Key household financial statistics ($m) - C21

Released
07 December 2018 03:00 p.m.
Next release
08 March 2019 03:00 p.m.
Source
Reserve Bank of New Zealand, Statistics New Zealand, CoreLogic
Periodicity
Quarterly
Previous years: Quarterly:
Sep 2016 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018
Household net financial wealth
Household financial assets 834,231 861,714 874,814 874,934 883,118 890,457
Household financial liabilities 191,555 204,358 207,870 211,406 214,918 218,031
of which housing loans 161,426 172,698 175,692 178,874 182,411 185,422
Household net financial wealth 642,676 657,356 666,944 663,528 668,199 672,427
Household net wealth
Household net wealth 1,395,229 1,447,330 1,468,767 1,474,439 1,487,414 -
Household net financial wealth 642,676 657,356 666,944 663,528 668,199 672,427
Housing and land value1 752,553 789,974 801,823 810,911 819,214 -
Net equity in housing
Net equity in housing 591,127 617,276 626,131 632,037 636,803 -
Household disposable income
Household disposable income (quarterly) 41,051 42,583 43,176 43,672 44,267 44,773
Household disposable income (year ended) 159,420 168,012 169,666 171,401 173,698 175,888
As a percentage of household disposable income
Household financial assets 523 513 516 510 508 506
Household financial liabilities 120 122 123 123 124 124
Household net financial wealth 403 391 393 387 385 382
Housing and land value 472 470 473 473 472 -
Household net wealth 875 861 866 860 856 -
Net equity in housing 371 367 369 369 367 -
  1. 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. The household balance sheet is compiled from a number of different sources. See the series description for a detailed explanation of data sources.

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
  • Producing a consolidated household and unincorporated business balance sheet to aid international comparison
  • Estimating household assets held overseas (e.g. deposits with overseas banks, superannuation funds with overseas government, properties in other countries)

Statistics New Zealand began publishing sectoral balance sheets on 31 March 2017 (Statistics New Zealand’s Annual Balance Sheets), including annual estimates of the household balance sheet for the period from 2007 to 2015.

The Reserve Bank has published quarterly estimates of the household balance sheet for many years and is continuing to produce these estimates to assist with the macro-financial analysis of the household sector. These estimates are produced with a one quarter lag.

In compiling its own quarterly estimates, the Reserve Bank draws on Statistics New Zealand’s annual estimates to help ensure consistency between the two sources.

Periodicity

Quarterly

Timeliness

Released approximately three months after the reference quarter.

Access by the public

Statistics release calendar

The Statistics Release Calendar provides a long-term plan of scheduled releases. It is updated and released on the first working day of the month.

View the Statistics Release Calendar

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).

Read the Reserve Bank of New Zealand Act 1989.

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

New data, or revised data, is in bold font. This applies to the summary table only and not excel files. 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 held with New Zealand registered banks. Data is sourced from the Registered banks’ balance sheet statistics (table S41).

Deposits with non-bank deposit takers

Household deposits held with non-bank deposit takers. Data is sourced from the Non-bank lending institutions’ balance sheet statistics (table T4).

Central government securities

Central government securities held by households, mostly Kiwibonds. Data is sourced from New Zealand registries and the Debt Management Office.

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).

Data for March quarters from 2007 are Statistics New Zealand estimates from the Annual Balance Sheet statistics. The latest March year estimate is derived using the annual growth in NZ listed shares from the Reserve Bank Managed Funds survey.

Data for March quarters prior to 2007 are provisional Reserve Bank estimates and will be subject to change when Statistics ew Zealand backdates the Annual Balance Sheets statistics.

Data for non-March quarters is a linear interpolation between March year benchmarks. For quarters after the last annual benchmark the figure is held constant and is subject to revisions when new annual benchmarks become available.

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 from 2007 are Statistics New Zealand estimates from the Annual Balance Sheet statistics. The latest March year estimate is derived using the annual growth in NZ listed shares from the Reserve Bank Managed Funds survey. Data for March quarters prior to 2007 are provisional Reserve Bank estimates and will be subject to change when Statistics ew Zealand backdates the Annual Balance Sheets statistics. Data for non-March quarters is a linear interpolation between March year benchmarks. For quarters after the last annual benchmark the figure is held constant and is subject to revisions 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 from 2007 are Statistics NZ estimates from the Annual Balance Sheets statistics. 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 March quarters prior to 2007 are provisional Reserve Bank estimates and will be subject to change when Statistics New Zealand backdates the Annual Balance Sheets statistics. Data for other quarters is a linear interpolation between March year benchmarks. For quarters after the latest annual benchmark the figure is held constant and is subject to revisions when new annual bechmarks 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 (excluding banks PIEs). 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 (excluding bank PIEs), 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) and the National Provident Fund.

