The write-down on brands such as Just Jeans, Jay Jays and Portmans sent Myer to a full-year loss, with its shares slumping 26% yesterday.
The sale from BoQ to UDC Finance forms part of the latter’s plan to scale up lending in NZ.
The sale will recoup only a tiny fraction of what is owed as legal action continues in both Australia and New Zealand.
Economists had been expecting inflation to come in higher.
Stock market returns from the end of 2023 have been driven by multiple expansion underpinned by strong sentiment.
ANALYSIS: The Australian Prime Minister hopes for a major re-set after losing ground in 2023 and faces a big test at upcoming by-elections
The Australian government is seeking to put a disappointing 2023 behind it with a fresh attack on the cost of living.
Low income earners will get some relief but the Australian government has reneged on the size of cuts for those on higher salaries.
‘ScoMo’ also worked in the New Zealand tourism sector, and reportedly turned down a job to run National’s 2005 election campaign.
Scheme gave residency to people prepared to invest at least A$5m in Australia but has been criticised for also enabling criminals to park money.