A review of things you need to know before you go home on Tuesday; NZCU Baywide hits 4%, Crown surplus grows, truckometer nears limits, huge Aussie deficits, more Auckland housing, swaps up, NZD up

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

MORTGAGE RATE CHANGES
There are no changes to report today.

DEPOSIT RATE CHANGES
NZCU Baywide raised all their TD rates from 5 months term to 5 years term. From three and longer they offer 4%.

BETTER THAN EXPECTED
Lost in all the focus on the National Party leadership change was the release of the Crown Accounts for the four months to October. They show a better than planned position with an operating surplus of $3.0 bln (expected a loss of $0.2 bln), and an OBEGAL position of $(131) mln whereas a loss of $(1.1) bln was expected.

HITTING THE SPEED LIMIT
ANZ's truckometer report was out today for November and shows an economy in a buoyant mood. Their Heavy Traffic Index rose +4% in November, more than recovering falls in the previous two months. The index continues to trend upward. The Light Traffic Index rose +1.7%, recovering much of its October fall. It is notable that the Heavy Traffic Index is trucking along, albeit with volatility, but the upward trend in the Light Traffic Index, which leads the economy by six months, has flattened out. Firms report that the availability of labour is restraining growth, and credit is also becoming a constraint. Given the economy’s speed limits, it would not be at all surprising or concerning to see growth moderate over the next six months. 

BIG BUT DECLINING
In Australia, their current account deficit for Q3 came in lower than expected and is now running at an annual basis of AU$65.6 bln. This is down from the AU$74.6 annual C/A deficit in the year to June, and the AU$66.5 bln in the year to September 2015.

BIG DEFICITS
The operating balance for all levels of government in Australia for the year to September was reported today and came in as a deficit of -AU$25.1 bln. That compares with a deficit in the year to September 2015 of -AU$30.4 bln. Even though they are large deficits and smaller this year, they are a very long way from posting a surplus. The Federal Government will reveal its Mid Year Economic and Fiscal Outlook in January.

SUPPORTING LOWER EMISSION FUELS
Changes to petrol and diesel specifications have been announced today which set out minimum standards for fuel performance, and should support the growth of lower-emission fuels. The changes include reducing the sulphur level allowed in petrol from 50 to 10 parts per million; introducing a total oxygen limit, which potentially allows a wider range of fuel blends; and raising the biodiesel blend limit in diesel from 5% to 7%.

A 9TH CROWN LAND HOUSING SIT, 6TH IN AUCKLAND
A new 300-home development on a 11 ha part of the Point England Reserve in Auckland has been announced today. This project has a goal of a minimum of 20% social houses and 20% affordable houses.

CONFIDENT ON THE LAND
In the latest Rabobank survey of farmer confidence, dairy farmer confidence has shot up, but sheep & beef farmer confidence has fallen markedly. Overall farmer confidence levels are high however.

WHOLESALE RATES HEAD HIGHER
Swap rates added back half of yesterday's fall in local trading today. The two year is up +2 bps, the five year is up +3 bps, and the ten year is up +4 bps. The 90-day bank bill is unchanged at 2.04%. NZGB bond yields rose about +2 bps across the curve.

NZ DOLLAR RISES
The Kiwi dollar has recovered back to where it was before the Key resignation and is now at 71.5 USc. On the cross rates it is up at 96 AUc which is its highest level since late September, and is at 66.5 euro cents. The TWI-5 now at 77. Check our real-time charts here.

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