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
Again, no changes to report today. All rates are here. And note, you can compare mortgage offers with our new calculator that takes into account other costs and cashback incentives, here.
TERM DEPOSIT/SAVINGS RATE CHANGES
Heartland (and AMP) have trimmed their term deposit rates. All updated term deposit rates less than 1 year are here, for 1-5 years, they are here.
COMPANY LIQUIDATIONS SURGE
We track the official Government Insolvency Service data. Personal bankruptcies are in a rising trend from the 2023 low. No Asset Procedures are holding in the low range that started in late 2021. But the data of the ITS company liquidations that started in 2004 has never been higher, spiking over 100 in October 2025 for the first time ever for any month. Reading this chart (see the fourth tab) shows this worrying surge dramatically.
ELECTION POLICY
National has pledged to increase the KiwiSaver default contribution rates to 12% by 2032 to match Australia (today).
AFTER TWO YEARS ...
It has been two years since the Coalition National-ACT-NZFirst government was elected. In Q4-2023, GDP was +0.6% and the Q2-2025 GDP was -0.2%. There were people 121,300 jobless. Today there are 156,200. Back in Q4-2023 CPI was 4.7%. Now it is 3.0%. Two years ago NZ$1 was worth 59.7 USc and 92 AUc. Today our currency is worth 55.9 USc and 87 AUc.
NZX50 FALLS
As at 3pm, the overall NZX50 index was up +0.4% so far on Monday. That puts it also down -0.2% over the past five working days. But it is up +3.1% year-to-date. From a year ago it is now up +2.1%. Market heavyweight F&P Healthcare is up +0.3% so far today. Gentrack, Investore Property, SkyCity casino and Meridian lead the gains, while Argosy, Tourism Holdings, Air NZ and Genesis are the big decliners.
TAKE OUR NEW QUIZ
Our new quiz is open with an updated challenge, and you can play until 4pm on Sunday. Fo a second consecutive week more than 600 people played. It is open for all, Supporters and those yet to sign up. Anyone can play.
SWAP RATES HOLD
Wholesale swap rates are probably little-changed today. 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 2.44% on Friday. Today, the Australian 10 year bond yield is down -1 bp at 4.46%. The China 10 year bond rate is little-changed at 1.81%. The NZ Government 10 year bond rate is unchanged from this morning at 4.31%. The RBNZ data is now 'prior day' with Friday's rate is up +3 bps at 4.28%. The UST 10yr yield is unchanged at 4.06%.
EQUITIES MOSTLY POSITIVE
The local equity market is up +0.3% in Monday trade so far. The ASX200 is up +1.0% in afternoon trade. Tokyo is not trading today because it is "Labour Thanksgiving Day" in Japan. Hong Kong is up +0.9% but Shanghai is down -0.3%. Singapore is +0.2% firmer at its open. Wall Street futures trade suggests that the S&P500 will open up +0.7% in Monday trade tomorrow.
OIL STAYS LOW
The oil price in the US holding low to just on US$58/bbl and the international Brent price is still just under US$62.50/bbl.
CARBON PRICE HOLDS LOW
There are only a handful of tine trades so far today so hard to assess the price implications. Basically unchanged at $44/NZU. The next official carbon auction is on December 3, 2025 and likely heading for another failure. See our daily chart tracker of the NZU price for carbon, courtesy of emsTradepoint.
GOLD SOFT
In early Asian trade, gold is down -US$19/oz from this morning, now at US$4045/oz.
NZD HOLDS SOFTISH
The Kiwi dollar is little changed from this morning's open at just under 56.1 USc. Against the Aussie we unchanged at 86.9 AUc. Against the euro we are holding at 48.7 euro cents. This all means the TWI-5 is down -10 bps from this morning at just on 60.7.
BITCOIN FIRM
The bitcoin price is now at US$87,135 and up +0.6% from this morning. Volatility has been low at just on +/- 1.5%.
Daily exchange rates
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This soil moisture chart is animated here.
Keep abreast of upcoming events by following our Economic Calendar here ».
25 Comments
The Aussie Bureau of Meteorology’s new website costs are causing outrage across social and populist media. We're talking a $96.5 million AUD spend, exceeding an initial estimate of around $4 million. The spending included $4.1 million for the front-end redesign, $79.8 million for building and upgrading back-end systems to improve security and data handling, and $12.6 million for launch promotion and security testing. But it feels that many are missing the actual point (and relevant in the Aotearoa context as well):
- Like under Team Ardern, Team Albo doesn't give a rats because the prevailing attitudes are based around 'we know better' and lack any sense of personal and group accountability. When the size of the public sector becomes so large, it's not necessarily possible to comparatively benchmark with the pvte sector. All we have is public sectors in other Anglosphere nations.
