In a business update, Fonterra chief executive officer Miles Hurrell said the company continues to review its Australian business to “ensure the best outcomes”. This includes delivering a return of NZ$1bn of capital to its shareholders and unit holders by 2024.

Hurrell said the long-term outlook remains positive, despite recent geopolitical and COVID-19 related events impacting global demand in the short-term. Demand and supply dynamics are expected to support global dairy prices in the medium to long-term and Fonterra continues to manage risks, however, Hurrell noted a wider range of risks than usual.