The financial year-end is near for farmers, but there is still time for them to manage profit levels in a way that could help avoid potential high interest penalties on tax payments, says Neil McAra, managing principal - Southland, for Crowe Horwath.

Federated Farmers is describing Budget 2013 as a 'steady as she goes' affair. While there is an increase in new operating spending, this $900 million increase is modest relative to total Government operating spending of $72 billion.

Both DairyNZ and Fonterra have welcomed the government announcement to set aside $80 million in this year's Budget for irrigation and water storage infrastructure.

A host of high-profile organisations have welcome the announcement of $80 million in funding this year for water storage and irrigation.