Equipment finance company Silver Chef has issued a business update, advising that it expects its net profit for the year to June to be within previous guidance of A$23 million to $24 million, compared with $15.5 million the previous year. The company said the result was underpinned by "excellent year-on-year growth in acquisitions across both the Silver Chef and GoGetta businesses." Profit will be calculated after deferring costs associated with originating new rental contracts, using the cost deferral accounting standard for the first time. The effect is to increase net profit. Underlying profit will be in the range of $19.3 million to $20.3 million. Mortgage arrears increased by 16 basis points to 1.1 per cent in the March quarter, Fitch Ratings reports. Fitch said the arrears rate was well below the peak of 1.75 per cent in March 2011. It said it expected arrears to fall in the June and September quarters, once the effect of Christmas spending faded and the May rate cut started to have an impact. The Reserve Bank of New Zealand issued an unscheduled economic assessment in the wake of a sharp rise in the New Zealand dollar in the last six weeks, noting the currency's rise was dragging on the inflation outlook and that further policy easing was likely. Economists said this meant a further rate cut from 2.25 per cent to two per cent was likely on August 11, with the prospects growing for a second and possibly third cut to 1.5 per cent early next year. Jane Jeffreys will take over as chair of Data Action, replacing Wayne Matters from next month. Adelaide based Data Action provides software solutions and hosted services to many mutual ADIs. Jeffreys is a director of Funds SA, Chair of West Beach Trust and a past board member of many South Australian-linked entities such as the Adelaide Convention Centre and chair of the South Australian Tourism Commission.