More than half of New Zealand's $168.2b of mortgages are now on floating rates, says the Reserve Bank.

New housing statistics have identified increasing numbers of Auckland suburbs that are out of reach for first-time buyers, with childless big-earners the most likely to be able to buy now.

Part of central Christchurch will be open for business again from October ahead of Cup and Show Week, one of the city's busiest times of year, under a plan announced this afternoon.

Armed police acting on inaccurate information from an anonymous tipster have been called off patrol in Auckland central.

Affinity Equity Partners, the private equity firm that owned the now in-receivership retailer Colorado Group, has been given clearance to buy Tegel Foods.

New Zealand avoided a double-dip recession last year, with latest GDP figures showing economic growth of 0.2pc in the December 2010 quarter. Manufacturing activity drove the expansion, up 2.5 per cent.

A former Rotorua woman who allegedly left New Zealand with her partner when Westpac mistakenly put $10 million into his account will face 24 new charges when she appears in court next week.

Respondents less gloomy about own prospects than economy as a whole.

Kara Hurring says she's pleased to be home again after skipping the country two years ago