Staff, 2023-01-19 20:59:00,
Here are the key things you need to know before you leave work today (or if you already work from home, before you shutdown your laptop).
MORTGAGE RATE CHANGES
No changes to report.
TERM DEPOSIT RATE CHANGES
In addition to the small increases from Westpac which came in late yesterday, BNZ, TSB and HSBC also raised TD rates today. HSBC also raised its savings rate.
On Wednesday, January 25, we will get the Q4-2023 CPI result. We already have the food price component (+11.3%), but the MBIE petrol price monitoring shows that this component will show a -11% drop from Q2, and a -5.3% drop from Q4-2021. It is not easy to imagine other costs that will have similarly declined. The RBNZ reckons overall prices will have risen. So do many analysts.
THEY ARE BACK – TO 62% OF 2019 LEVELS
According to the November data from Stats NZ, out today, there were 231,300 visitor arrivals in the month, a sharp increase from October (161,600). Of special note is that this is a recovery back to 2012 levels. The usual pattern is for this to rise by about +1300,000 to +150,000 in December. If we had anywhere near rise this year, that will be a significant boost to local spending. Tourist arrivals now exceed resident departures on vacation.
Just a reminder for those outside the region, Wellington is on holiday on Monday, their Anniversary Day.
HARD TO SEE IT AS TEMPORARY NOW
Japanese inflation hit a 41-year high in December, up +4% and above their central bank 2% target…
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