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Weekly Wrap: Kiwisaver legislation

There have been two big events this week – one which has had coverage and the other nearly ignored.

Friday, March 3rd 2006, 1:03PM

The former is the introduction of the Kiwisaver legislation into Parliament. The second is the handover of the top job at ING.

Considering Kiwisaver is so big it’s somewhat of a surprise that the media haven’t covered it in huge detail. The Supertalk section of Good Returns has some good coverage, along with a story on how it impacts – or not – on advisers.

There is more on this topic in my Blog and also Russell Hutchinson has penned an excellent piece which is in the next issue of ASSET Magazine. (If you would like to read Russell’s piece please click here).

Over at ING, Paul Fyfe stepped down this week.

Newslinks

Advisers don’t have a role in Kiwisaver
Finalists for Morningstar awards announced
AXA buys more of Salvus
News Round Up

Insurance News
AMP has some interesting comments on under-insurance and the critical role advisers play. I recommend you read this. Also interesting is how the whole insurance sector seems to be singing together on this issue.

Deposit rates news
This week we have our regular weekly wrap of events which include Marac’s performance, First NZ Capital’s new service and an update on the sale of North South Finance.
The main story of the week is contributory mortgage firm CMI getting into trouble with the Securities Commission.

Feature
The main feature this week is our monthly market review from Tyndall boss Anthony Quirk. In his piece AQ asks how hard the economic landing will be. As usual I recommend you read this article.

Home loan news
Mortgage News continues to be busy with more bank market share results and some excellent summaries of what is happening in the market and what are the best options at the moment – especially if you are refinancing.

People
New appointments have been made at AXA, and Strategic Asset Management. Read about them here.

 
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« Market review: How hard will the landing be?Extend tax review to housing: Arcus »

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Today's Best Bank Rates
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Cash PIE Rates

Cash Funds

Institution Rate 33% 39%
ANZ 0.10    0.10    0.11
ASB Bank 0.05    0.41    0.42
ASB Bank 0.05    0.59    0.56
ASB Bank 0.05    0.61    0.64
ASB Bank 0.08    0.66    0.69
ASB Bank 0.08    0.72    0.75
BNZ 0.10    0.10    0.10
Heartland Bank 0.40    0.40    0.40
Kiwibank 0.05    -    -
Kiwibank 0.25    -    -
Nelson Building Society -    -    -
SBS Bank -    -    -
TSB Bank 0.25    0.25    0.26
Westpac 0.35    0.36    0.38
Westpac 0.05    0.05    0.05
Westpac 0.35    0.36    0.38

Term Funds

Institution Rate 33% 39%
ANZ Term Fund - 90 days 0.35    0.36    0.37
ANZ Term fund - 12 months 0.80    0.82    0.85
ANZ Term Fund - 120 days 0.45    0.46    0.48
ANZ Term fund - 6 months 0.80    0.82    0.85
ANZ Term Fund - 150 days 0.55    0.56    0.59
ANZ Term Fund - 9 months 0.80    0.82    0.85
ANZ Term Fund - 18 months 0.85    0.87    0.91
ANZ Term Fund - 2 years 0.85    0.87    0.91
ANZ Term Fund - 5 years 0.90    0.92    0.96
ASB Bank Term Fund - 90 days 0.35    0.36    0.37
ASB Bank Term Fund - 6 months 0.80    0.82    0.85
ASB Bank Term Fund - 12 months 0.80    0.82    0.85
ASB Bank Term Fund - 18 months 1.00    1.02    1.07
ASB Bank Term Fund - 2 years 1.00    1.02    1.07
ASB Bank Term Fund - 5 years 1.75    1.81    1.89
ASB Bank Term Fund - 9 months 0.80    0.82    0.85
BNZ Term PIE - 120 days 0.45    0.45    0.47
BNZ Term PIE - 150 days 0.55    0.56    0.59
BNZ Term PIE - 5 years 0.90    0.91    0.95
BNZ Term PIE - 2 years 0.85    0.87    0.91
BNZ Term PIE - 18 months 0.80    0.82    0.85
BNZ Term PIE - 12 months 0.80    0.82    0.85
BNZ Term PIE - 9 months 0.80    0.82    0.85
BNZ Term PIE - 6 months 0.80    0.82    0.85
BNZ Term PIE - 90 days 0.35    0.35    0.37
Co-operative Bank PIE Term Fund - 6 months -    -    -
Heartland Bank Term Deposit PIE - 12 months 1.00    1.02    1.07
Heartland Bank Term Deposit PIE - 6 months 0.90    0.92    0.96
Heartland Bank Term Deposit PIE - 9 months 0.90    0.92    0.96
Heartland Bank Term Deposit PIE - 18 months 0.95    0.97    1.02
Heartland Bank Term Deposit PIE - 2 years 1.00    1.02    1.07
Heartland Bank Term Deposit PIE - 5 years 1.00    1.02    1.07
Kiwibank Term Deposit Fund - 90 days 0.35    0.36    0.37
Kiwibank Term Deposit Fund - 6 months 0.90    0.91    0.95
Kiwibank Term Deposit Fund - 12 months 1.00    1.02    1.07
Kiwibank Term Deposit Fund - 150 days 0.60    0.61    0.64
Kiwibank Term Deposit Fund - 120 days 0.45    0.46    0.49
Kiwibank Term Deposit Fund - 9 months 0.80    0.82    0.85
Westpac Term PIE Fund - 150 days 0.55    0.56    0.59
Westpac Term PIE Fund - 120 days 0.45    0.46    0.47
Westpac Term PIE Fund - 18 months 0.80    0.81    0.84
Westpac Term PIE Fund - 12 months 1.00    1.02    1.07
Westpac Term PIE Fund - 6 months 0.80    0.81    0.84
Westpac Term PIE Fund - 9 months 0.80    0.81    0.84
Westpac Term PIE Fund - 90 days 0.35    0.36    0.37
Westpac Term PIE Fund - 2 years 0.85    0.87    0.91
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