Russia took its biggest step yet to shore up the ruble and defuse the currency crisis threatening its stricken economy.

Economic growth is expected to average a historically high annual rate of 2.8 per cent over the next five years.

The New Zealand dollar fell as the continued decline in crude oil prices stoked concern that global economic growth may be faltering

New Zealand food prices fell in November led by cheaper spring time vegetables and cheese prices.

The Reserve Bank has left the Official Cash Rate unchanged at 3.5 per cent, saying any further rate hikes are likely to be at a later stage.

The New Zealand dollar rebounded after touching a fresh two-and-a-half year low as investors sold US dollars

Auckland property values are picking up speed at an "eyewatering" pace, with some areas up 5pc in only three months, according to QV.

The Govt is eyeing Australian moves against foreign property speculators amid fresh claims they are forcing Kiwi first-home buyers to the property sidelines.