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The US banking industry has delivered more positive earnings surprises, as Goldman Sachs and Citigroup posted better-than-expected results.

KiwiRail posted a loss of $187 million last financial year - if subsidies by central and local government are taken out of the picture.

The US Treasury says Al-Qaeda is in its worst financial state for many years while the Taliban's funding is flourishing, bolstered by the drug trade in Afghanistan.

An independent treasury and risk management adviser, says the New Zealand lamb industry is trapped in a time warp of short term thinking, which is threatening the industry's viability.

Prime Minister John Key has ruled out suggestions by the Treasury that the Government should consider a flat tax rate.

The Treasury is looking at a flat tax rate as part of a set of reforms aimed at closing the income gap with Australia. It says Finance Minister Bill English has the opportunity for a once in a… Audio

Treasury officials estimate a key change to the emissions trading scheme will greatly increase Government debt by 2050. The Government says it is simply foregone income.

The New Zealand dollar's rampant form against the Greenback was pushed to one side on Wednesday after the currency hit a 25-year high against the British pound.

Home mortgage lending is steadily increasing, but lending by the banks to the rest of the economy is on the decline.

Some companies fear the Treasury's proposal to outsource Government department jobs could exclude smaller New Zealand firms.

As KiwiRail plans for a future without government subsidies, its chief executive says the viability of some branch lines will depend on whether the company can get more use out of them.

While exporters hope the rise of the New Zealand dollar is over, one forecast has it strengthening to as much as 82 US cents next year.

Transport Minister Steven Joyce wants KiwiRail to move to a more commercial footing and has signalled an annual subsidy of $90 million will end soon. Audio

The New Zealand Institute of Economic Research is continuing to predict 30,000 more job losses, despite slight economic growth in the June quarter, while the Government is more optimistic.

The Reserve Bank won't say whether it intervened in the currency markets on Thursday, after a British bank sold a large number of New Zealand dollars.

The Corrections Department considered bringing in military support to help run prisons if agreement could not be reached with unions over double-bunking, a court has been told.