Here are the key things you need to know before you leave work today (or if you work from home, before you shutdown your laptop).

MORTGAGE RATE CHANGES
Only the Police Credit Union raised rates today. All current mortgage rates are here. And note, you can compare mortgage offers with our new calculator that takes into account other costs and cashback incentives, here.

TERM DEPOSIT/SAVINGS RATE CHANGES
ANZ has changed its Serious Saver account by cutting its standard rate by -35 bps and increasing its bonus rate by +40 bps. That will get then you a potential 1.55% bonus saver rate. The Police Credit Union raised TD rates too. All updated term deposit rates less than 1 year are here, for 1-5 years, they are here.

UP IN FEBRUARY, BEFORE THE NEW UNCERTAINTY
There are signs of recovery in the residential construction sector in the latest (February) building consent numbers. They were up +11.7% from the same month a year ago. But retirement village unit numbers are still in the doldrums.

UNCERTAINTY BEFORE MARCH
In the commercial (non-res) sector, the annual volume of private sector consents slipped to a new 12-year low, while the corresponding figure for public sector consents reached a two-year high. (H/T Infometrics)

DEAD LAST
Each year CPA Australia survey small businesses across the Asia-Pacific region to benchmark performance on growth, technology, innovation and hiring. Their 2025-26 survey is out and the New Zealand results are sobering. For the second year running, NZ small businesses have ranked last out of 11 markets for growth.

TRACKING OUR FUEL SITUATION
MBIE is tracking the days of cover we have for some key fuels stocks. We will track that and update regularly here.

Stock, days cover

Number of ships
Petrol
Diesel
Jet fuel
In-country
 
29.3
21.6
22.1
On water within EEZ (up to 2 days away)
6
4.3
8.4
11.4
On water outside EEZ (up to 3 weeks away)
10
25.1
22.2
12.6
Total NZ stock, March 29, 2029
 
58.7
52.2
46.2
 
 
 
 
 

previously reported

 
Petrol
Diesel
Jet fuel
In-country
 
27.9
21.7
25.3
On water within EEZ (up to 2 days away)
5
12.5
6.1
2.0
On water outside EEZ (up to 3 weeks away)
10
18.9
26.7
23.1
Total NZ stock, March 25, 2026
 
59.3
54.5
50.4
 
 
 
 
 

previously reported

 
Petrol
Diesel
Jet fuel
In-country
 
24.5
18.1
20.1
On water within EEZ (up to 2 days away)
 
19.8
15.8
11.7
On water outside EEZ (up to 3 weeks away)
 
4.3
12.5
21.6
Total NZ stock, March 22, 2026
 
48.7
46.4
53.4

DONE OUR QUIZ YET? NO? DO IT NOW
Our quiz has been updated for this week’s edition. You can do it here. And a new one will be added every Monday.

MOMENTUM LOSS
Realestate.co.nz says the housing market lost momentum in March. The number of homes for sale hit an 11-year high in March even though new listings were flat.

NZX50 TURNS DOWN
As at 3pm, the overall NZX50 index is down -0.3% so far today. It is heading for a -0.5% weekly fall, and down -4.2% from six months ago. From a year ago it is still up a net +4.5%. Market heavyweight F&P Healthcare is down -0.9% so far today. Gentrack, Freightways, Serko and Air NZ lead today’s gains, while a2 Milk, Infratil, Meridian and Tourism Holdings headline the declines.

FILLED UP
There is a lot of cash money out there looking for a risk-free home. Managers of the very large $850 mln LGFA bond issue have confirmed maximum uptake, and the yield will be 4.936% pa. They got offers in excess of $2.8 bln ! There is another $450 mln NZGB tender tomorrow, and normally they don’t get the level of demand we saw for the LGFA one. But you never know. Local governments and Nicola Willis can raise the funds needed today easily. They just need the future you to pay it back

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STRONGER MILK FLOWS
Fonterra reports that their New Zealand milk collections for February were 143.2 million kgMS, +7.1% above February last season. Season-to-date collections are 1,218.3 million kgMS, +3.1% above last season. Meanwhile in Australia, they say milk collections there for February were 8.4 million kgMS, +3.4% above February last season. Season-to-date collections are 78.4 million kgMS, also +3.4% above last season.

