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Southern Health's chief executive says a deficit was expected. Photo: 123RF Deficit for June year $88m vs deficit $16.5m year before Claims increase 15 pct, premium income up 9 pct Membership 955,301 - 50 pct made claims Most expensive procedure - heart valve ($72,800-$94,200) Spending on knee/hip replacements, colonoscopies rise sharply Pet and travel insurance profitable The country's biggest health insurer and private healthcare provider Southern Cross has posted a large deficit on the back of rising costs and claims, and an accounting change. The not-for-profit group said it had had a surge in business as people turned to the private health system to get around blockages and delays in the public system. Chief executive Nick Astwick said a deficit had been expected, but cost...

A Synlait milk truck. File picture. Photo: Synlait/supplied Troubled dairy company Synlait Milk has slumped to a large loss after a large asset write down, as it struggled with huge debt, money losing operations, and business disputes. Key numbers for the year ended July compared with a year ago: Net loss $182.1m vs loss $4.1m Revenue $1.64bn vs $1.60bn Impairment $114.6m (North Island factories) Milk payout/kilo milk solids $8.11 vs $8.49 No dividend Synlait chief executive Grant Watson said the company had turned a corner with the approval of a $218 million rescue package from its two biggest shareholders, Bright Dairy and a2 Milk, and new banking arrangements that will allow it to pay back debt. "Synlait began FY24 (financial year 2024) with too much production capacity, unsustaina...

By Richard Meade* of Inland Revenue is consulting the public on how to address long-term challenges like superannuation and healthcare funding and capital gains taxes have been put forward as one option. Photo: AFP Opinion - In New Zealand, capital gains tax debates spring up like zombies. Each time they get killed off, back to life they come. New Zealand already has some types of capital gains taxes - such as the bright-line test (which taxes residential land bought and sold within two years) and taxes on other various activities. So the debate is more about expanding taxes on capital gains, rather than introducing a new tax. ANZ's chief executive Antonia Watson triggered the latest furore this week when she argued since people invest in housing for the purpose of...