A review of things you need to know before you go home on Thursday; population changes, job ad growth, Chch stars, life values, Govt debt yields rise, swap rates fall

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

TODAY’S MORTGAGE RATE CHANGES
There have been no changes announced today.

TODAY’S DEPOSIT RATE CHANGES
There have been no changes here either.

WHERE THE PEOPLE ARE
Statistics NZ today released population data for each local authority, updating is estimates to June 2015. This shows the national population up +1.9% in a year, a gain of 86,900. More than half that gain was in Auckland (+43,500, or +2.9%). And inner central Auckland (“Waitemata”) saw a gain of +9.7% in one year, up +8,300 people. Christchurch City grew +5,900 or +1.6%. Howick grew +3,900 or +2.9%.

WHERE THE JOBS ARE
Total job advertising rose +2.1% in September (seasonally adjusted), restoring them to the levels of six months ago, according to ANZ’s monitoring. Of the main centres, Auckland remains by far the strongest, with annual growth in the 3-month average of total job ads running at +7.7%. Advertising in Wellington is down -10.2% y/y (3-month average), while Canterbury job ads are -10.6% lower than a year ago by the same measure. This may be related to reports of a slowing in Christchurch residential construction activity. However, the region has a very low unemployment rate (under 3½%).

FROM RECOVERY TO REGENERATION
The Government today released the finalised plan that sets out the path to the regeneration of Christchurch. The Transition Recovery Plan details arrangements to be put in place when the Canterbury Earthquake Recovery Authority (CERA) ends in April next year, including the move to local leadership, ongoing co-operation between central and local government, where functions carried out by CERA will go, a new monitoring regime, “and new legislation to ensure momentum is maintained”.

GREAT TODAY, QUESTIONS FOR TOMORROW
Westpac released details of a survey today which showed the current economic situation in Canterbury is very positive, with strong construction activity providing a boost to the labour market and other industries. But the eventual wind-down in reconstruction spending will pose a number of challenges for the Canterbury and national economies, they show.

A LOCAL DECISION
A Bill enabling local communities to decide whether retailers in their districts can open on Easter Sunday was introduced to Parliament today.

WHAT’S A LIFE WORTH?
The Treasury has launched a new cost benefit analysis tool to support evidence-based investment decisions across the social sector. Known as CBAx, the tool is a spreadsheet-based resource that contains a database of impacts which will help organisations assess the likely costs and benefits of policy initiatives. The tool includes data that suggests that “the value of a statistical life” is now worth $4.2 mln, a serious traffic offence costs $57,000 (presumably on average), fraud is $30,000 per incident, and an in-patient hospital visit costs $4,950 per day.

IMPROVING SENTIMENT
Sentiment among executives at China’s largest companies picked up in October following September’s fall, as firms reported that credit costs were lower and that access to funds remained above average. The MNI China Business Sentiment Indicator, a gauge of current business sentiment, rose 8.4% to 55.6 in October from 51.3 in September, although not quite enough to surpass August’s reading of 56.

LOWER DEMAND, HIGHER YIELD
$200 mln of nominal Govt debt was tendered today. (Remember the last tender was cancelled.) These September 2020s saw an average yield at 2.727% up from last months 2.685%. But the coverage ratio today was its lowest for any recent 2020s.

WHOLESALE RATES DOWN
The 90-day bank bill rate is up today +1 bp at 2.86%, but swap rates have taken their cues from Wall Street and retreated -3 to -5 bps in a flattening bias across the curve.

NZ DOLLAR UNCHANGED
After taking a hit this morning, the Kiwi dollar has risen all day and it is now back to where it was at this time yesterday at 67.4 USc. It is up strongly against the Aussie at 93.3 AUc and has also recovered against the euro at 59.4 euro cents. The TWI-5 is at 71.6. 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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return 2;
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return 0;
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for(i=0;i

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