A review of things you need to know before you go home on Friday; Man gets 3 year prison term for false GST returns, sharp drop in real estate agency commissions, biosecurity law revamp

A review of things you need to know before you go home on Friday; Man gets 3 year prison term for false GST returns, sharp drop in real estate agency commissions, biosecurity law revamp
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Here are the key things you need to know before you leave work today.

MORTGAGE RATE CHANGES
Nelson Building Society decreased its fixed one year rate to 4.69% (-0.20%) and its two year fixed rate to 4.79% (-0.20%).

TERM DEPOSIT RATE CHANGES
The Co-operative Bank decreased its six month rate to 3.05% from 3.10%. 

MAN IMPRISONED FOR FALSE GST REFUNDS
Tony Edward Cree has been sentenced to three years imprisonment for falsely claiming just over $1.1 million in false GST refunds. Inland Revenue says Cree, via his company Civil and Marine Group Ltd, claimed GST refunds between December 2009 and January 2015, when his and his company's bank accounts showed no expenses for business activity during that period. "At one point he claimed his partner was sick and had passed away, which made it difficult to comply with information requests made by IRD. This turned out to be false as well," IRD said.

BIOSECURITY LAW REVAMP
The Government is overhauling the country's biosecurity system off the back of the Mycoplasma Bovis outbreak. It has released the terms of reference for its review of the 26 year old Biosecurity Act and next week will introduce a Bill to revamp the National Animal Identification and Tracing Act.

MILD WEATHER IMPACTS VECTOR'S Q2 PERFORMANCE
Milder weather in the second quarter of the year had a dampening effect on Vector's performance. The country's largest electricity distributor got off to a good start to the financial year ending June 2019, and benefited from a cold winter last year, which had boosted both electricity and gas volumes. But milder conditions in Q2 meant those gains were pared back. However the company grew its electricity customer base by 1.4% during the 12 months and its gas customers by 2.2%.

REAL ESTATE AGENCY COMMISSIONS DOWN STRONGLY IN AUCKLAND, HOLDING ELSEWHERE
Estimated real estate agency commissions from residential property sales in Auckland were down 12.3% in the second quarter of this year compared to the second quarter of last year, and down 36% compared to the second quarter of 2016. Around the rest of the country (excluding Auckland) estimated commissions were up 3.6% compared to a year ago and almost unchanged from three years ago.

NOMINATIONS OPEN FOR LOCAL BODY ELECTIONS
Nominations opened today (June 19) for candidates wanting to stand in this year's local council elections. They will close at noon on August 16.

 

SWAP RATES FLAT TO SLIGHTLY LOWER
Local swap rates are flat or lower, with one to four year NZ swap rates unchanged and five to 10 year rates down between one and two basis points. At the time of writing the two-year rate's at 1.33%, and the five-year rate's at 1.41%. The 10-year rate is down two basis points at 1.76%. The 90-day bank bill rate's at 1.52%, down one basis point. Australian swap rates are also slightly lower across the curve, with the two-year rate down two basis points to 0.98%. 

NZ DOLLAR SLIGHTLY HIGHER
At the time of writing the Kiwi was slightly higher over the day against the greenback at US67.87 cents, and slightly higher against both the Aussie dollar and euro at AU95.94c, and €60.23c. The TWI-5 is also slightly higher at 72.54.

BITCOIN HIGHER
At the time of writing Bitcoin's up almost 9% at US$10,593.02.

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John Bank, will he, won't he?

...he will ... you can bank on that !

Only if he wants to drag old legal issues up. I would say he is on a "keep your head down warning" .

MILD WEATHER IMPACTS VECTOR'S Q2 PERFORMANCE
Vector and other energy suppliers might increase their efforts towards reducing global warming after a bad year like that.

Another Kiwi appointed as CEO of a big-4 Aussie bank taking the score to 2 out of 4!

Jacinda Ardern and the media scrum she took with her to Australia have been stranded overnight in Melbourne , cos our plane broke down ... tee heee . . Typically Kiwi .... the rubber band snapped ?

... oi , Jacinda ... we've declared a climate emergency... why did you fly over there... ever heard of Skype !

Maybe it's a cover story for the fact she refused to return to NZ after understanding she'll be carrying the ball when the Aussie parent banks turn screws on NZ

Banks is damaged goods, but Goff is so unpopular he may well stand a chance. Tamihere will take some leftie votes away, giving Banks a good shot, and you can be he's done his sums. Question is, though, why would he want it? Auckland's a disaster in local body terms.

Lovely day in crypto here. Yesterday the markets plunged and we entered the "extreme fear" sentiment phase. I took the chance to scoop up bitcoin at $9.1k from some panic sellers. Yum yum!

You might have been better off picking up gold mining stocks.

. . Gold mining stocks are an actual industry ... machinery , folks working , ore being smelted ... a tangible product , glittery precious metal in bars or jewelry ..

Whereas Buttcoin .... represents dreams , pure gambling , a load of hot air ....

Lonewolf will be very lonely one of these days..

MAN IMPRISONED FOR FALSE GST REFUNDS - This is even funnier, check this out:-
BBC article: Christian family fined after arguing taxes 'against God's will'.
A Christian family who refused to pay income tax because it went "against God's will" have been ordered to pay more than A$2m (£1.1m $1.4m) to Australia's tax office.
https://www.bbc.com/news/world-australia-49017512

... geeeez . . dont let Brian Tamaki see that ... he'll be pooping his 100 % silk ecclessiastical nappies ...

Gordon Bennett... have they not read Matthew 22 verse 21?

Render unto Caesar the things that are Caesar's, and unto God the things that are God's.

Pay ya taxes, silly bogans.