Household balance sheet ($m) - C22

Released
06 March 2017 03:00 p.m.
Next release
08 June 2017 03:00 p.m.
Source
Reserve Bank of New Zealand, Statistics New Zealand, CoreLogic, Inland Revenue
Periodicity
Quarterly
Previous years: Quarterly:
Dec 2014 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016
FINANCIAL ASSETS
Household financial assets 608,535 624,415 624,913 629,277 635,816 636,788
Currency
Currency 3,008 3,360 3,236 3,189 3,192 3,445
Deposits
Deposits 135,445 151,755 153,993 156,460 158,623 163,127
of which registered banks 126,551 141,160 143,237 145,562 147,647 151,965
Securities other than shares
Securities other than shares 13,969 13,889 13,984 13,996 13,982 13,945
Loans (assets)
Loans 391 340 340 340 340 340
Equity and investment fund shares
Equity 341,967 328,021 323,327 323,374 324,400 322,988
of which NZ unlisted shares1 121,675 110,640 108,420 108,420 108,420 108,420
of which equity in unincorporated NZ businesses1 185,119 179,524 176,263 176,263 176,263 176,263
Investment fund shares 45,553 51,778 52,820 53,280 55,200 55,956
Insurance technical reserves
Net equity in life insurance and superannuation funds 68,202 75,272 77,212 78,636 80,078 76,987
FINANCIAL LIABILITIES
Household financial liabilities 152,472 163,166 166,285 169,810 173,197 176,383
Loans (liabilities)
Consumer loans (short- term) 15,031 15,552 15,477 15,458 15,637 16,184
Housing loans (long-term) 123,260 132,866 135,428 139,012 142,220 144,859
of which registered banks 121,293 131,135 133,693 137,241 140,381 142,943
Student loans1 14,181 14,748 15,380 15,340 15,340 15,340
Net financial wealth
Net financial wealth 456,063 461,249 458,627 459,467 462,619 460,405
Non-financial assets
Housing and land value2 579,970 657,239 679,185 720,056 751,515 -
Net wealth
Net wealth 1,036,033 1,118,487 1,137,812 1,179,523 1,214,134 -
  1. Where annual data are not timely an annual figure has been estimated and is held constant for the most recent quarters
  2. Excludes vacant land

The Data: Coverage, Periodicity, and Timeliness

Coverage characteristics

Data is published in millions of New Zealand dollars.

The Household Balance Sheet statistics comprises the assets and liabilities of New Zealand's household sector.

In March 2015, significant improvements were made to these statistics. These improvements address the most significant coverage gaps in the previously published statistics. For more information, please read the background paper. Other smaller gaps exist and methods can be improved. 

Areas for improvement include:

  • Improving quarterly estimates for business equity for recent periods by identifying a reliable quarterly indicator
  • Converting book-value equity estimates to market-value
  • Producing a consolidated household and unincorporated business balance sheet to aid international comparison
  • Estimating non-life insurance reserves (i.e. outstanding insurance claims and prepayments of insurance)
  • Estimating household assets held overseas (e.g. deposits with overseas banks, superannuation funds with overseas government, properties in other countries)

The household balance sheet is compiled from a number of different sources. See the series description for a detailed explanation of data sources.

Periodicity

Quarterly

Timeliness

Released approximately three months after the reference quarter.

Access by the public

Statistics release calendar

The "Statistics Release Calendar" is a long-term plan of scheduled releases. It is updated on the last working day of the month.

Integrity

Dissemination of terms and conditions under which official statistics are produced, including confidentiality of individual responses

Data is collected under Section 36 of The Reserve Bank of New Zealand Act 1989 (The Act).

The Reserve Bank of New Zealand publishes only aggregated data. Individual institutional data is confidential.

Provision of information about revisions and advance notice of major changes in methodology

Provisional data is italicised. Data is deemed provisional when a series is under review. New data, or revised data, is in bold font. Revisions are generally published when a table is next due to be updated and released. Should revisions need to be made more promptly, a special note is published.

