Power prices went up this month to almost three times the benchmark price. The benchmark is the price of electricity from new power stations said Powerswitch.

Turn it off - Power is going up!

What changed this year is that “reliability of supply” is now provided by the market, not byGovernment.

The new Electricity Authority is pressured to put controls on the generator’s ability to put up prices – but only after extensive consultation.

In the meantime we rely on Ministerial pressure to force wholesale power prices back to a reasonable level. Until then, high spot prices will guarantee improved profits for all generators.

“The market” is not leading to efficient pricing. High spot prices have the same effect on all competing power companies, This means nearly all retail prices will rise again, in the near future.

It might pay to consider energy saving tips in your household. Make sure the power switch is off on all your appliances.

For more information visit Switchme.co.nz for more details.

Compared with May last year the stock of loans was unchanged at $301.1 billion, according to figures from the Reserve Bank earlier this year.

A reduction in borrowing, relative to income, was helping to put the economy’s expansion on a more sustainable footing.

A continuation of that trend was one of the key assumptions the Reserve Bank had made in its June monetary policy statement.

Now would be a great time to compare bank loans.

Bank Loans will be looking to launch feature to compare credit cards shortly.

Nzmoneytalk focuses on saving Kiwi consumers money. This has been achieved by offering comparison services for all manner of financial products from Life/health insurance to Mortgages. The site also focuses on many other money saving tips such as where to get good value electricity companies and identifies other areas where you can save money.

There is also a very active discussion board at NzMoneytalk where kiwis can chat about every aspect of their money and offer/ask for advice on anything related to money such as tax, debt, insurances, investments and many more topics.

Visit Nzmoneytalk.co.nz today!

Around 8am today the New Zealand dollar was up to US70.81c from US70.02c at 5pm yesterday.

ANZ National Bank said failed attempts to push lower in the local and late Asian sessions yesterday meant the kiwi dollar bounced overnight.

The Reserve Bank of Australia’s interest rate decision at 4.30pm this afternoon loomed large as the major event of the day, with most commentators expecting a lift of 25 basis points.
BNZ Bank Capital strategist Mike Jones said that sentiment towards growth-sensitive currencies such as the NZ dollar had recovered overnight.

Global manufacturing data provided a clear reminder that the outlook for the global economy in 2010 was much better than in 2009.

Against the Australian and the New Zealand dollar was moderately higher at A79.57c at the local open from A79.36c at 5pm, while the trade weighed index was 65.23 at 8am from 64.66 at 5pm.

First time buyers will have to stump up at least $37,500 as a deposit to get an average Aussie home loan from Westpac — or $12,500 more than before — under policy changes that came into force on the 19th January.

That means borrowers will have to come up with 87% instead of 92%. An average home loan of $250,000, new borrowers will need to have the much bigger deposit as well as be able to meet a monthly repayment of $1726 on a 25-year loan.

The only way potential borrowers can use the old loan-to-valuation ratio is to have a banking relationship with Westpac, even if it is a simple deposit account, and to have held it for at least six months. Existing borrowers will not have to comply with the changes.

Compare Power Companies

Welcome to Switchme, New Zealand’s first energy comparison and signup website

Our simple, easy to use comparison process will help you find,select and sign up to the best power company in your area within minutes.

You know a recent government report stated that the average kiwi can save on average a hundred dollars a year simply by switching power companies. We’ll also offer you a voucher for using switchme.

We have all New Zealand’s electricity retailers in one place. In other words, we’ve done the hard work so you don’t have to.

So how does it work? Well, first up we’ll need some info about where you live, how much electricity you use and your meter type. This info can be found on your latest bill.

You’ll then be presented with the results page which shows you all the plans and retailers available in your area.

Plan types are sorted by price, so you’ll find the cheapest at the top. But remember, its not always about price.

Check out the more info section and you’ll find additional information about what the retailer has to offer,,like rewards schemes, special deals, online bills and different ways of paying your account.

Once you’ve made your decision, click the Switch Now button to take you through to the signup section.

Here, you’ll fill out some simple details like your name, address and answer a few simple questions.

Once you’ve submitted your details, your chosen retailer will contact you to confirm your switch. Its that easy.

So why not have a go? Chances are you’ll be very surprised at the money you’ll save!