Here are the key things you need to know before you leave work today.
TODAY'S MORTGAGE RATE CHANGES
There are no changes today.
TODAY'S DEPOSIT RATE CHANGES
SBS Bank cut term deposit rates for terms from 3 mths to 2 years today. NZCU also trimmed term deposit rates.
UP, FLAT, DOWN
Asking rents for homes on Trade Me Property have risen +8.4% in Auckland over the last year, while rents are flat in Wellington and declining in Christchurch.
GOODBYE RESIDUAL LEVY
ACC has now ended their 'residual levy' component, the bane of all employers who were working to have a safe workplace. The residual levy system was instituted in 1999 to help transition the ACC scheme to a fully funded model which has now happened fully. The change also affects the Earners' and Motor Vehicle sections of ACC as well.
SYNLAIT PAYOUT DECLINES
Synlait paid its milk suppliers a total average milk price of $4.54 per kgMS for the 2014/2015 dairy season. This price consists of a $4.48 per kgMS base milk price and a $0.06 per kgMS average payment for seasonal and value added premiums. The forecast milk price for the 2015 / 2016 season has also been revised from $5.50 per kgMS to $5.00 per kgMS. Fonterra will announce its final 2014/15 figure on Thursday.
TWO-SPEED CITIES
Official data out for Australia's house prices (year to June), shows Sydney prices up +19%, Melbourne prices up 8%, and all other state capital cities up less than +3% or declining.
WHOLESALE RATES UP
Following Wall Street's signals, local swap rates rose +3 bps across the board today. The 90 day bank bill rate is down -1 bp at 2.83%.
NZ DOLLAR DOWN
The Kiwi dollar is lower today. It is still at 63.1 USc, at 88.4 AUc and at 56.3 euro cents. The TWI-5 is now at 67.5. Check our real-time charts here.
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1 Comments
SYNLAIT PAYOUT DECLINES
Synlait paid its milk suppliers a total average milk price of $4.54 per kgMS for the 2014/2015 dairy season.
Speaking of which.
Barclays’s foreign exchange research team found that Australia, Canada, Norway, and New Zealand have been victims of a “Dutch Disease pandemic during the recent commodity boom.”
Countries find it’s much more difficult for labor and capital to move from resources to other parts of the economy than it was for them to move toward resources in the first place—and that a significant amount of exchange rate depreciation is needed before non-commodity segments of the economy are competitive once again. It’s like trying to build up a muscle that has long been dormant. Read more
I don't think higher Auckland property prices and rent hikes qualify as business muscle building.
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