Our largest company has been seeing profits surge, despite a period of contraction in the economy as a whole.

Fonterra's confirmed a 13% rise in annual operating profit.

Its final farmgate milk payout to farmers has reached a new record high of $10.16 and its cash return to shareholders is up 30.6%.

Fonterra Chair Peter McBride told Mike Hosking we need dairy to do well for the country to do well.

He says dairy is a critical part of the New Zealand economy, and the Government can't grow the economy without growing dairy.

LISTEN ABOVE

See omnystudio.com/listener for privacy information.

Wrapping the Week with Kate Hawkesby and Tim Wilson: All Blacks, the cost of a holiday, streaming subscriptions