Prime Minister John Key says the Government would look at changing the law to limit foreign ownership of productive land if there is growing public concern.

However, he says such as change in response to the sale of the Crafar farms would a knee-jerk reaction.

Gisborne-based Labour list MP Moana Mackey says New Zealand’s economic future does not lie in it being the “Texas of the South”, and renewable energy should be the country’s focus.

In a statement on the Labour website, Ms Mackey says yesterday’s revelation in the Sunday Star Times that US oil exploration company TAG Oil is informing investors of an “aggressive East Coast Basin programme”.

The company told investors the “East Coast Basin is literally leaking oil and gas” in a 28-page paper entitled TAG Oil: 2011 – A Record Year.

With the Government's asset sales programme dragging out until the next election, it gives plenty of time for analysis. David Beatson made good use of the wet holiday weather to go through the pre-Christmas news dump. In his post MOM...Show me the money! Beatson observes that the political compromises made during the election to limit foreign ownership will undermine the economic rationale originally supported by Treasury.

Government forecasts on economic growth are 'far too optimistic' as Europe heads for recession, economic experts say.

The Organisation for Economic Cooperation and Development today warned the euro-zone was heading for recession.

In its twice yearly update, the OECD cut growth forecasts for the largest economies and urged the European Central Bank to act to prevent the euro-zone sovereign debt crisis from deepening.

Labour leader Phil Goff will be clinging to the unexpected results of a new poll in which his party has picked up twice as much support as National.

But he is well behind John Key in the preferred prime minister stakes, according to the TVNZ Marae Investigates Digipoll, released today.

The TVNZ Marae Investigates Digipoll surveyed Maori listed on both the general and Maori electoral rolls.

Labour's on 38.4 percent support in the poll, followed by the Maori Party on 22.2 percent, while National's on just 16.4 percent.

Aimed at medium and large employers, the ACC Workplace Safety Management Practices programme rewards employers who build safer workplaces. In exchange for putting in place systems and processes that promote injury prevention, the programme gives employers discounts on their standard ACC WorkPlace Cover levies.

There are three discount levels:

• Primary - earns a 10% discount
• Secondary - 15% discount
• Tertiary - 20% discount

ACC will base your discount on an audit of your workplace safety systems and procedures.

The Monthly Economic Review is an overview of the New Zealand economy. It includes the latest data on New Zealand’s economic growth, unemployment, inflation, merchandise trade and balance of payments figures, along with certain financial data (such as the Reserve Bank’s official cash rate). The unemployment rate, economic growth and central bank interest rates for several of our main OECD trading partners are also included. Each publication highlights a specific topic of interest. The Monthly Economic Review is produced eleven times per year.

Prime Minister John Key says there will be a parliamentary inquiry into raw milk prices, despite the Commerce Commission ruling out its own probe.

The commission announced this morning it would not hold an inquiry into price controls for milk, saying there was no valid basis for it.

In June, the Commerce Select Committee said it would hold off on any inquiry until the outcome of the commission's review.

Key this morning suggested that would now go ahead.

http://www.stuff.co.nz/business/farming/5373965/PM-promises-milk-price-p...

Supporters of a petition calling for a select committee hearing into the implications of a Trans Pacific Partnership are disappointed that only one of those who signed it will be able to present additional written information to the committee.

http://www.nbr.co.nz/article/calls-tpp-hearing-fall-deaf-ears-cw-97855

High export commodity prices kept the trade balance in the black last month but economists warn it may be close to as good as it gets.

Exports exceeded imports by $230 million or 6 per cent, making a surplus for the year of just over $1 billion - in line with the year ended May but down from an annual surplus of $1.2 billion in April.

http://www.nzherald.co.nz/economy/news/article.cfm?c_id=34&objectid=1074...