A review of things you need to know before you go home on Monday; Resimac makes more rate cuts, strong migrant growth, booming tourism, cooling confidence, banks aggressive with credit card limits

Here are the key things you need to know before you leave work today.

TODAY'S MORTGAGE RATE CHANGES
SBS Bank announced its floating rate change, the last of the banks to do so. They cut by -25%. Surprisingly, Resimac has cut its floating rate by -25 bps for a second time, now to 5.84%. Their earlier cut was in early June from 6.59%, so their reduction is -75 bps, which is better than any bank. They have also reduced fixed rates today. NZ Home Loans and AMP Home Loans have also cut fixed rates today.

TODAY'S DEPOSIT RATE CHANGES
No changes to report today.

HOT SPOT
May marked the second month of more people arriving from Australia than people leaving to Australia since 1991. This is due to as much to Australian's arriving, than than less Kiwi's leaving as that has settled down at a net loss of about 400 per month. For the full year, we gained almost 58,000 new permanent migrants.

ASB SETTLES WITH FMA OVER INTEREST RATE SWAPS
The Financial Markets Authority has settled with ASB over the sale, promotion and marketing of interest rate swaps to rural customers. The deal focuses on the FMA's expectations for ASB’s future conduct and processes around its sales practices. ASB has agreed to appoint an independent third-party to review its sale, promotion and marketing of two sample products being interest rate swaps and term funds. The third party's report will be provided to ASB and the FMA. After consultation with the FMA, ASB will implement recommendations from the review.  The ASB-FMA settlement comes after ASB settled with the Commerce Commission on Christmas Eve last year, agreeing to cough up $3.2 million with 40 customers expected to benefit from this to the tune of $2.3 million.

OFF THE BOIL
Westpac today reported that their consumer confidence index fell to 113.0 in the June quarter. This is the lowest level since early 2013, though confidence remains slightly above average. Concerns around the economy drove much of the decline - unsurprisingly so given the downturn in the dairy sector's prospects. Consumers' reported spending appetites have also come off from recent peaks, but remain moderately upbeat.

TOURISM SECTOR IS HOT
May visitor numbers were very strong, up +9.5% from the same month a year ago which themselves were +5.4% higher. Tourism is booming. And May and June are typically the low point in the tourism year. The great numbers are being driven by visitors from the Pacific rim - China, up +45%, the USA +10% and Canada +19%.

AGGRESSIVE CREDIT PUSHERS
Credit card use in May was up a seasonally adjusted +6.5%, up +2% s.a. from April. (But this data was much less on a non-adjusted basis.) But the banks keep pushing higher credit limits on to cardholders. That is now up to a massive $21.9 bln, but to our collective credit we are using less than 30% of that, and the lowest 'utilisation' level in well over five years. Take a look at this chart, especially the credit limit tab, to see how aggressive banks have suddenly become.

WHOLESALE RATES ON HOLD
Swap rates eased -1 bp across the whole curve. The 90 day bank bill rate was down a similar -1 bp to 3.24%. Local markets are waiting on signals from Wall Street and London.

NZ DOLLAR UNCHANGED
The NZ dollar has hardly moved today. Even the robust migration data didn't shift it. It is still at 69.1 USc, 88.9 AUc, 60.8 euro cents and the TWI is still at 72.4.  Check our real-time charts here.

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