New Zealand may find itself economic toast if it doesn't get a comprehensive China strategy together - and fast.

Fonterra says milk powder prices in its monthly internet auction fell around 13.7 per cent overnight.

The New Zealand dollar gained on a weakening greenback after comments from the Reserve Bank of Australia yesterday spurred traders' appetite for high-yielding currencies.

Nearly 90pc of Fonterra's 10,500 farmer shareholders have voted to approve a new share trading plan.

Fonterra chief executive Andrew Ferrier says tomorrow's vote on whether to start share-trading among farmers is the most important decision for its farmers since the co-op was created.

At the age of three Fonterra's supply chain boss was sucked into a fuel pump - now safety is top of his list.

The dairy industry will pump $1 billion extra into the economy based on next season's Fonterra milk price forecast, says Westpac bank.

Fonterra farmers have been told their average cheque for next season may soar to record heights.

Fonterra today announced an opening forecast payout for the 2010/11 season of $6.90-$7.10 and said the full payout for the season might top $8.00.

The qualities that helped Craig Norgate reshape New Zealand's rural landscape have contributed to his undoing.