Here are the key things you need to know before you leave work today (or if you work from home, before you shutdown your laptop).
MORTGAGE RATE CHANGES
Unity Money has revised its fixed rate offers, separating stand and 'special' (80% LVR or less) rates. Their 'special' rates are very bank-competitive. All rates are here.
TERM DEPOSIT/SAVINGS RATE CHANGES
Heartland Bank has trimmed -10 bps from its six and nine month rates today. AMP has matched that change. All updated term deposit rates less than 1 year are here, for 1-5 years, they are here.
FEWER WORKING AGED MIGRANTS
There has been a big increase in the number of people aged 65 and older gaining NZ residence visas. They, along with migrants aged under 20, are contributing an increasing share of residence visa approvals, now more than a third.
HOLD OR CUT?
All eyes are now on Wednesday's OCR review. And the experts are divided. At least those on the NZIER reviewing panel are. They say the RBNZ's decision hangs between global volatility and inflation pressures
SWITCHING ACTIVITY JUMPS
Although the number of home loan borrowers who changed banks in April was lower than in March, it was still high at 2629 in the month, and on average they switched a mortgage worth $663,400. Although those levels look similar to recent months, in fact this April was special because it was +35% more switching that a year ago, the highest April ever. But the average loan size was -3% less than the year-ago level. Clearly borrowers with large loans are increasingly motivated to find a better deal.
NZX LOWER YET AGAIN
As at 3pm, the overall NZX50 index is down -0.4% so far today, in an easing trend. It is down -0.7% for the past week, down -4.0% since the start of the year, but up +6.7% from this time last year. Turners, Vital Healthcare, SkyCity, and Property for Industry post gains, while Oceania, Freightways, The Warehouse, and Vista lead declines
HIGHER RETIREMENT AGE
In case you missed it (we did), Denmark's parliament just voted 81:21 in favour of raising their retirement age to 70 from 67. Their new law will apply to people born after December 31, 1970. Driving the change are affordability reason, and that so many there receive the state pension while they are still working.
BIG BUST
In Australia, Melbourne-headquartered national private hospital company Healthscope has collapsed. Lenders are supporting its operations until a new buyer can be found. It is Australia's only national private hospital operation and healthcare provider with a network of 38 hospitals that service every state and territory. They employ 19,000 people and provide work for nearly as many accredited medical practitioners.
SWAP RATES STILL ON HOLD
Wholesale swap rates may be little-changed yet again at the short end today limited by the lack of Wall Street demand. Keep an eye on our chart below which will record the final positions closer to 5pm. The 90 day bank bill rate was down -2 bps at 3.28% on Friday. The Australian 10 year bond yield is down -6 bps at 4.39%. The China 10 year bond rate is unchanged at 1.67%. The NZ Government 10 year bond rate is also unchanged at 4.67% but was up +1 bp to 4.64% in the earlier RBNZ fix today from yesterday. The UST 10yr yield is on 4.55%, up +4 bps.
EQUITIES MIXED
The NZX50 is down -0.4% so far today, and the ASX200 is down -0.1% in afternoon trade. Tokyo is up +0.5% in early Monday trade. Hong Kong has fallen -0.7% at its open while Shanghai is up only +0.1%. Singapore has opened down -0.4%. Wall Street is on holiday for their long Memorial Day weekend, returning Wednesday NZT. The S&P500 futures are up +1.2% at this time on news that Trump has pushed back his threat of tariffs on the EU from June 1 to July 9. TACO.
OIL HOLDS
The oil price is unchanged at just on US$61.50/bbl in the US, and down -50 USc to just over US$64.50/bbl for the international Brent price.
CARBON PRICE HOLDS
The carbon price is unchanged today at NZ$55/NZU but there is almost no volume. The next official carbon auction is on Wednesday, June 18, with a $68 floor price. See our daily chart tracker of the NZU price for carbon, courtesy of emsTradepoint.
