Air NZ is supposed to raise $1 billion-plus before the end of next month from the private market.
Will it, given the timetable for border openings, or will there be further delay?.
Pattrick also looks at the pressure that is likely to start emerging from the international tourism operators once Australia starts opening up later this month.
Pattrick Smellie is the editor and co-founder of BusinessDesk and has reported on the New Zealand economy and business since 1983.