Here are the key things you need to know before you leave work today.
TODAY'S MORTGAGE RATE CHANGES
There have been no home loan rate changes again today.
TODAY'S DEPOSIT RATE CHANGES
It's still all quiet on the term deposit front as well.
DIVERGENCE DRIVES RECORD
The NZD reached a new record post-float high this afternoon against the AUD at 96.9 AUc. The drums are beating louder in Australia for another rate cut next Tuesday; meanwhile data out here is still very positive.
STILL WAITING
Building consents issued in January were at pretty lame levels, especially in Auckland. There were 102 consents issued in Hamilton, a doubling on the same month a year ago. But there were only 68 consents issued in South Auckland, only 86 in West Auckland, and only 72 in Rodney. These three Auckland zones are where the bulk of affordable housing should be being built but it is not happening yet. There were 300 new housing consents issued in Christchurch and 76 in Wellington. Meanwhile, the private non-residential building surge continues, up +21%, based mainly on Auckland and Christchurch projects.
LINE AND LENGTH
Business sentiment has started the year with an extremely positive tone says ANZ about their February survey. Firms’ own activity expectations, employment and investment intentions are all robust and consistent with the economic expansion rolling on at a hefty clip. Pricing gauges remain tame. The RBNZ’s sabbatical is looking to be a long one observes Cameron Bagrie.
A MONTH OF FUN
Winston Peters today announced he will be challenging the National Party in the Northland by-election which will be held on Saturday, March 28.
MORE WATER STORAGE
Also in Northland (a co-incidence?), the MPI is to progress a study on water storage and infrastructure development.
ANOTHER BIG DAM APPROVED
A major approval of the Nelson/Tasman Waimea Community Dam was announced today. Approval is one thing; funding will be the next challenge.
FARMERS AND CONSUMERS GEAR UP
The credit (read debt) data for January released today by the RBNZ reveals little change in recent trends. But worth noting is that Rural credit is growing faster (+4.9% pa) and Consumer credit is still rising at a fast pace (+6.5%).
WHOLESALE RATES RISE
After the sharp drop last night, interest rate swap markets realised they had overdone it and rates rose today to put back half of the falls. We have seen +1 to +3 bp rises across the curve. The 90 day bank bill rate is unchanged at 3.63%.
NZ DOLLAR RISES
Check our real-time charts here. Data drove our currency higher today. The kiwi dollar is now at 75.4 USc, up to 96.9 AUc a new post-float high, and the TWI is up to 79.1.
You can now see an animation of this chart. Click on it, or click here.
[view:charts=embed highstock=daily exchange rates]
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