A review of things you need to know before you go home Friday; Kiwibank cuts two mortgage rates, adds to TD rate, apartments very hard to sell, Canadians buy Murray Goulburn, swaps and NZD little changed

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

MORTGAGE RATE CHANGES
Kiwibank has reduced its 3 year ‘special’ by -10 bps to 4.99%. Their five year rate is down by -30 bps to 5.69%. Neither of these changes make them market-leading although they do have their free Samoa holiday offer still running.

DEPOSIT RATE CHANGES
Kiwibank now have a 3.60% one year ‘special’. (That extends their existing 3.60% nine month ‘special’ rate.)

‘CITY OF NO SALES’
Auckland city apartments are hard to sell these days. The latest events have generated zero transactions

UPDATED SCORES
Updated data out in Australia shows their economy grew by just +2.0% in real terms in 2016-17. This is the 26th consecutive year of economic growth, but the lowest rate of growth since 2008-09. GDP per capita grew by just +0.4% in the year to June 2017. (The equivalent data for New Zealand is +2.7% and +0.6%.)

THE CANUKS ‘WIN’
Canada’s Saputo is set to become Australia’s biggest milk processor after agreeing to pay AU$1.3 bln for Murray Goulburn’s assets. Fonterra’s expression of interest didn’t feature and is going its own way, competing hard for MG’s suppliers.

WHOLESALE RATES STABLE
Swap rates are up +1 bps again today for all terms 3 to 7 years, and +2 bps for 10 years. The 90 day bank bill rate is unchanged at 1.94%.

NZ DOLLAR LITTLE CHANGED
The NZ dollar is down another ½c today against the greenback, now trading at 68.3 USc. On the cross rates we are at 89.5 AUc and recovered to 58.7 euro cents. The TWI-5 is still about 71.7. The bitcoin price is up again, now to US$5,911, a +4% gain on the day and back near a record high.

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