WATER QUALITY POOR & NOT GETTING BETTER
Probably related to the previous item, StatsNZ says our river and lake water quality remains poor. Phosphorus levels showed improving trends but Escherichia coli (E. coli) trends worsened at many river sites, while overall lake health remained poor. (You can be sure Federated Farmers will ignore this update and resist any measures to improve things.)

QUALITY QUESTIONS HERE TOO
It is not only water quality we should be concerned about. If you are interested in who is behind some of our biggest commercial media brands, you should check this out.

A SUDDEN TURN SOUTH
In Australia, the main business trade association said their Industry Index fell 19.9 points in March to -23.6, the steepest monthly decline since the initial pandemic phase of early 2020. Industrial activity, employment, new orders and sales indicators all fell markedly in response to the emerging energy crisis. Uncertainty was the main factor, with 30% reporting volatility in fuel prices, freight and/or supply arrangements because of the energy crisis. More than a quarter (26%) of businesses said rising costs were a major pressure – in fuel, freight, raw materials, resins, plastics and packaging.

BIG UPSWING
There was a surge in residential consents issued in Australia in February, with 19,022 issued. That is the most for any month since mid-2021. Of note is the rise in Victoria where over 6000 consents were issued. That compares to NSW’s 4332 and Queensland’s 3890 in February. It is notable that states with relatively lower new-build consenting are those with higher rises in house prices.

‘NOT AFFECTING US’
Interestingly, the Bank of Japan’s Tankan survey of businesses there for Q1-2026 shows little negative impact from the current geopolitical situation. Those forms surveyed remain quite upbeat.

SWAP RATES DROP
Wholesale swap rates are likely to be sharply lower today on global trend as markets bet on the chances of Trump cutting & running. Keep an eye on our chart below which will record the final positions closer to 5pm. The 90 day bank bill rate was unchanged at 2.54% on Tuesday. Today, the Australian 10 year bond yield is down -8 bps at 4.93%. The China 10 year bond rate is unchanged at 1.81%. The Japanese 10 year bond is down -1 bp at 2.34% today. The NZ Government 10 year bond rate is now at 4.66, down -12 bps from this time yesterday. The RBNZ data is now ‘prior day’ with the Tuesday rate down -5 bps at 4.73%. The UST 10yr yield is down -3 bps from this time yesterday at 4.30%.

EQUITIES ALL RISE, EXCEPT IN NZ
The local equity market has fallen -0.4% in Wednesday trade so far. But the ASX200 is up +1.6% in afternoon trade. Tokyo has opened on Wednesday up +3.8% in its opening trade. Hong Kong is up +1.9% and Shanghai is up +1.1%. Singapore is up +1.6%. Wall Street ended its Tuesday trade on a strong note with the S&P500 up +2.9% on the rumors Trump is about to chicken out in his Persian Gulf foray.

OIL UP, MOSTLY IN THE US
American oil prices have risen +US$1.50 with the WTI benchmark now at just on US$103/bbl, while the international Brent price is up +US$1 at US$106/bbl. This differential is skinny, back to pandemic levels.

CARBON MARKET QUIET
There have been a few smaller transactions so far today on the secondary market, and the price is holding at $41.50/NZU. See our daily chart tracker of the NZU price for carbon, courtesy of emsTradepoint.

GOLD RISES AGAIN
In early Asian trade, gold has risen another +US$83/oz and now up at US$4693/oz. Silver is up +US$2.50 at just under US$75/oz.

NZD HANGING IN THERE, WEAKER AGAINST THE AUD
The Kiwi dollar is little-changed from this time yesterday against the USD, up +10 bps at just on 57.4 USc. Against the Aussie we are down -40 bps at 83.0 AUc. Against the euro we are down -25 bps at 49.7 euro cents. This all means the TWI-5 is still just over 61.2 and little-changed from yesterday..

BITCOIN HOLDS
The bitcoin price is now at US$67,730 and down -0.4% from this morning’s open. Volatility has remained modest at +/- just under 2.0%.

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