What we sold to the Australians

ANZ-National Bank ($6 billion)

ANZ wiped up its New Zealand competitor when Lloyds TSB put National Bank on the block.

Competition: ANZ-National Bank is now dominant in a highly competitive market dominated by four Australian trading banks.

Hot Issue: ANZ National Bank faces a bill of up to $348 million in back taxes and interest if it loses an argument with the Inland Revenue Department over the treatment of some international financing deals.

ANZ-National is one of the foreign-owned banks which will have to put about $1.7 billion in extra capital into their New Zealand businesses under new tax rules.

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Fairfax-INL ($1.2 billion)

Australian analysts thought Fairfax chief executive Fred Hilmer had "rocks in his head" when he bid for New Zealand's second newspaper company after Rupert Murdoch decided he wanted out. But the return Fairfax has achieved from assets which have done well from the buoyant New Zealand economy has forced them to eat their words.

Competition: Two other Australian chains are fighting hard. APN News & Media, owner of the Herald, a string of regional newpapers, the Listener, New Zealand Woman's Weekly and a slice of The Radio Network, last week started the Herald on Sunday.Kerry Packer's ACP Media, which owns North and South, Metro and Woman's Day has revamped titles.

Fairfax has also started an urban lifestyle magazine, Auckland Max

Hot Issue: Foreign media ownership rules - Australian media companies face few restrictions on their New Zealand expansion, unlike in their homeland which has tough foreign and cross-media ownership rules. The Ministry of Economic Development is keeping an eye on how they exert their dominance here.

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Toll-Tranz Rail ($190 million)

Australia's largest transport and logistics company bought a major stake in Tranz Rail last year when the national rail company was days away from collapse.

Toll Holdings CEO Paul Little said Tranz Rail was "technically bankrupt ... The company became quite good at smokescreens. If that had happened in Australia the board would have been sacked."

CompetitionToll controls rail and has made its influence more widely felt by taking 12 per cent of Owens Group to block Mainfreight's full takeover.

Hot Issue: The Government stopped Toll gaining a tax advantage by stringing out rail network negotiations. Both sides admit contract reviews will be difficult.