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A review of things you need to know before you go home on Tuesday; Ruataniwha approved, SBS raises home loan rates, service businesses strong; buyers like horticulture
Here are the key things you need to know before you leave work today.
NEW WATER STORAGE APPROVED
The Environmental Protection Authority has granted resource consents for Hawke's Bay's Ruataniwha Dam project, with conditions.
SBS RAISES MORTGAGE RATES
Mortgage market rate leader SBS has today increased its rates across the board. The increases were between 9 and 15 bps but even after these rises they are still the bank with the lowest overall mortgage rates - if you have an LVR less than 80%. They made no equivalent term deposit rate changes.
SERVICE INDUSTRIES SMILING
The latest PSI data from Business NZ shows the service sector in very good heart.
FARM SALES SOLID
March farm sales were good, according to the latest REINZ data. 188 farms were sold in March, up 7% from the same month a year ago. The real growth was in horticulture and forestry transactions. It was these same categories that saw increases in prices/hectare. Apart from Canterbury where irrigation premiums are now being paid, dairy land prices are stable and have been for three years now.
WHOLESALE RATES FLATTER
Swap rates made back some of their recent falls, closing up 3 bps pretty much across the whole term curve. Even the one year was up. The 90 day bank bill rate was up only 1 bps today, essentially holding the advance we saw yesterday. It is now at 3.25%.
The NZ dollar has seen some late afternoon sagging as tomorrows Fonterra auction gets closer (and there are growing expectations it won't be a good one). It is now at 86.5 USc. We are at 92.2 AUc, and the TWI is just under 80.5.