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A review of things you need to know before you go home on Monday; ANZ cuts SeriousSaver, TSB Bank cuts term deposit rates, rents higher, confidence lower, swaps softer

A review of things you need to know before you go home on Monday; ANZ cuts SeriousSaver, TSB Bank cuts term deposit rates, rents higher, confidence lower, swaps softer
For Monday, December 22, 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.

If this is your last day in the office this year, enjoy your well-earned break. Happy holidays. This daily column will return on January 6, 2015

TODAY'S MORTGAGE RATE CHANGES
There were no changes today.

TODAY'S DEPOSIT RATE CHANGES
ANZ has announced cuts to its Serious Saver bonus saver account. It is slicing 15 bps off its bonus rate so that the potential rate you can earn if you meet their criteria will start 2015 at 4.25%, down from 4.40%. In addition, TSB Bank cut its term deposit rates for all terms except its 3 year offer. The cuts were -10 bps for everything up to 2 years, -15 bps for 4 years and -20 bps for 5 years.

RENTS HIGHER, FEWER TENANCIES
Rents on new tenancies rose +4.5% nationally in November from a year ago, and rose +13.7% in Auckland as the residential property market tightened.

A GLASS HALF EMPTY
Consumer confidence has fallen further, particularly in rural and provincial New Zealand according to the latest WestpacMM survey. Consumers in the main urban centres are feeling more upbeat, but less so than we expected given falling petrol prices and mortgage rates. This goes against the grain of other evidence that the non-farm economy has accelerated in recent months.

FLETCHER'S DOMINANCE CEMENTED
The Commerce Commission has ended the year doing what it does best; rubber-stamping dominant positions. This time it ok'ed the dominant position of Fletcher's plasterboard business, clearing it of anti-competitive behaviour to maintain its market position. As chairman Mark Berry said, "The evidence suggests the loyalty shown to Winstone and its large market share is likely a result of a number of other factors – its level of service (in particular, technical product information and delivery support), the quality of GIB products, comparative prices, regulatory barriers to entry to the market, and until recently import duties on plasterboard."

WHOLESALE RATES
After Friday's small pull-back on Wall Street for UST benchmark yields, the NZ swap market was softer today -2 bps across most terms. The 90 day bank bill rate slipped another -1 bp to 3.65%.

NZ DOLLAR SOFTER
Check our real-time charts here. The NZ dollar weakened a little again today in thin trading. It is at 77.3 USc. It is at 94.9 AUc, and the TWI is now at 78.5.

You can now see an animation of this chart. Click on it, or click here.

Daily exchange rates

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End of day UTC
Source: CoinDesk

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2 Comments

And Australia enjoys a nice tail wind with petrol around $1.10/15 pl. NZ has a high tax drag at the pumps. 

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"The evidence suggests the loyalty shown to Winstone and its large market share is likely a result of a number of other factors"

 

An appaliing case of "turning a blind eye" at best - who gets to our public servants directly without citizen recourse - a campaign of naming and shaming is in order. 

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