sign up log in
Want to go ad-free? Find out how, here.

A review of the things you need to know before you go home on Friday; Building consents fall; Business confidence at 20-year highs; Kiwis take on more debt

A review of the things you need to know before you go home on Friday; Building consents fall; Business confidence at 20-year highs; Kiwis take on more debt
For Friday, February 28, 2014. <a href="http://www.shutterstock.com/">Image sourced from Shutterstock.com</a>

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

BUILDING CONSENTS
January's building consents excluding apartments eased 1.3% (or -8.3% incl apartments) on a seasonally adjusted basis. Nationally, compared to this time last year, the data shows consents are up 25%. Southland recorded the largest yearly increase in consents (up 112%), while the Tasman region saw a decrease of 24% over the same period. South Island consent growth out-paced the North Island by approximately 2:1. The major areas recorded solid annual growth although Auckland was a bit of a laggard: Auckland +16%, Waikato +32%, Wellington +38% and Canterbury +38%.

ANZ BUSINESS CONFIDENCE
The rosiest business confidence reading recorded since 1994, with a net 71% of firms believing the future is brighter. The country is on notice of higher interest rates with a net 33% of firms expecting to raise prices and inflation expectations trending up. Business expectations around profitability are on the increase as is the intention to hire more staff. The intention to hire more staff reading is the highest number since 1992.

SECTOR CREDIT
New Zealanders continue to load up on debt with sector credit figures covering agriculture, business and consumers all showing modest growth for the month and over the past 12-months. By contrast, foreign currency and household deposits showed a slight decline from last month.

BNZ ONLINE RETAIL SALES INDEX
The latest BNZ survey of New Zealand’s online retail spending in January shows continued strong growth with spending up 17% on January last year. The bounce back in January follows a slow patch in online purchases over the September-November period. Purchases from domestic merchants were up 14% from a year earlier. Online purchases from merchants overseas continue to power on at a faster rate, with annual growth continuing to run at over 20%. 

WHOLESALE RATES
Swap rates rose marginally across the curve reflecting the continued uncertainty over the situation in the Ukraine and possible Russian military intervention. The 90 day bank bill rates continues their recent upward trend and currently sit at 2.97%.

OUR CURRENCY RISES
The NZD is ending the week considerably higher than it started. Positive NZ economic data reported during the week has given the Kiwi upward momentum. Against the US$, A$ and Euro the NZD has added just on one cent this week. On the back of the stronger NZD the TWI is now 78.68, up almost one point for the week.

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.

1 Comments

Australia & it's wheat export sales may benefit if Ukraine becomes chaos, as it is a major wheat/corn etc supplier to Europe. 

Food is the new gold in a world heading deeper into famine. 30% + of the worlds food goes to waste due to poor logistics [India etc] corruption, & wealthy protectionism. 

Up
0