Here are the key things you need to know before you leave work today.
TODAY'S MORTGAGE RATE CHANGES
Both BNZ and SBS Bank announced (separately) lower rates for their two year fixed home loan. They each chose 6.09% for that rate.
TODAY'S DEPOSIT RATE CHANGES
Both SBS Bank and RaboDirect raised term deposit rates today. SBS Bank hiked its 12 and 18 month rates to 4.60% and 4.65% respectively. RaboDirect raised 3, 9, 12 and 15 month rates by +10 and +20 bps depending on the term. These changes by both banks kept them at or near the top of the offer levels among all banks.
SMALL BUSINESS PRIORITY
Small businesses with fewer than 20 staff will get a bigger bite of the procurement pie under a Labour Government, Labour Leader David Cunliffe says. "Too many small businesses are struggling in today’s tough economic environment. Labour will reverse that trend, making the lives of small business owners easier and more productive through a more responsive government."
CCC MAKING PROGRESS
The latest Assessment Report from International Accreditation New Zealand (IANZ) today shows the Christchurch City Council is making good progress towards regaining its accreditation as a Building Consent Authority. It is aiming to be back authorised by the end of the year.
GOVT SECURITIES ON ISSUE JUMP
Government gross securities on issue at the end of July took a sizeable jump, up $1.9 bln to $77.1 bln, according to RBNZ data released today. This was no doubt due to the new $2 bln issue by Treasury early in that month.
AUGMENTED REALITY FOR PHONE BANKING
Westpac is to release the world’s first banking app for account management using augmented reality. It is part of a wider drive to enable customers to do about 90% of the activity that currently requires a visit to a branch online, including originating loans.
WHOLESALE RATES
Swap rates kept their soft tone today although the one year rose +1 bp. However from three years out, rates fell -1 or -2 bps. The 90 day bank bill rate was unchanged again at 3.71%.
OUR CURRENCY
After a weak attempt to rise, the NZ dollar has slipped back later in the day and is basically unchanged now. The NZD is still at 85.1 USc, is at 91.3 AUc and the TWI is at 79.8.
You can now see an animation of this chart. Click on it, or click here.
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.