'Apocalypse Cow: Why Fonterra has failed'

Fonterra was established by Parliament in 2001 with the vision of being New Zealand's Nokia -- a national champion with size and scale to take on the world and win. Almost two decades later, those expectations have not been met -- and with the sale of businesses like Tip Top it is unlikely they ever will be.

Industry commentator and guerrilla economist Peter Fraser explores why the Fonterra dream is over, and what a much-needed industry reset should look like. After the collapse of farmer-owned dairy cooperatives Westland Milk Products and Murray Goulburn, can Fonterra survive -- and, from a public policy perspective, should decision makers even care?