ACT Finance Spokesman MP Rodney Hide said today that the tragedy of the Post Board soap opera was the opportunities being lost on the business front.

“NZ Post faces a tough trading environment. “Mybank” will depress profits for years to come. The establishment of the bank will be an uphill battle, given the advice the Board has received.

“Revenue from the letters business remains weak. NZ Post is going to have to work hard to contain costs. Offshore courier operations (Couriers Please Pty Limited) are performing well, but the performance of the domestic courier operations is weak, and growth has stalled.

"There is much to occupy a fully-functional board. How can a Board where the Chairman and his Deputy are receiving the equivalent of marriage guidance counselling get to grips with the issues?

"The solution taken to save Ross Armstrong is a political one, not a business one,” Rodney Hide said.

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