ONLY CHARTS #365
NZ average mortgage rates, Aus NAB survey, NZ new housing loans by maturity
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1. The weighted-average interest rate on outstanding mortgages in New Zealand declined another 11bps to 5.8% in May, taking the cumulative fall to ~60bps since the peak.
2. Australian businesses reported a sharp improvement in business confidence and conditions in June after the latter fell to a relatively low level in May. Reported trading conditions jumped particularly sharply in June.
It is possible that global developments weighed on the NAB survey’s outcomes over April and May and that a reprieve in adverse tariff-related news, albeit possibly temporary, may have supported the broad-based improvement in June outcomes.
The NAB survey was taken from 23-30 June.
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