Key household financial statistics ($m) - C21

Released
28 November 2017 03:00 p.m.
Next release
02 March 2018 03:00 p.m.
Source
Reserve Bank of New Zealand, Statistics New Zealand, CoreLogic
Periodicity
Quarterly
Previous years: Quarterly:
Sep 2015 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017
Household net financial wealth
Household financial assets 767,513 798,406 804,047 809,454 813,362 819,184
Household financial liabilities 177,011 191,425 194,908 198,022 201,084 203,570
of which housing loans 147,878 161,385 164,436 167,515 170,379 172,578
Household net financial wealth 590,502 606,981 609,139 611,432 612,278 615,614
Household net wealth
Household net wealth 1,235,366 1,356,122 1,367,295 1,382,379 1,386,091 -
Household net financial wealth 590,502 606,981 609,139 611,432 612,278 615,614
Housing and land value1 644,864 749,141 758,156 770,947 773,814 -
Net equity in housing
Net equity in housing 496,986 587,756 593,720 603,432 603,435 -
Household disposable income
Household disposable income (quarterly) 37,596 39,329 39,838 40,179 40,792 41,410
Household disposable income (year ended) 148,357 154,444 156,324 158,160 160,139 162,219
As a percentage of household disposable income
Household financial assets 517 517 514 512 508 505
Household financial liabilities 119 124 125 125 126 125
Household net financial wealth 398 393 390 387 382 379
Housing and land value 435 485 485 487 483 -
Household net wealth 833 878 875 874 866 -
Net equity in housing 335 381 380 382 377 -
  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 sectorThe 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.

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. 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

Consumer loans with New Zealand registered banks.

 

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

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

 

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. 

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

Today the Reserve Bank published household balance sheet statistics with revisions to some series.

The main change to the statistics is an increase in investment fund shares from June 2014 going forward by around $2 billion. This is due to an increase in individually managed funds from “private wealth clients” (see the T40 Special Note for more detail). This revision has no material impact on the quarter over quarter growth. There are also minor revisions to non-banks housing lending and consumer lending (see the T31 Special Note for more detail).

Household debt servicing data

In the March 2017 quarter publication of the Reserve Bank’s Household Balance Sheet statistics we discontinued the household debt servicing series (previously published in table C21). These estimates were calculated using interest rates collected in the Reserve Bank’s Standard Statistical Return (SSR). With the retirement of the SSR in January 2017 the following estimates were no longer updated:

  • Total interest payments
  • Interest payments on housing loans
  • Interest payments on consumer loans
  • Total interest payments as a percentage of household disposable income

Work is under way to extend other Reserve Bank data collections to collect housing and consumer loans interest payments data.

We acknowledge that the discontinued series were widely used and the March and June 2017 quarters have been estimated using data from the Income Statement and Bank Balance Sheet Survey. We will monitor the quality of these series and are likely to make revisions once the data collections are in place allowing us to collect the required data directly.

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

06 September 2017

Symbols and conventions for summary table

0 Value rounded to zero
- Zero or 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.