Westpac suffered a shocker of a year in New Zealand on mushrooming bad debt charges and a massive tax bill.

Police are still seeking Chinese help to find Leo Gao and Kara Hurring who skipped the country with millions of of Westpac's money.

Westpac today reported net profit for its New Zealand division has been cut in half during the current recession.

The New Zealand dollar has tumbled amid renewed concerns the global recovery may take longer than previously thought.

Boaties will have their chance to beat one of the best in the business in an Auckland fundraising regatta.