New Zealand had its highest net gain of migrants in more than 10 years last month, as even fewer Kiwis left for Australia.

It's going to take a lot more political bungling to do any permanent damage to America's reputation or wreck its financial markets.

The US Senate has passed legislation to avoid a threatened national default and end the 16-day partial government shutdown along the strict terms set by US President Barack Obama.

Time growing desperately short, US Senate leaders took command of efforts to avert a Treasury default and end the partial government shutdown after a last big attempt by House Republicans abruptly collapsed.

Brinkmanship in the US threatens the business and consumer confidence on which its economic recovery depends, says AMP chief economist Bevan Graham.

In a speech to the Property Council this morning the Reserve Bank's deputy governor has gone on a charm offensive over its LVR restrictions.

Westpac has confirmed it is withdrawing mortgage pre-approvals for some customers following the introduction of the Reserve Bank's new lending restrictions.

The number of first home buyers in the market since the introduction of new Reserve Bank mortgage restrictions last month has plummeted, real estate agents are reporting.

In a history-making selection, US President Barack Obama nominated Janet Yellen to be chairman of the Federal Reserve.