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A rapid decline in inflation would likely see short-term interest rates fall significantly over the next year. For longer-term interest rates, there’s likely to be a continued downward drift as we creep closer to anticipated OCR cuts. Impact on home loan interest ratesFor starters, bank interest margins on fixed-rate home loans – a.k.a. what they charge over and above where wholesale interest rates are at – are currently extremely wide. But when it does happen, sooner or later, that will be the catalyst that sets home loan interest rates tumbling down again.
In 2024, the biggest election year in history, people in dozens of countries, representing half of the world’s population, will go to the polls. Many commentators and experts view this global synchronicity as a kind of plebiscite on the postwar global order. Seen from this perspective, the likely rejection of the postwar world order this year should not come as a surprise: elements of the narrative have become increasingly prominent in recent decades. The tragedy is that the dominant populist narrative about the architects of the liberal postwar order, that they are mad scientists who have lost control of their creations, contains a kernel of truth. As in Frankenstein, a little recognition of the finer feelings that the monster – in this case, the postwar economy – is capable of would have gone a long way toward changing its behavior.
The Fear & Greed index has eased back from its extreme level a week ago into the "greed" range. But that is +US$20 higher than week ago levels. A week ago these prices were US$77/bbl and US$82/bbl so an even bigger fall from then. It -¼c lower than a week ago. That all means our TWI-5 starts today at just on 70 and down -30 bps from yesterday to essentially matching week ago levels.
Covid-19 Inquiry updateWe are happy to announce that the terms of reference on the Royal Commission of Inquiry into the Covid-19 response have been expanded. This includes what we committed to in our coalition agreement, to:Ensure, as a matter of urgency in establishment and completion, a full scale,
Lanes have been closed on the Auckland Harbour Bridge. Photo: NZ HeraldSevere winds have halted ferry services and closed lanes on the Auckland Harbour Bridge this afternoon. An NZTA spokesperson said that owing to to severe wind gusts, lane closures and reduced speed limits were in place over the bridge. “High-vehicles and motorcycles should consider using the Western Ring Route (SH18/SH16).”An Auckland Transport spokesperson said that due to high winds, the Northcote Point Wharf stop of the 14:10 Inner Harbour Loop ferry service would be missed. MetService described the wind as “strong”, with gusts of up to 83kmh across the bridge.
Barfoot and Thompson's January sales figures contain mixed messages with sales numbers and new listings both rising, but selling prices falling sharply. The real estate agency, which is the biggest in the Auckland market, sold 504 residential properties in January, a considerable improvement (+17%) on January last year. That means Barfoot is starting 2024 with the second highest number of properties available for sale in more than 10 years. The average price of the residential properties the agency sold in January was $1,083,487, down by $97,812 (-8.3%) compared to December last year, and down by $195,160 (-15.3%) from its December 2021 peak. It is not unusual for median and average selling prices to dip at the start of the year but the size of this year's drop was a surprise.
On September 23 2014 I found myself walking alongside a certain James Shaw at the welcome pōwhiri for new MPs in parliament. Green Party co-leader James Shaw. The credit for the enduring political support for the Zero Carbon Act in no small way sits with James. James Shaw speaks to media after the third reading and passing of the the Zero Carbon Bill, November 07, 2019. Why stop at the Zero Carbon Act and the traditional bipartisan approach to national security?
On Wednesday World rugby confirmed that “successful charges and law enforcement cases were pending in multiple jurisdictions” following on from a monitoring service during the 2023 Rugby World Cup. In this regard, police are said to beinvestigating a complaint from World Rugby that a New Zealander made an online threat to kill a Rugby World Cup referee. Match officials and their families also received abuse over private direct message, which led to law enforcement intervention. Evidence of a clear correlation between comments (online and offline) from players and coaches triggering online and in-ground abuse of match officials. Players were targeted with a wider variety of abuse types compared to match officials who received a much higher proportion of targeted abuse around gambling-related abuse.
Dunedin police have identified persons of interest in the homicide investigation into the death of Dunedin man Gurijt Singh in Dunedin. Mr Singh, 27, was found lying amid shards of glass outside his Hillary St home on Monday morning. Inquiries with friends of Mr Singh had revealed he had been concerned about items stolen from his garage. Det Snr Sgt Kroudis said based on his injuries police believed he was killed on Sunday. Otago Punjabi Association Trust member Narindervir Singh said Mr Singh’s father was expected to fly in from India in the coming days.
But the global commercial property market looks like it is just starting a serious downward spiral. The Australian 10 year bond yield is now at 3.93% and down -6 bps from yesterday in a extended move. The Kiwi dollar starts today at just on 61.3 USc and -10 bps softer than yesterday. That all means our TWI-5 starts today at 70.3 and unchanged from yesterday. The bitcoin price starts today softer.
By Caroline Williams ofPhoto: Stuff / Chris ReederA sudden rebrand by Bunnings Warehouse has left DIYers scratching their heads. The rebrand of Bunnings in Auckland's Glenfield may result in young children begging their parents to take them to the hardware store. Photo: Ludo StudiosBunnings has temporarily rebranded its Glenfield store for February with free Bluey-themed workshops in stores across New Zealand each weekend. Bunnings New Zealand general manager Melissa Haines said Bluey had captivated the hearts of both Kiwi kids and adults. Kate O'Connor of BBC Studios Australia and New Zealand said going to Bunnings was a "quintessential" experience of growing up Down Under.
The independent panel in charge of Wellington’s District Plan has released its first list of recommendations. It’s full of bizarre and regressive decisions that allow a lot less housing in Wellington. Joel MacManus breaks down the worst parts. The trumpet has blownto mark the first battle of the
The minimum wage is set to go up by 45 cents to $23.15, starting April 1. This two percent increase will affect between 80,000 and 140,000 Kiwi workers. NZ Herald business editor at large Liam Dann says a reduced increase is the best circuit-breaker for the economy, as the fight to bring down inflation drags on. LISTEN ABOVE
The Associate Health Minister has defended in Parliament claims she specifically sought out advice on freezing the tobacco excise tax. Documents show Casey Costello asked her ministry for advice on freezing the excise, despite denying in an interview with RNZ she had specifically sought the advice out. Speaking during Question Time today, Costello maintained she had not specifically asked for the advice, and she had not written the documents she sent to officials. "The documentation is a range of historical policy positions and notes that were held in New Zealand First policy positions. Labour's health spokesperson Dr Ayesha Verrall said the minister was still responsible for the documents she presented, and the prime minister should relieve Costello of her duties.
