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Disclaimer: The information on this web site is issued by the New Zealand Debt Management Office (NZDMO) for informational purposes. It does not contain and is not an invitation or offer to buy or sell securities. Each page on this web site must be read in conjunction with the disclaimer at http://www.nzdmo.govt.nz.

Service Industries (continued)

Tourism

Tourism is one of the largest single sources of foreign-exchange revenue and a major growth industry in New Zealand. In the year to 30 September 2008, foreign-exchange earnings of $6.0 billion were generated from international visitors (excluding New Zealand's share of international airfare payments), slightly up on earnings in the same period the previous year. The country's scenery, natural environment and a range of outdoor activities make New Zealand a popular tourist destination.

Australia is New Zealand's closest market and by far the largest source of overseas visitor arrivals at around 970,000 (39.4% of the total) in the year ending September 2008. The next largest markets are the United Kingdom (289,000 or 11.8% of the total), the United States (215,000 or 8.7% of the total) and China (118,000 or 4.8% of the total). Visitor numbers from China overtook those from Japan from the beginning of 2008.

Visitor arrivals from a number of Asian markets grew strongly over the past decade but eased during 2008 as high oil prices increased the cost of international travel. Tourism arrivals are sensitive to the New Zealand-dollar exchange rate and typically fully respond around 15 months after changes. Despite the depreciation of the New Zealand dollar in the second half of 2008 and the expectation of continuing weakness in the medium term, the outlook for tourism has deteriorated as the prospects for the global economy continue to worsen.

Communications

New Zealand was the first country to open its entire telecommunications market to competitive entry in 1989. Telecom New Zealand was privatised in August 1990, and today all major competitors are privately owned. There are currently around 16 national and international call service providers and 168 Internet Service Providers. Cellular Services are provided by Telecom New Zealand and Vodafone.

New Zealand has good broadband access availability (over 95% of dwellings) and significant broadband infrastructure competition in particular areas. Prices of broadband internet access and service speeds have been improving and broadband uptake has been accelerating. The Government has announced its intention for the local loop to be unbundled. This is expected to further encourage competition in the telecommunications market.

The telecommunications sector has been through a period of significant regulatory reform, including the review of the Telecommunications Act in 2005-06, which resulted in the opening up of Telecom's exchanges to competitors. Telecom has since been separated into three distinct business divisions as a further measure to increase competition.

A Telecommunications Commissioner within the Commerce Commission administers regulated telecommunication services, which include network interconnection, telephone number portability and wholesale telecommunication services. The Commissioner's key functions are to resolve disputes over regulated services, to report to the Minister on the desirability of regulating additional services and to calculate and allocate the net cost of telecommunication service obligations.

Postal services are provided by New Zealand Post Limited, a commercially-run SOE, and a range of private providers.

New Zealand Post used its retail network to expand into retail banking in 2002, setting up Kiwibank, with a further expansion into business banking in 2005. New Zealand Post did not have the resources to fund the establishment of the bank itself, so the government made a one-off investment of up to $78.2 million in New Zealand Post to fund the establishment expenses and capital expenditure involved, and to ensure there was sufficient capital to meet Reserve Bank requirements. Since then, New Zealand Post has made further capital injections to bring Kiwibank's share capital to $275 million at 30 June 2008. The Government neither guarantees the bank nor subsidises its on-going operations. Kiwibank announced an after-tax profit of $36.8 million for the year ended 30 June 2008. This compares with a profit of $25.4 million for the previous 12 months.

Two major national radio networks, as well as a network which relays parliamentary proceedings, are provided by Radio New Zealand Limited, a Crown entity, operating under a non-commercial charter. There are numerous private radio stations. Television New Zealand Limited (TVNZ), the state-owned television broadcaster, is a Crown Company with a Charter that sets broad objectives for programme content. TVNZ provides two national free-to-air television channels and has recently launched a free-to-air digital service which broadcasts standard analogue channels plus a number of new channels. TVNZ intends to replace analogue transmission completely in the next few years. Private operators provide a number of other national and regional channels. Digital and analogue pay TV services are available from satellite and, in some areas, cable delivery platforms.

There are five major daily metropolitan newspapers in the main centres and numerous provincial and community newspapers, all of which are privately owned. In addition, there are two national weekly business papers, three Sunday newspapers, and a number of wire services, internet news services (including offerings from the major newspaper groups) and blogsites.

Screen Industry

New Zealand's screen industry has gained international prominence in recent years following the success of several big budget productions filmed in New Zealand such as the Lord of the Rings Trilogy, King Kong and The Last Samurai as well as numerous medium and small budget films produced by New Zealand and offshore companies.

The industry recorded gross revenue of $2.4 billion in the 2007 financial year making the value of this industry comparable to the forestry and logging industry and the horticulture and fruit growing industry. In 2007, around $298 million (or 42%) of production company gross revenue was received from abroad, with $240 million of this total sourced from the United States.

The New Zealand Film Commission was established in 1978 to finance distinctly New Zealand films, with the aim of reaching significant New Zealand audiences and producing high returns on investment in both financial and cultural terms. More than 200 feature films have been made in New Zealand since the Commission was established. Around half of these have received Film Commission finance, while the remainder have been financed by local and, increasingly, by major offshore production companies.

The screen production industry is characterised by a large number of small freelancers and contractors working both independently and in co-ordination with larger production and broadcasting companies.

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