GOLD SLIPS
In early Asian trade, gold is down -US$6/oz from this morning at US$3351/oz.
NZD RISES ON FALTERING GREENBACK
The Kiwi dollar is up +30 bps from this morning, now at 60.2 USc and the fist time over 60 USc in 214 days. Against the Aussie we are up +10 bps at 92.3 AUc. Against the euro we are up +10 bps at 52.8 euro cents. This all means the TWI-5 is now at 668 and +20 bps firmer and its highest since December 10, 2024.
BITCOIN FIRMS AGAIN
The bitcoin price is at US$109,380 and up +2.0% from this morning's open. Volatility has been modest however at +/-1.4%.
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16 Comments
NZ Super. Alongside the comments on CT’s column today, and given the increase in “elderly” immigrants as above, surely the right to receive should be after at least twenty years residency from time of arrival, rather than the sliding scale at present. Even then an arrival at 45 years of age has about 40% less of contributions than a NZ worker who starts at the age of 17.
Healthscope: looks like a private equity snafu
https://www.abc.net.au/news/2025-05-26/private-hospital-operator-health…
Wow great link kiwikids.
Private equity not the masters of the universe they though they were.
I am pleased to see the actual operation is likely to continue. But still, it should not have to manage this s##t.
The hospitals and clinics in Victoria now off to the Cayman Isles as a result of Josh Frydenberg approving Healthscope takeover by notorious tax dodger Brookfield.
"It originally paid close to $5.7 billion but, in a typical private equity play, sold off the company's property portfolio to a Canadian property trust and the ASX-listed HCW Real Estate Investment Trust — Brookfield has failed to pay them rent for some time."
Standard practice I guess, to flog off the property and lease it back, but either someone forgot to factor in the rent they were supposed to be paying going forward - or paid themselves a capital dividend (or similar term) to inevitably gut the business. Got to love the private sector with its infallibility when it comes to running big business.
NZ Pollies will naturally turn a blind eye when it comes to arguing that private always does it better than public.
Wow, so Trump has already backed down from his threats to impose 50% tariff on the EU from 1st of June, to "we'll negotiate by the 9th of July as was originally planned" in the 90 day delay to Trump's original tariffs in early April. What a fool, does Trump really not understand that he's making himself look ridiculous and weak with his childish sudden tweets ?
Why would he need to understand. After all he has been elected twice to be in charge of reputedly the greatest super power on the planet and for the icing on the cake, given immunity, legal vs illegal, moral vs immoral for all his acts past, present and future. In the jargon of his younger years, he is a flameproof, Teflon coated untouchable.
I think Trump cares very much about his image. He wants to be seen as all-powerful, strong and successful. His actions demonstrate the exact opposite.
Don’t disagree Yvil, not at all. But the big picture is that when any identity is surrounded and insulated with head nodders, sycophants and other glory makers and seekers it is difficult to then not be convinced that you yourself, are infallible. In a similar vein but of course on a much much smaller scale, NZ itself recently experienced a similar scenario to the point that the NZH reported that on one occasion, a close attendee to that identity, said it was liking touching Jesus. History tells us potentially, it’s actually very dangerous. In the 1930s there were European dictators so lauded that caused ladies in proximity, to simply faint. Any extremity in political leadership is a threat in itself as the direction quickly becomes far removed from reality.
Pronouns, Foxglove, try using pronouns.
Using pronouns is lazy writing. Read traditional modern novelists such as Maugham, Greene, Chandler and that is well exampled. Or perhaps heed John Fowles viz - “the pronoun is one of the most terrifying masks that man has invented.”
I'm thinking he's trying to settle the bond market. Fire, aim, ready is the way he operates.
Norm wins the chocolate fish
Imagine if he had the wisdom or capability to think before he speaks or tweets!
What a fool, does Trump really not understand that he's making himself look ridiculous and weak with his childish sudden tweets ?
Someone like Trump has about zero introspection.
If things work out, it's because he's great.
If they don't, it's because someone else is a doodie-head.
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