Quality

Dissemination of documentation on methodology and sources used in preparing statistics

This data was first compiled and published in the June 2000 issue of the Reserve Bank Bulletin. Information about data sources and the evolution of financial markets and institutional structure from the 1970s to 2000 relevant to household financial asset and liability data is available in that and subsequent June Bulletin articles to 2003.

Household financial assets

Currency

Notes and coins issued by the Reserve Bank that are in the hands of the household sector.

Data is Reserve Bank estimates.

Reserve Bank currency in circulation, less the holdings of currency by banks and savings institutions, less an estimate derived from annual reports for the currency holdings of casinos and supermarkets. Two thirds of the residual is allocated to the household sector.

Deposits with registered banks

Household deposits (excluding PIE and term funds) held with New Zealand registered banks. PIE and term funds are reported in Investment fund shares.

Data is sourced from the Registered banks' balance sheet statistics (table C17).

Deposits with non-bank deposit takers

Household deposits held with non-bank deposit takers (savings institutions and credit unions).

Data is sourced from the Non-bank lending institutions' balance sheet statistics (table T4).

Other deposits

Other household deposits held in solicitors' trusts.

Data is sourced from Solicitors Trust accounts held with registered banks.

Government securities

Government securities held by households, mostly Kiwibonds.

Data is sourced from New Zealand registries and the Debt Management Office (table D2).

Local government securities

Local authority securities held by households such as city council, district council, harbour board and electric power board securities.

Data is Reserve Bank estimates based on registry data.

Other securities

Other securities held by households such as retail or corporate bonds.

Data is Reserve Bank estimates based on registry data.

Loans

Loans made by households through contributory mortgage companies and solicitors' nominee companies.

Data is Reserve Bank estimates based on data from the New Zealand Law Society.

NZ listed shares

Direct holdings by households of shares listed on the New Zealand Stock Exchange (NZX).

From 1998 to 2003, data is NZIER estimates.

From 2004, data is Reserve Bank estimates based on share registry information and market capitalisation of equities from the NZX.

NZ unlisted shares

Household holdings of shares in businesses that are not listed on the New Zealand Stock Exchange (NZX)

Estimates are book-value.

Data for March quarters is Statistics NZ estimates. The latest March year estimate is derived using the average growth of the last three years.

Data for other quarters is a straight line interpolation between March year benchmarks. For quarters after the latest annual benchmark the figure is held constant.

Revisions will occur when new annual benchmarks become available.

Equity in unincorporated NZ businesses

Household equity held in unincorporated businesses. Unincorporated businesses include sole traders, partnerships and trusts. In New Zealand the most significant of these are non-corporate farms and rental properties.

Estimates are book-value (except rental properties which are market value).

Data for March quarters is Statistics NZ estimates. The latest March year estimate is derived using the change in household sector entrepreneurial and property income received as recorded in the household income and outlay account.

Data for other quarters is a straight line interpolation between March year benchmarks. For quarters after the latest annual benchmark the figure is held constant.

Revisions will occur when new annual benchmarks become available.

Overseas listed shares

Direct holdings by households of shares listed on overseas stock exchanges.

From 1998 to 2001, data is Reserve Bank estimates based on a survey in the June 1985 Reserve Bank Bulletin of direct equity investment in Australia.

From 2002 to 2004, data is Statistics New Zealand experimental survey results.

From 2005, data is Reserve Bank estimates using the Australian ‘All Ords' index and the Morgan Stanley Capital Index (MSCI), adjusted for currency movements.

Cash management trusts

Household investment in cash management trusts. Cash management trusts are money market funds (MMF) that typically invest in money market instruments with a maturity of less than one year only.

Data is sourced from the Managed funds statistics.

Other investment fund shares

Household investments in retail unit trusts, wholesale trusts, mortgage income trusts, and property syndication. Also includes private wealth funds with fund managers.

Prior to June 2014, other investment fund shares also include cash management trusts.

