4.7% in FY12. Surpluses are projected to be achieved in FY15, earlier than suggested at the Half-Year Update (and our own expectations).

Standard & Poor's Ratings Services said today that contents of the National Party coalition government's proposed 2012 budget are consistent with the assumptions that feed into our sovereign ratings on New Zealand (foreign currency rating AA+/ Negatve/A-1+; local currency rating AAA/Stable/A-

The Government has confirmed several measures to increase national savings, including mapping a faster path back to budget surplus and providing New Zealanders with a wider range of investment opportunities.

HSBC New Zealand branch (rated AA/Aa1/AA*) has today announced that its five year Wholesale Floating Rate Notes issue due May 2016 closed over subscribed. The transaction was launched as a capped issue of NZD$200 million at a margin of 125 basis points over BKBM.