The official cash rate is useless and policy is needed to focus on the importance of trade rather than the financial market, an inquiry was told today.

Bank of New Zealand has reported a $183 million bottom line loss in the nine months to June 30.

There's been a big lift in business confidence over the past month.

As the property market shows signs of rejuvenation, banks are loosening the purse strings.

The Government yesterday extended the retail deposit guarantee a further year.