Data is sourced from the Managed funds statistics.

Net equity in life insurance reserves

Household investments in life insurance funds.

Data is sourced from the Managed funds statistics.

Net equity in superannuation funds

Household investments in KiwiSaver, and other superannuation funds.

Also includes estimate for unfunded superannuation (superannuation entitlements not covered in full by the amounts that are held in superannuation funds).

Does not include the New Zealand Superannuation Fund.

Data is sourced from the Managed funds statistics and Reserve Bank estimates of unfunded superannuation of the Government Superannuation Fund (GSF).

Non-life insurance claims

Non-life insurance claims and prepayments of insurance.

Reliable estimates are not available.

Financial liabilities

Consumer loans: with registered banks

Consumer loans with New Zealand registered banks.

Data is sourced from the Registered banks' balance sheet statistics (table S7).

Consumer loans: with non-bank lending institutions

Consumer loans with non-bank lending institutions.

Data is sourced from the Non-bank lending institutions' balance sheet statistics (table T4).

Other consumer loans

Other consumer loans.

Data is sourced from the Managed funds statistics and Reserve Bank estimates.

Housing loans: with registered banks

Owner-occupier housing loans with New Zealand registered banks. Excludes housing loans for rental properties.

Data for housing loans (owner-occupier and rental properties) is sourced from the Registered banks' balance sheet statistics (table C6).

Rental property housing loans are Statistics NZ estimates.

Housing loans: with non-bank lending institutions

Housing loans with non-bank lending institutions.

Data is sourced from the Non-bank lending institutions' balance sheet statistics (table T4).

Other housing loans

Other housing loans including Housing New Zealand Corporation loans, solicitors' loans and managed funds loans.

Data is sourced from Housing New Zealand, Managed Funds statistics and Reserve Bank estimates.

Student loans

Student loans obtained through the Student Loan Scheme.

Estimates for 2001 are total balances outstanding, less provisions.

For 2002 and 2003, estimates are total loans outstanding (including interest).

From 1998 to 2003, data is sourced from Crown Financial Statements.

From 2004, data for June quarters is sourced from the Student Loan Scheme Annual Reports. Data for other quarters is sourced from Student Loan Quarterly Reports.

Other

Household net financial wealth

Household financial assets less total household financial liabilities.


Housing and land

The value of housing and land excluding rental properties and vacant land.

Rental properties are notional unincorporated businesses and the assets and liabilities appear on the business sector balance sheet.

Estimates of housing and land value are sourced from CoreLogic.

Rental property housing value is Statistics New Zealand estimates.

Household net wealth

Household net financial wealth plus the value of housing and land.


Upcoming changes to Household Balance Sheet statistics

The publication of the March 2017 quarter Household Balance Sheet statistics on 8 June will incorporate revised estimates for some items including:

  • Household equity
  • Household deposits
  • Household loans

Revisions to Household equity

Reliable and timely estimates are available for the majority of the asset and liability items covered in the household balance sheet. However, Statistics New Zealand produces estimates of household holdings of unlisted shares and equity in unincorporated businesses annually and this data is not as timely as other data used in the household balance sheet. Therefore this data is estimated using historical growth rates and when new annual data becomes available (in March) revisions will occur for up to eight previous quarters.

Revisions to Household deposits and Household loans

Household deposits and loans data are currently sourced from the Registered Banks’ Standard Statistical Return (SSR). The SSR has been retired and we will be sourcing this data from the new registered bank balance sheet collection, which incorporates improved reporting by banks.

More information

If you have any questions regarding these changes please contact Statistics Unit: stats-info@rbnz.govt.nz.

6 March 2017

Symbols and conventions

0 Value rounded to zero
- Zero or not applicable
.. Not available
bold Revised/new
italics Provisional

General notes

  • Individual figures may not sum to the totals due to rounding
  • Percentage changes are calculated on unrounded numbers
  • You are free to copy, distribute and adapt these statistics subject to the conditions listed on our copyright page.

Household deposits