A review of things you need to know before you go home on Tuesday; record migration, new "biggest export earner", read the documents, plastic traps, high beef prices, swap rates up, NZD up

Here are the key things you need to know before you leave work today.

TODAY'S MORTGAGE RATE CHANGES
There are no rate changes to report today.

TODAY'S DEPOSIT RATE CHANGES
None here either.

MIGRATION TO ADD 1.3% THIS YEAR
Long term migration gains have hit a new record high of 58,259 in year to June, Statistics NZ said today. One feature of today's data is that it shows that long-term student arrivals are plateauing. On a population of 4.6 mln, this will increase it by +1.266% from migration. We now have one birth every 9 minutes and 2 seconds, one death every 17 minutes and 32 seconds, and we gain one new (net) migrant every 11 minutes and 17 seconds.

BET YOU DIDN'T REALISE THIS ...
Tourism is likely to overtake dairy as New Zealand's biggest export earner by the June or September quarters this year. Visitor arrival numbers are still very high in June, sitting +9.2% above their level from a year earlier. Growth from Australia, China, and the US is exceptionally strong, while arrivals from other parts of Asia are also climbing rapidly. We are transforming from an economy which was "a housing market with a few dairy farms on the side" to "a housing market with some attractive scenery which everyone wants to visit".

'SIGNIFICANT' COST SAVINGS FOR BANKS
The Reserve Bank has launched public consultation on changes to regulatory requirements for banks and non-bank deposit takers it says will result in significant cost savings for banks and improvements in the efficiency of the regulatory regime. The consultation comes after a regulatory stocktake was undertaken by the Reserve Bank. Proposals include possible changes to the frequency and content of bank disclosure statements, and measures to improve the clarity and usability of banks' prudential requirements.

PERSONAL DUE DILIGENCE
New Zealanders are being reminded to make sure they know what they’re getting into before signing loan agreements, insurance policies and other financial contracts. Ignorance may help you maintain some realistic indignation when you get into problems, but understanding what you are signing up to before you attach your John Hancock is a much safer strategy. The only problem is that it requires some effort, some work.

CATTLE FARMERS DOING WELL
Beef schedule prices lift again, even in the face of a record Australian drought enforced kill, but with herd rebuilding in that country due to start soon, the resulting reduced global supply shortage should ensure NZ’s buoyant beef prices should continue.

PLASTIC TRAPS
We hit a new record high for amounts owed on our credit cards in June and for the first time since 2006 that benchmark was not reached in a December. Growth in the amounts outstanding are at their highest level in almost seven years. And the 'credit limits' being pushed on us by banks has now exceeded $22 bln, also a new record. But we have only accessed 28% of that. Two thirds of what we do have on our credit card accounts incurs interest (something we shouldn't be proud of).

BNZ NAMED CANSTAR'S 'EVERYDAY BANK OF THE YEAR'
CANSTAR has given BNZ its gong for "Bank of the Year - Everyday Banking Award." This goes to the institution that provides the strongest combination of transaction products including deposit accounts and credit cards, plus online banking and access to branches and ATMs. Highlights at BNZ include YouMoney, improving online banking and card management technology, CANSTAR said.

WHOLESALE RATES RECOVER
NZ swap rates rose +3 bps across the curve, consolidating yesterday's flattening curve, only higher. And the 90 day bank bill rate rose by +1 bps to 3.07%.

NZ DOLLAR RISES
The NZ dollar is now noticeably higher at 65.9 USc, at 89.6 AUc, and 60.9 euro cents. The TWI is up to 71. Check our real-time charts here.

You can now see an animation of this chart. Click on it, or click here.