A review of things you need to know before you go home on Thursday; no rate changes, MPS tame, building consents slump, Wynyard liquidated, Synlait raises payout, swap rates slump, NZD loses 1c

Here are the key things you need to know before you leave work today.

MORTGAGE RATE CHANGES
There are no changes to report today. Nothing in today's RBNZ policy announcement has triggered any bank to move.

DEPOSIT RATE CHANGES
No changes here either.

A TAME AFFAIR
In today's RBNZ Monetary Policy Statement, Governor Wheeler has left the Official Cash Rate unchanged at 1.75%. In their working forecasts they have assumed a small upward move in interest rates in 2019.

UNWELCOME SURPRISE
Dwelling consent figures ended last year on a sour note with little relief in sight for Auckland's growing housing shortage. There is now an annual decline which is the largest since June 2011 and is surprising given the general strength of the economy and chronic under-supply of housing in key regions.

CAPACITY CONSTRAINED
The value of non-residential building consents ticked up in December. But annually, the value of non-residential consents in 2016 was only +1.7% higher than a year earlier and, given building costs increases, represents a fall in the volume of consents. Limited capacity in the construction sector will continue to restrain activity on the non-residential building front.

WYNYARD BITES THE DUST
A former high-flyer is no more. Creditors have placed the Wynyard Group into liquidation.

PAYOUT THINKING MOVES TO $6+ LEVEL
Today, Synlait Milk raised its current season payout estimate from $6 to $6.25/kgMS. That compares with Fonterra's $6.00 plus dividend. However, NZX Agri analysts have downgraded their farmgate milk price forecast for the 2016-17 season by -2c to $6.38/kgMS based on the latest GlobalDairyTrade auction.

ANOTHER WELLINGTON LOBBY GROUP
A new trade association and lobby group has been formed for financial tech firms in New Zealand, the New Zealand Financial Innovation and Technology Association (FinTechNZ). It is for companies that make cloud-based accounting systems, and app-based mobile payments systems, and the like.

CRUSHER GOES AFTER OIL COMPANIES
Judith Collins has got MBIE to investigate fuel prices and profits (ie "returns") and the review should be complete by June. "MBIE data shows that fuel margins have more than doubled over the last five years. The Market Study will report on fuel company returns and will include in-depth analysis of oil companies’ finances," she said.

POLITICS & TRAVEL DON'T MIX WELL
Travel bookings to the United States fell -6.5% in late January compared to last year in the wake of President Donald Trump's travel ban, according to a trade report. The travel restrictions apparently deterred many travelers, and not just those the seven Muslim-majority countries hit by the ban.

WHOLESALE RATES SLUMP
Following Wall Street's slide over the past two days, local swap rates caught up today in a rush. One year rates are down -3 bps, two years down -4 bps, five years down -6 bps and ten years down -8 bps. The 90 day bank bill rate is down -1 bp to 2.02%.

NZ DOLLAR FALLS TOO
Yesterday's small fall has been followed by a big -1 c fall today. Comments by the RBNZ triggered the selloff. Against the US dollar we are now down to 72.2 USc. On the cross rates we are at 94.8 AUc, and at 67.6 euro cents. The TWI-5 index has fallen to 77.6. Check our real-time charts here.

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