Non-life insurance claims

Non-life insurance claims and prepayments of insurance. Data is Statistics New Zealand estimates from the Annual Balance Sheets statistics. Reliable estimates are not available prior to 2007.

Financial liabilities

Consumer loans: with registered banks

Data is sourced from the Registered banks’ balance sheet statistics (table C5).

Consumer loans: with non-bank lending institutions

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

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 is sourced from the Registered banks’ balance sheet statistics (table S31).

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. Data is Statistics New Zealand estimates from the Annual Balance sheets statistics.

Household net wealth

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

Net equity in housing

The value of housing and land less the value of housing loans.

Household disposable income

Household disposable income (gross disposable income plus interest) Data for March quarters is Statistics New Zealand estimates from the household income and outlay account. The latest March year estimate is using the growth earnings over the quarter, published in Statistics New Zealand’s Quarterly Employment Survey. Data for other quarters is Reserve Bank estimates interpolated between March year benchmarks. Revisions will occur when new annual benchmarks become available.

Number of households and number of private dwellings

Estimated number of households and private dwellings in New Zealand. Statistics New Zealand Dwelling and Household Estimates.

Gross domestic product

Gross domestic product (GDP) represents the country’s income earned from production in New Zealand. It includes income from production carried out by New Zealanders and by foreign firms operating within New Zealand. Statistics New Zealand Gross Domestic Product.

Revisions to Household balance sheet

07 December 2018- Revisions

Today the Reserve Bank published household balance sheet statistics with revisions to household financial assets and loan servicing.

Revisions to household financial assets

On 23 November 2018 the Reserve Bank published managed funds statistics with upwards revisions to assets held by private wealth clients. The revisions are primarily due to improved reporting and have been backdated to the quarter ended 30 June 2014.

Assets held by private wealth clients (Table T48) increased by a maximum of $5bn for the June 2018 quarter.

These revisions in the managed funds publication have an impact on the RBNZ Household Balance Sheet published today, since much of the funds under management are held on behalf of the household sector. The revisions flow through to household financial assets under equity and investment fund shares, resulting in an increase to household wealth from previously published statistics.

Figure 1: Change to household financial wealth

changes to household financial wealth-C20

Revisions to data from Stats NZ

Revisions to provisional data from Stats NZ’s National accounts publications have resulted in revisions in the RBNZ household balance sheet statistics.

Household net equity in housing and land has been revised upwards from March 2007. This is due to revisions to Stats NZ’s National accounts (change in assets) publication. The largest increase to the revised series is $5.3 billion.

Household disposable income has been revised to incorporate revisions in Stats NZ’s National accounts (income and expenditure) publication. The largest revision for household disposable income was for the year ending March 2017, which has increased by $5.0 billion (or 3.1%) from the previous publication.

Revisions to loan servicing

The Reserve Bank recently completed an update to our Bank Income Statement Survey, in collaboration with banks. The revised survey captures improved interest income flows for loans fully secured by residential mortgage products and the interest income flows for loans for business, as well as for consumer.

The new interest flow series have enabled the calculation of actual yields for mortgage loans, and these are published in a new web table Yields on loans (B6).

These new and improved yields impact on the RBNZ Household Balance Sheet published today, resulting in lower estimates for household interest payments and debt servicing ratios. There are minor revisions back to March 2017 for the following published series:

  • Interest payments on housing loans (quarterly)
  • Interest payments on consumer loans (quarterly)
  • Total interest payment as a percentage of household disposable income (quarterly)
  • Interest payments on housing loans (year ended)
  • Interest payments on consumer loans (year ended)
  • Total interest payment as a percentage of household disposable income (year ended)

If you have any questions please contact stats-info@rbnz.govt.nz.

Symbols and conventions for summary table

0 Zero or value rounded to zero
- Not applicable
.. Not available
bold Revised/new
italics Provisional
light red background Historical

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.