Bernard Hickey details the key news overnight in 90 seconds at 9am in association with the BNZ, including news the Reserve Bank of Australia has hiked the Official Cash Rate there by 25 basis points to 4%. This is now well above New Zealand's official cash rate on 2.5%. This makes our currency much less attractive than the Australian dollar, which helped drive it down to 77 Australian cents overnight.

This is its lowest level seen since November 2000 and is great news for our exporters and our tourism operators. Australian tourism numbers rose 16% to a record high in January from a year ago.

Meanwhile, Standard and Poor's has downgraded South Canterbury Finance overnight to BB from BB+. This is now the bare minimum required to remain in the government's extended deposit guarantee scheme. Standard and Poor's said they may downgrade South Canterbury again within 3 months.

Meanwhile, Greece has announced new budget cuts to reassure the Germans about a planned bailout. Greece will hike alcohol, tobacco and sales taxes and cut bonuses for public workers. We'll see whether this is enough to assuage the Germans and avoid a euro disaster.

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