A review of things you need to know before you go home on Friday; savers face lower returns, Robinson faces porridge, less people on a benefit, fewer job ads, lower bank bill rates

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

TODAY’S MORTGAGE RATE CHANGES
ASB, Sovereign and NZ Home Loans all reduced some standard mortgage rates, but they have better ‘special’ rates for the same terms and those ‘specials’ did not change.

TODAY’S DEPOSIT RATE CHANGES
ASB and Westpac both cut call/savings rates today and Westpac and Heartland both reduced term deposit rates today by between -5 and -15 bps.

PORRIDGE
An Auckland financial adviser Andrew Robinson has today been sentenced to six years in prison for stealing $2.7 mln from clients who used his services. The offenses occurred in 2012 and earlier. You can see how this compares with other sentences here.

LESS ON A BENEFIT
Benefit numbers are falling according to June data released today by MSD. Totals are -2.9% lower than for June 2014. Over the past five years, the total numbers of working age people on a benefit has fallen by -47,500 while the employed workforce has grown by +217,300 over almost the same period.

GLOSS OFF?
Job advertising data released today by ANZ suggests demand for labour continues to ease, particularly in Canterbury, the Waikato and the Manawatu. Hawke’s Bay and Auckland are experiencing the strongest growth in job ads. Total job advertising fell -0.6% sa in June. Job ads have declined for five of the past six months and the trend is now declining. 

THE TIGHTENING STARTS
The mortgage door has closed for property investors with less than 30% equity following an announcement by ASB that it will issue no more pre-approved mortgages for property investors in the Auckland area who can’t meet that standard. This follows the June RBNZ policy change and ASB noted that although they don’t formally take effect until 1 October, the regulator expects banks to act in the spirit of the changes in advance.

WHOLESALE RATES FALL
NZ swap rates fell again today at the short end but rose at the long end. These changes were minor though. However, the 90 day bank bill rate fell by another -5 bps to 3.07%. That’s the second day in a row, clearly signaling next Thursday should bring an OCR cut again.

NZ DOLLAR HOLDS
The NZ dollar is now at 65.3 USc, at 88.1 AUc, and 60 euro cents. It is holding the lower levels it fell to yesterday. The TWI is now at 70.1. Check our real-time charts here

You can now see an animation of this chart. Click on it, or click here.

Daily exchange rates

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var chart_title_arr= ["US dollar","Australian dollar","Trade weighted index","Japanese Yen","Chinese Yuan","Euro","British pound"];
var chart_subtitles_arr= ["Daily benchmark rate","Daily benchmark rate","Daily benchmark rate","Daily benchmark rate","Daily benchmark rate","Daily benchmark rate","Daily benchmark rate"];
var tab_titles_arr= ["US$","AU$","TWI","u00a5en","u00a5uan","u20acuro","GBP"];
var source_arr= ["RBNZ","RBNZ","RBNZ","RBNZ","RBNZ","RBNZ","RBNZ"];
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else if (arr.length < 536)
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var b = 537 – arr.length;
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else if(arr.length == 536)
{
var b=2;
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// to generate the format for date representation in x axis

var timestamweek = 604800000;
var timestamday = 86400000;
var timestammonth30 = 2592000000;
var timestammonth31 = 2678400000;
var timestamyear = 31536000000;
var timestamquarterly = 7776000000;

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var yy1=fomat.substring(k2+1,k3+1);

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//+++++++++++++++++++++++++++++++++++
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mm= "02";
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else if (mm == "Mar")
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mm= "03";
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mm= "04";
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mm= "07";
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mm= "08";
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mm= "11";
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var timestam2 = Date.parse(date2);
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do {
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var k2=k;

do {
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var k3=k;

var dd= fomat.substring(0,k1);
var mm = fomat.substring(k1+1,k2);
var current_year=""+new Date().getFullYear();
var c_year=Number(current_year.substring(2,4));
var c_data=Number(''+fomat.substring(k2+1,k3+1));
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var yy = “19”+fomat.substring(k2+1,k3+1);
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var yy = “20”+fomat.substring(k2+1,k3+1);
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// conversion of months into numerical form

//+++++++++++++++++++++++++++++++++++
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mm= “02”;
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mm= “05”;
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mm= “06”;
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mm= “08”;
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mm= “09”;
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mm= “10”;
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mm= “11”;
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else if (mm == “Dec”)
{
mm= “12”;
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// +++++++++++++++++++++++++++++++++++++++++++++++++++++++

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var timestam_1 = Date.parse(date);
var timestam= timestam_1+86400000; //86400000 added to get correct timezone output from Date.parse
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var Weeko = time4.getDay();
var dd2 = time4.getDate();
var mm2 = time4.getMonth();
var flag_y=arr[i][1];
var ahref_title=”Click here for full story”;
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var url=arr[i][2];
var flag_date='{“x”:’+timestam+’, “title”:”  “,”text”:”Click here for Story!”}’;

