Former PGG Wrightson managing director Tim Miles received a $3m payment when he unexpectedly left the company last year, according to the company's annual report.

Landcorp Farming, New Zealand's biggest farm business, expects Fonterra's payout to slip next year and its own earnings from beef exports to fall, reflecting the high kiwi dollar.

Developing greater access to irrigation is critical to our economic prosperity and the private sector will likely play a big part.