Here are the key things you need to know before you leave work today.
A NEW TAX PLAN
The Labour Party proposes a 36% tax rate on incomes over NZ$150,000 and lift in trust tax rate to 36%. Labour also says it will repay debt faster than National and may cut taxes in its 2nd term.
SETTING THE BENCHMARK
The NZ Super Fund had another very good month, returning 2.57% in May, better than the 1.41% in April, and taking the return for the past 12 months to 17.2%.
TAME MORTGAGE MARKET
Last week's home loan approvals data from the RBNZ was very similar to recent full weeks, but the fall away from the levels at the equivalent time last year continues. Volumes of 'new' mortgages written are down almost 14% now, values down almost 11%.
TD RATE CHANGES
Both RaboDirect and the Co-operative Bank both increased term deposit rates in and around the one year level today. The one year rate seems to be settling at about 4.5%.
HIGH DOLLAR CASUALTY
Thames Timber in the Coromandel that has been in receivership was sold today to another NZ wood profile company and will be restructured with the loss of about 70 jobs, the FIRST union says.
ANZ ANOTHER BANK COMMITTING TO THE CHCH CBD
ANZ today announced it would locate its Canterbury Corporate Office in the heart of the redeveloping Christchurch CBD. ANZ will be the key tenant in a new multi-million dollar development at the corner of Cashel and Colombo Streets. The project is due for completion in late 2016 with the office opening in early 2017.
WHOLESALE RATES
Wholesale swap rates gave back -2 bps across most of the curve today. The 90 day bank bill rate was higher today however at 3.58%.
OUR CURRENCY
The NZ dollar was down against a stronger USD today but up against the AUD. It is now at 86.7 USc, at 92.6 AUc and the TWI is still at 80.8.
You can now see an animation of this chart. Click on it, or click here.
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