Here are the key things you need to know before you leave work today.
FONTERRA CONFIRMS MILK PAYOUT AND LOW EARNINGS
There were no surprises in today's half year results briefings although the size of the Farmgate Milk Price holdback confirmed the Cooperative would have been seriously unprofitable if they hadn't chopped 70c kgMS off what they paid to farmers. Fonterra says its focusing on the long term. Markets like the outcome though; its share value rose.
BANKS INCREASE HIGH LVR LENDING
February data released by the RBNZ today shows banks are turning back to doing more high LVR lending - off a very low base.
MORTGAGE APPROVALS SHOW LITTLE GROWTH
Home loan approvals were lower last week (the week after the OCR hike) than the week before, and lower than the equivalent week a year ago.
WHERE ARE THE NEW JOBS?
Economist expectations that strong economic conditions will translate into a stronger labour market are not yet being borne out in actual hiring decisions, according to a 1,000 firm Hudson Report survey out today.
TIMBER CARTEL
Carters (CHH) and Placemakers (Fletchers) operated a cartel for about six months on timber pricing in late 2012. We know this because Fletchers dobbed in CHH to the Commerce Commission, who has fined CHH $1.8 mln and the courts have upheld the sanction today. Fletchers applied for and got leniency for 'owning up'.
WESTPAC RAISES ALMOST ALL MORTGAGE RATES
Westpac has announced across the board hikes in its fixed mortgage rates - except their 2 year 'special'. They moved up to ANZ rate levels, the highest in the current market. The Police Credit Union also raised a range of rates.
RABODIRECT RAISES TD RATES
The online only bank has raised its term deposit rates today for all terms of 18 months to 5 years. Their 18 month and 5 year rates went up 15 bps, all other terms were raised by 25 bps.
BILLS PAID IN RECORD TIME
Businesses have been paying their bills at the fastest rate recorded in 10 years of commercial invoice data, with payment times across New Zealand dipping below the 40-day mark in the last quarter of 2013 to an average of 39.6 days.
WHOLESALE RATES
Swap rates are up one and 2 bps today across most terms. The 90 day bank bill rates is also up 1 bps today at now at 3.10%.
OUR CURRENCY
The NZ dollar started rising at about 1pm today after flat lining all morning. It is now up to 85.8 USc, 93.8 AUc, and the TWI is still just over 80.1.
TWO REGIONS WITH DROUGHT WORRIES
The MPI is warning over very dry conditions in Northland and the Waikato. No declarations yet. Banks are advising clients in these areas who face financial stress to plan their reaction and recovery plans with their lenders.
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