The economy of New Zealand is a highly developed free-market economy. It is the 52nd-largest national economy in the world when measured by nominal gross domestic product (GDP) and the 62nd-largest in the world when measured by purchasing power parity (PPP). New Zealand has one of the most globalised economies and depends greatly on international trade, mainly with China, Australia, the European Union, the United States, and Japan. New Zealand's 1983 Closer Economic Relations agreement with Australia means that the economy aligns closely with that of Australia.
Wool is the textile fiber obtained from sheep and other mammals, especially goats, rabbits, and camelids. The term may also refer to inorganic materials, such as mineral wool and glass wool, that have properties similar to animal wool.
Sheep farming or sheep husbandry is the raising and breeding of domestic sheep. It is a branch of animal husbandry. Sheep are raised principally for their meat, milk, and fiber (wool). They also yield sheepskin and parchment.
Although Australia is mostly arid, the nation is a major agricultural producer and exporter, with over 325,300 people employed in agriculture, forestry and fishing as of February 2015. Agriculture and its closely related sectors earn $155 billion a year for a 12% share of GDP. Farmers and grazers own 135,997 farms, covering 61% of Australia's landmass. Across the country, there is a mix of irrigation and dry-land farming. The success of Australia in becoming a major agricultural power despite the odds is facilitated by its policies of long-term visions and promotion of agricultural reforms that greatly increased the country's agricultural industry.
Sheep shearing is the process by which the woollen fleece of a sheep is cut off. The person who removes the sheep's wool is called a shearer. Typically each adult sheep is shorn once each year. The annual shearing most often occurs in a shearing shed, a facility especially designed to process often hundreds and sometimes more than 3,000 sheep per day. A working group of shearers and accompanying wool workers is knows as a shearing gang.
Bid rigging is a fraudulent scheme in a procurement action which enables companies to submit non-competitive bids. It can be performed by corrupt officials, by firms in an orchestrated act of collusion, or by officials and firms acting together. This form of collusion is illegal in most countries. It is a form of price fixing and market allocation, often practiced where contracts are determined by a call for bids, for example in the case of government construction contracts. The typical objective of bid rigging is to enable the "winning" party to obtain contracts at uncompetitive prices. The other parties are compensated in various ways, for example, by cash payments, or by being designated to be the "winning" bidder on other contracts, or by an arrangement where some parts of the successful bidder's contract will be subcontracted to them. In this way, they "share the spoils" among themselves. Bid rigging almost always results in economic harm to the agency which is seeking the bids, and to the public, who ultimately bear the costs as taxpayers or consumers.
A wool bale is a standard sized and weighted pack of classed wool compressed by the mechanical means of a wool press. This is the regulation required method of packaging for wool, to keep it uncontaminated and readily identifiable. A "bale of wool" is also the standard trading unit for wool on the wholesale national and international markets.
An auction rate security (ARS) typically refers to a debt instrument with a long-term nominal maturity for which the interest rate is regularly reset through a Dutch auction. Since February 2008, most such auctions have failed, and the auction market has been largely frozen. In late 2008, investment banks that had marketed and distributed auction rate securities agreed to repurchase most of them at par.
A buffer stock scheme is an attempt to use commodity storage for the purposes of stabilising prices in an entire economy or an individual (commodity) market. Specifically, commodities are bought when a surplus exists in the economy, stored, and are then sold from these stores when economic shortages in the economy occur.
The New Zealand wool boom of 1951, one of the greatest economic booms in the history of New Zealand, resulted directly from United States policy in the 1950–53 Korean War.
Kalamurina Sanctuary is a nature reserve in arid north-eastern South Australia. The land was established as a sheep station sometime before 1994 and then a cattle station until the early 2000s, called Kalamurina Station. It occupies 6,700 square kilometres (2,587 sq mi).
The Chinese national carbon trading scheme is an intensity-based trading system for carbon dioxide emissions by China, which started operating in 2021. This emission trading scheme (ETS) creates a carbon market where emitters can buy and sell emission credits. The scheme will allow carbon emitters to reduce emissions or purchase emission allowances from other emitters. Through this scheme, China will limit emissions while allowing economic freedom for emitters. China is the largest emitter of greenhouse gases (GHG) and many major Chinese cities have severe air pollution. The scheme is run by the Ministry of Ecology and Environment, which eventually plans to limit emissions from six of China's top carbon dioxide emitting industries. In 2021 it started with its power plants, and covers 40% of China's emissions, which is 15% of world emissions. China was able to gain experience in drafting and implementation of an ETS plan from the United Nations Framework Convention on Climate Change (UNFCCC), where China was part of the Clean Development Mechanism (CDM). China's national ETS is the largest of its kind, and will help China achieve its Nationally Determined Contribution (NDC) to the Paris Agreement. In July 2021, permits were being handed out for free rather than auctioned, and the market price per tonne of CO2e was around RMB 50, far less than the EU ETS and the UK ETS.
Dalgety plc—as Dalgety and Company—was for more than a century a major pastoral and agricultural company or stock and station agency in Australia and New Zealand. Controlled from London it was listed on the London Stock Exchange and Australasian exchanges.
The Australian property bubble is the economic theory that the Australian property market has become or is becoming significantly overpriced and due for a significant downturn. Since the early 2010s, various commentators, including one Treasury official, have claimed the Australian property market is in a significant bubble.
The early 1990s recession saw a period of economic downturn affect much of the world in the late 1980s and early 1990s. The economy of Australia suffered its worst recession since the Great Depression.
The New Zealand Meat Board is a statutory body which provides quota management on behalf of the Crown for meat exports to the United States, European Union and United Kingdom. To protect their own livestock industry these countries give limited access to New Zealand meat exports.
The Australian Wool Board was an Australian Government statutory board that existed in its first phase between May 1936 and January 1945; in its second phase between June 1945 and June 1953; and in its third and final phase, between May 1963 and December 1972. The first Wool Board, in 1936, together with the Wool Boards of New Zealand and South Africa decided to form an organisation to promote wool, to meet the growing challenge from synthetic fibres, which led to the formation in 1937 of the International Wool Secretariat. There have been other reorganisations of the management of the wool sector in Australia since.
The art market is the marketplace of buyers and sellers trading in commodities, services, and works of art.
Henry ‘Babe’ Curran (1896–1964) was one of the most successful Australian woolgrowers during the industry's boom in the 1940s and 1950s.
The wool industry emerged as one of the first businesses in the new colony of Australia. Its growth had a significant influence on the development of Geelong, which became a prominent hub for wool sales and exports. Geelong's strategic location and the ambitious endeavours of local merchants made it an ideal centre for shipping Australian wool worldwide. To accommodate the thriving industry, large storage facilities were constructed throughout Geelong for the handling, assessment, sale, and transportation of wool bales from Victoria and beyond.
