Here are the key things you need to know before you leave work today.
TODAY'S MORTGAGE RATE CHANGES
There were no changes today.
TODAY'S DEPOSIT RATE CHANGES
There were no changes today. If you are a saver, you will have noted that the political parties have ignored you. However Gareth Vaughan has contacted them all and asked them a series of savings policy questions. He reports their responses.
NZ SUPER FUND PERFORMANCE
New Zealand's sovereign wealth fund, the Cullen Fund, reported its June, July and August performance today. The Fund grew +2.44% in August alone. Overall its now a $26.80 billion fund with no recent Government contributions. In the last 12 months its before-tax, after-fees return was 19.86%. Since inception in September 2003 it has been 9.94% pa. Since inception the Fund has exceeded its passive Reference Portfolio benchmark by 1.1% pa, which is 'value' of $2.9 billion.
HIGH POWER FOR TOP NZIER JOB
The NZIER has appointed Britain-based kiwi Laurence Kubiak, the former BT Global Services’ Head of Economic Analysis and Director of Global Competition and Regulation, as its new chief executive.
ITS NOT ALL DOOM ON THE FARM
Farm gate schedule prices are rising for deer, lamb and especially beef. In contrast to dairy farmers who are anticipating falling prices, the red meat sector is looking forward to better returns.
DEFICIT SPENDERS
Local authority rates and regulatory income rose to an annual rate of $5.195 bln in the June quarter according to data released today by Statistics NZ. That is up +2.7% from the annual rate at the same quarter a year earlier. Over the past five years, local authorities have spent less than their income in only two quarters.
WHOLESALE RATES
Swap rates fell today -4 bps pretty much across the board, although the one year fell only -2 bps. The 90 day bank bill rate also fell, down -3 bps today and now at 3.71%.
OUR CURRENCY
Check our real-time charts here. The NZD held its own again today. It is up marginally to 81.9 USc, up again against the Aussie to 90.5 AUc. The TWI is now at 78.6.
You can now see an animation of this chart. Click on it, or click here.
1 Comments
Over the past five years, local authorities have spent less than their income in only two quarters.
Given that local government is unique in New Zealand in that its income is directly derived from its spending budgets that's probably not a remarkable observation.
And in blogosphere news tonight interest.co.nz set a new PB today for upticks in one story. who knew so many people were interested in stories about lies, spies and politicians?
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.