Here are the key things you need to know before you leave work today.
MORTGAGE RATE CHANGES
There were no changes today.
TERM DEPOSIT RATE CHANGES
Kiwibank increased four month rates, albeit there's a catch. The increases only run from Wednesday until Sunday, reverting to the old rates from Monday, April 19. The bank has increased its four-month rate for investments of $10,000 and higher by 55 basis points to 1%. It has lifted its four-month rate for investments from $5,000 to $10,000 by 55 basis points to 0.90%. The changes apply to business, PIE and retail term deposits.
RBNZ HOLDS THE LINE
As expected the Reserve Bank kept the Official Cash Rate at its record low of 0.25%, and maintained the current settings on its Large Scale Asset Purchase and Funding for Lending programmes. The Reserve Bank noted temporary factors such as disruptions to global supply chains and higher oil prices are leading to specific near-term price pressures, but believes medium-term inflation and employment are likely to stay below its remit targets without prolonged monetary stimulus.
KIWISAVER FEES TO FALL?
The Financial Markets Authority has released guidance to help fund managers and supervisors demonstrate how they're meeting existing obligations, statutory duties and conduct expectations when it comes to fees. Fees on some investment funds, including KiwiSaver funds, are thus expected to fall.
NZ TO END LIVESTOCK EXPORTS BY SEA
New Zealand will stop exporting livestock by sea after a transition period of up to two years, Agriculture Minister Damien O’Connor says. Upholding NZ’s reputation for high standards of animal welfare is a key driver behind the decision, he says. According to the Government, live exports by sea represent about 0.2% of primary sector exports revenue since 2015.
MIGRATION DRIVEN POPULATION GAIN TUMBLES
Unsurprisingly the latest Statistics New Zealand figures show a big drop in population growth from migration this February compared to February 2020. A net migration gain of 674 in February 2021 compares to 14,874 in February last year. That's a drop of 95%.
NZ DOLLAR STRONGER
The Kiwi dollar has strengthened since this morning, post the Reserve Bank Official Cash Rate announcement. At the time of writing it's at US70.83 cents, AU92.47c, and €59.22c.
At the time of writing the NZX50 is up 0.29%, and the ASX200 is up 0.70%, reaching a 13-month high.
Bitcoin was latterly at US$63,099, down a little from the record high of US$63,707 reached in the early hours of Wednesday morning.
This soil moisture chart is animated here.
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