New Zealand's dairy prices have taken another battering, after already being under pressure from depressed Chinese demand.
It has led to considerable uncertainty in our dairy markets, and today's announced auction price is putting us under more pressure.
New Zealand Initiative executive director Dr. Oliver Hartwich joined Paul Henry on the show.
"It is bad news for the dairy sector and it’s certainly worse than we expected. I talked to some industry insiders last night and they expected about a 5 percent correction and it’s a fall across the board for milk, cheddar and butter. So it’s bad news across the sector for the short term. Long term, there are still reasons to be hopeful."
Watch the full interview with Oliver Hartwich.