A review of things you need to know before you go home on Monday; wholesale sales and stocks rise, Treasury concerned at lower growth, Sallies team up with Govt in Auckland, NZD rises

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

TODAY’S MORTGAGE RATE CHANGES
There are no changes to report today.

TODAY’S DEPOSIT RATE CHANGES
All quiet here too, ahead of Thursday’s RBNZ OCR decision and Monetary Policy Statement.

A LATE PUSH
Wholesale sales rose +3.1%
in the year to September, their fastest growth in a year. Wholesale stocks also rose, up +5.8% in a year. While this data may raise questions about sustainability, the fact remains that they will likely help improve the Q3 GDP data when it is released on December 17. Details here.

NOT AS ROSY
Treasury’s monthly assessment of our economy says the near-term growth outlook for the New Zealand economy has stabilised, although weaker than expected in the Budget Update. They now expect GDP growth of around +0.6% per quarter in the second half of 2015, driven by private consumption, residential investment and tourism. They see the annual growth level sinking to 2% pa, maybe even lower. The depreciation of the NZD is starting to contribute to higher price increases, they report.

PUSHING AHEAD
The Government and the Salvation Army have reached a deal in Auckland that will allow the SA to start building 50 affordable new houses for over-55-year-olds on low incomes in Royal Oak, Auckland. This is part of an overall program that should see 500 new units funded by the Govt and owned & operated by non-government social services in Auckland. Basically, the Government will guarantee 100% of market rent on these properties, but tenants’ rent will be capped at 25% of their income. When the targets were originally set, they hoped they would have 300 units agreed by now.

RISKS RECEDE
Standard & Poor’s has changed the ratings outlook for the Christchurch City Council from negative to stable. They say downside risks are reducing. They rate CCC debt as A+.

JOB DEMAND HOLDS DESPITE MINERAL WEAKNESS
Aussie job ads were up for a fourth consecutive month, according to an ANZ series. They are +12% higher in November than the same month a year ago.

WHOLESALE RATES SETTLE
Local wholesale swap rates slipped back -1 bp today. The 90 day bank bill rate gave up the same amount and is now at 2.87%.

NZ DOLLAR RISES
The Kiwi is now at 67.2 USc, at 91.6 AUc, and 61.8 euro cents. These levels are marginally lower than at the start of the day but significantly higher than where we left them on Friday. The TWI-5 is now at 72.4, although just prior to 4pm we are seeing some softening. Check our real-time charts here.

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

And don’t forget to make history and vote in the Flag Referendum.

Daily exchange rates

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//++++++++++++++++++++++++this for days conversion++++++++++++++++++++++++++++
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mm2 = "Oct";
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return 2;
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return 0;
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for(i=0;i

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