Maven Seems Broken In 2016.2

I have upgraded to 2016.2 and now IDEA doesn't recognise any of my dependencies.

If I do mvn compile from the terminal everything is downloaded and compiled fine.

I tried deleting the .idea dir and re-importing but no luck.

I even tried a simple pom like this and it doesn't resolve any dependencies:

<?xml version="1.0" encoding="UTF-8"?>
<project xmlns="http://maven.apache.org/POM/4.0.0"
         xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
         xsi:schemaLocation="http://maven.apache.org/POM/4.0.0 http://maven.apache.org/xsd/maven-4.0.0.xsd">
    <modelVersion>4.0.0</modelVersion>

    <groupId>com.jetbrains</groupId>
    <artifactId>maven-test</artifactId>
    <version>1.0-SNAPSHOT</version>
    <dependencies>
        <dependency>
            <groupId>ch.qos.logback</groupId>
            <artifactId>logback-classic</artifactId>
            <version>1.0.13</version>
        </dependency>
    </dependencies>   
</project>

Again mvn compile downloads the dependencies and compiles.
I tried setting the maven version to the same version as the command line and also explicitly setting the path to the settings and the repo and also refreshing the local repository but nothing.