- Nobody seems to question the soft / hard corruption relationships with Deloitte and Accenture who are essentially writing their own cheques.
https://www.itnews.com.au/news/bom-website-redevelopment-cost-hits-965m…
Ummm... have you had a look at the latest lot here in NZ. They REALLY don't give a rats arse. Corruption? This is the most beholden Government real New Zealanders have ever suffered under.
get out more eh?
Fair comment. Whether it's the snowflakes or the wingnuts, the game of mates is firmly entrenched. And to be honest, Aussie public sector corruption and waste might be worse than Aotearoa.
Nevertheless, Team Ardern liked to trumpet Aotearoa's high ranking on the bogus Transparency International Corruption Index. Be good to see Robbo removed from the VC role at Otago University. An appalling example of what I'm talking about. You could say Steven Joyce's consulting rorts are equally as detestable.
Went past a few state housing areas on my way to work today. Many sections that were cleared under Labour that are still empty under National. People accused Labour of not doing anything, but the construction they achieved was impressive. National cut it all saying it was excessive, but it hasn’t exactly made us wealthy. .
People accused Labour of not doing anything, but the construction they achieved was impressive
Not in a good way. Super poor value for money, delivered slowly.
Have you been through some of those areas? Places that were once absolute shit holes are now quite nice, and at 3 times the density. Sure they could have done it cheaper by making them 3x as shit.
I've been involved in some of the projects. The way the government do these pretty much doubles the cost. So we get half as much housing per dollar.
But great optics, as you say.
IT upgrades aren't cheap at that scale
With the IRD being owed so much money we can expect liquidations etc to increase.
I believe the money must be repaid or written off this way, it cannot be forgiven
https://www.rnz.co.nz/news/business/576440/inland-revenue-says-tax-crac…
if 10bil is owed we can expect massive numbers coming
At least bank debt is tied to personal assets. Perhaps legislation is required to allow the IRD to sell up personal assets for recovery...?
Update on my non-scientific tracking of trademe mortgagee listings
October 2022 = 26
March 2023 = 37
February 2024 = 44
March 2025 = 65
October 2025 = 89
November 2025 (today)= 118
Keep it coming
Those stats for National are terrible. Yea they cut inflation, but it was heading down rapidly before they were elected. They really need next year to be pretty good.
Those stats for National are terrible. Yea they cut inflation, but it was heading down rapidly before they were elected.
The only way govts can cut inflation is to extinguish money supply and not crowd out the pvte sector.
They really need next year to be pretty good.
Most of us can still remember the dark days of Jacinda and Hippie, Labour need another 3 years to flow past, at least ....... I doubt 3 years will have past before the next election. When JA flies into NZ she still needs SAS and Police protection.
Most of us can still remember the dark days of Jacinda and Hippie, Labour need another 3 years to flow past, at least ....... I doubt 3 years will have past before the next election. When JA flies into NZ she still needs SAS and Police protection
I don't believe they've learnt anything. Nor do they inspire me that they have any vision for the future. Just more Kumbaya moments.
Mind you, I don't seen anything from the Wingnuts either, beyond preserving the status quo.
The choices are depressing all round
AFTER TWO YEARS... the increase in the jobless numbers; combined with the huge spike in company liquidations are both really bad signs. I can't think of anything they've started and completed that made a positive difference - and the world seems to be thinking likewise given our dollar's slide.
Just wondering whether anyone else thinks TVNZ's One News seems to sanitize the news coming out of the US?
People still watch “the news” ?
Yes
On what topics?
Note there's only so much detail to be squeezed into a half hour bulletin
Just about everything they report. Last night was the Russia-Ukraine 28-point peace proposal from the US. Trump stated to the press that Ukraine had to agree to it by this Thursday (Thanksgiving) or the US would deny them any further support. The Sec'y of State then said it wasn't a US proposal, rather it was a Russian proposal, and was to be used as the basis for further negotiation.
Many examples of Trump spouting off - either in press stand-ups or on Truth Social - and he is then 'corrected' by others in his administration.
His mind is failing - he can't keep up/process what is going on around him. Our news seems to subtly make out things are normal over there - when instead it is chaos and lunacy.
There's only so much Trump that the NZ viewership want or can handle.
Remember they're only airing world news in our small window of national interest here - there's a broader array on our news websites, and there is certainly no shortage of Trump content to be found elsewhere online for those with a strong stomach.
That's true! :-).
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