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var yy3 = yy2+””;
var yy4= yy3.substring(2,4);
//++++++++++++++++++++++++this for days conversion++++++++++++++++++++++++++++
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//+++++++++++++++++++++++this is for month conversion+++++

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mm2 = “Feb”;
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mm2 = “Apr”;
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mm2 = “May”;
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mm2 = “Jun”;
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mm2 = “Jul”;
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mm2 = “Aug”;
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mm2 = “Oct”;
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mm2 = “Nov”;
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mm2 = “Dec”;
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var xyvalu=”Latest value at “+xvalu+” is “+yvalu;
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var yy = "20"+fomat.substring(k2+1,k3+1);

// conversion of months into numerical form

//+++++++++++++++++++++++++++++++++++
if (mm == "Jan")
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mm= "01";
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else if (mm == "Feb")
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mm= "02";
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else if (mm == "Mar")
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mm= "03";
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else if (mm == "Apr")
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mm= "04";
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mm= "05";
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else if (mm == "Jun")
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mm= "06";
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else if (mm == "Jul")
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mm= "07";
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else if (mm == "Aug")
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mm= "08";
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else if (mm == "Sep")
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mm= "09";
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mm= "10";
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mm= "11";
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else if (mm == "Dec")
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mm= "12";
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//here flagAr may be
var timestam = Date.parse(date);
var time4 = new Date(timestam);
var Weeko = time4.getDay();
var dd2 = time4.getDate();
var mm2 = time4.getMonth();

var yy2 = time4.getFullYear();
var yy3 = yy2+"";
var yy4= yy3.substring(2,4);
//++++++++++++++++++++++++this for days conversion++++++++++++++++++++++++++++
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else if (Weeko==2)
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Weeko = "Fri";
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else if (Weeko==6)
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Weeko = "Sat";
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else if (Weeko==0)
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Weeko = "Sun";
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//+++++++++++++++++++++++this is for month conversion+++++

if (mm2==0)
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mm2 = "Jan";
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else if (mm2==1)
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mm2 = "Feb";
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else if (mm2==2)
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mm2 = "Mar";
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else if (mm2==3)
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mm2 = "Apr";
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else if (mm2==4)
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mm2 = "May";
}

else if (mm2==5)
{
mm2 = "Jun";
}

else if (mm2==6)
{
mm2 = "Jul";
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else if (mm2==7)
{
mm2 = "Aug";
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else if (mm2==8)
{
mm2 = "Sep";
}

else if (mm2==9)
{
mm2 = "Oct";
}

else if (mm2==10)
{
mm2 = "Nov";
}

else if (mm2==11)
{
mm2 = "Dec";
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//++++++++++++++++++++++++++++++++++++++++

//weekly
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fomat2=dd2+"-"+mm2+"-"+yy4;
}

// Daily
else if ( timestamvar = timestamyear)
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fomat2=mm2+”-“+yy4;
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//monthly
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fomat2=mm2+”-“+yy4;
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var decpad;

decpad = parseFloat(arr[i][1]);
//arr[i][1] = roundVal(decpad);
arr[i][1] = decpad;
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var xvalu=dd2+”-“+mm2+”-“+yy4;
var yvalu= String(arr[i][1]);
var xyvalu=”Latest value at “+xvalu+” is “+yvalu;
updt=”Updated on “+xvalu;
}
}

}
}

//other required functions

//chart configuration starts here

function getXMLHttpRequest(file) {

//var arrSignatures = [“MSXML2.XMLHTTP.5.0”, “MSXML2.XMLHTTP.4.0″,
//”MSXML2.XMLHTTP.3.0”, “MSXML2.XMLHTTP”,
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try
{
var xmlhttp = new window.XMLHttpRequest();
xmlhttp.open("POST",file,false);
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catch(e)
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throw new Error("MSXML is not installed on your system.");
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function readCSV(locfile) {
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//req.open("POST",locfile,false);
req.send("");
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lineCSV[lineCSV.length-1]=lineCSV[lineCSV.length-1].replace(/^s*|s*$/g,"");
var fstart = -1;

for (var i=0;i=0) {
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lineCSV[fstart]=lineCSV[fstart]+","+lineCSV[j];
lineCSV[j]="-DELETED-";

}
fstart=-1;
}
}
fstart = (lineCSV[i].match(/^"/)) ? i : fstart;
}

var j=0;

for (var i=0;i<lineCSV.length;i++) {
if (lineCSV[i]!="-DELETED-") {
CSV[j] = lineCSV[i];
j++;
}

}

return CSV;
}

function roundVal(val_num){
var dec = 2;
var result = Math.round(val_num*Math.pow(10,dec))/Math.pow(10,dec);
return result;
}

function setdecimalpoints(deca)
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var deca1= deca;
var deca2= parseInt(deca);
if((deca1-deca2)!=0)
{
return 2;
}
else
{
return 0;
}
}
for(i=0;i

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