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Although the Land Tax Abolition Act (1990) which took effect from 31 March 1992 abolished New Zealand's land tax, a land tax was the very first direct tax ever imposed on New Zealanders, by the Land Tax Act (1878). A property tax followed the next year (per the Property Tax Act 1879).
This is an alphabetical list of countries by past and projected gross domestic product (nominal) as ranked by the IMF. Figures are based on official exchange rates, not on the purchasing power parity (PPP) methodology.
Median weekly household income in New Zealand fell slightly or stagnated from 2009 to 2010 during the "great recession" period. In June 2009 it was $1,234 [ 7 ] and June 2010 it was $1,236. [ 8 ] In 2011 household incomes recovered to beyond the high of 2008 again – median weekly household incomes increased again to $1,289.
New Zealand also trades with Taiwan, Hong Kong, Malaysia, Indonesia, Singapore, Thailand, India and the Philippines and this now accounts for around 16% of total exports. [173] New Zealand initiated a free trade agreement with Singapore in September 2000 which was extended in 2005 to include Chile and Brunei and is now known as the P4 agreement.
As of June 2020, New Zealand recorded its lowest number of sheep of the decade. There were roughly 26.16 million sheep in 2020, compared to 32.56 million in 2010. [33] Out of the 26.16 million sheep in New Zealand, only 5% are the merino sheep breed. Moreover, compared to meat production, only a small number of sheep are used for wool. [34]
The major donors in 2010/2011 were Australia (A$15 million), Taiwan (A$11 million); New Zealand (A$6 million), the World Bank (A$4 million) and the Asian Development Bank. [ 150 ] In 1956, Gilbert and Ellice Islands established a sovereign wealth fund to act as a store of wealth for the country's earnings from phosphate mining.
When Australia was part of the fixed-exchange sterling area, the exchange rate of the Australian dollar was fixed to the pound sterling at a rate of A$1 = 8 U.K. shillings (A$2.50 = UK£1). In 1967, Australia effectively left the sterling area, when the pound sterling was devalued against the US dollar and the Australian dollar did not follow.
Zinc – Australia was third to China and Peru in zinc production in 2019, producing 1.3 million tonnes, 10% of world production. [42] Coal – Australia is the world's largest exporter of coal and fourth largest producer of coal behind China, USA and India. [43] Oil shale – Australia has the sixth largest defined oil shale resources. [44]