A review of things you need to know before you go home on Tuesday; mortgage & TD rate changes, building consents up, English joins Wesfarmers, TWG gets 1000s of submissions, swaps flatter, NZD holds

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

MORTGAGE RATE CHANGES
ANZ raised its 2 year fixed home loan rate by +10 bps and lowered their three year fixed rate by -10 bps. The result is that neither new rates are market-leading, or even remarkable.

TERM DEPOSIT RATE CHANGES
NZCU Baywide cut all rates 3 months to 18 months by -5 to -30 bps.

DENSITY SPURS GROWTH
There were 2,926 new homes consented nationally in March, up +5.3% on the same month a year earlier. Auckland had 1,082 consents, up +15%. Wellington starred however with a +79% increase in new dwelling consents from March last year and that was wholly due to denser housing types. (Wellington was up +50% in March 2017 from March 2016 as well.) Because of this shift, overall dwelling consent value growth was less than +5% year-on-year. The number of consents for townhouses was an all-time record for any month at 617, up +52% from the same month in 2017.

TURNING UP
Non-residential building consents totaled $714 mln in March, which was the highest monthly figure in the year, but it was -15% below the exceptionally strong result in March 2017. However, Infomentrics said the result was above their forecast and "augurs well for further growth in activity in coming quarters".

RETIREMENT JOB
Bill English has joined Wesfarmers board as a director. Wesfarmers is a huge Aussie listed company based in Perth best known for some major retail brands: Coles supermarkets, Bunnings, K-Mart and Target. But all up they have about 50 businesses in the conglomerate and a good sized presence in New Zealand. Wesfarmer non-executive directors earn about AU$245,000 per year in directors fees, plus another approx. AU$27,000 on "other benefits" and Superannuation.

COMMISSIONER CULLEN HAS PLENTY TO CHERRY PICK FROM
The Tax Working Group’s public consultation has now ended with 6,700 submissions received. That is separate from 'advice' being received from Government agencies and the political leadership. In addition to written submissions, around 16,000 votes were received on the quick polls on the Tax Working Group website. They say "The prospect of a capital gains tax tops the chart of important tax issues followed by funding retirement and protecting the environment."

CEREAL FARMERS DO IT TOUGH
Cereal farmers in New Zealand have had a poor season. In the latest survey, few winter crops are being planted, and last year's milling wheat and feed wheat crops are all less than 70% sold. Prices are low, imports are cheap, the immediate prospects for arable farmers aren't that flash. Regulation of farmland use is on the rise. Importers offer the same quality without the hassle. "Other options" are now the catchword.

BIG BANK, RECORD PROFIT
The first indications of ANZ NZ's financial results to March 2018 are out and the look impressive.Its interim profit climbs +11% to NZ$964 mln as net interest margins rise. Loan impairments rise, revenue growth narrowly ahead of increase in expenses.

BENCHMARK INTEREST RATES LOWER, FLATTER
Local swap rates flattened further today. The two year is up by +1 bp, whereas the five year is unchanged, and the ten year is down by -2 bps. The UST 10yr yield is still at 2.96%, unchanged. The Aussie Govt 10 yr is now at 2.76% (down another -3 bps). The China 10 yr is unchanged at 3.65%. The NZ Govt 10 yr is down another -3 bps at 2.84%. The 90 day bank bill rate is unchanged at 2.02% today.

BITCOIN LOWER
The bitcoin price is now at US$8,974 which is down -4.5% from this time on yesterday.

NZ DOLLAR HOLDS
The NZD is slightly softer today and now at 70.4 USc. We are marginally weaker on the cross rates too where we at 93.3 AUc and at 58.3 euro cents. That has the TWI-5 at 72.6.

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