NZ's apple growers have reportedly won a victory in their battle to sell fruit in Australia but the industry is not expecting benefits any time soon.

The WTO has overturned Australia's 90-year ban on importing NZ apples, but the Govt will wait for a final report before commenting.

The Institute of Economic Research says its latest survey of business opinion points to an economy on the mend.

Fonterra says revenues fell $300 million in the past half year, but that world dairy prices continue to recover.

If Govt projections over our petroleum sector bear fruit, NZ could be the oil sheikhs of the Pacific, writes Fran O'Sullivan.