Household balance sheet ($m) - C22

Released
30 May 2017 03:00 p.m.
Next release
06 September 2017 03:00 p.m.
Source
Reserve Bank of New Zealand, Statistics New Zealand, CoreLogic, Inland Revenue
Periodicity
Quarterly
Previous years: Quarterly:
Mar 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017
FINANCIAL ASSETS
Household financial assets 745,677 785,375 789,741 795,946 801,310 806,426
Currency
Currency 2,983 3,236 3,189 3,192 3,383 3,320
Deposits
Deposits 136,435 150,880 152,861 154,686 159,205 161,263
of which registered banks 133,145 147,432 149,412 151,301 155,776 157,819
Securities other than shares
Securities other than shares 5,107 5,245 5,204 5,180 5,165 4,749
Loans (assets)
Loans 378 328 315 303 290 290
Equity and investment fund shares
Equity 477,126 492,178 492,009 492,287 492,487 493,060
of which NZ unlisted shares1 110,474 117,884 117,884 117,884 117,884 117,884
of which equity in unincorporated NZ businesses1 255,349 246,934 246,934 246,934 246,934 246,934
Investment fund shares 45,030 49,682 50,838 52,632 53,075 53,353
Insurance technical reserves
Net equity in life insurance and superannuation funds 72,262 78,071 79,643 81,912 82,219 85,084
FINANCIAL LIABILITIES
Household financial liabilities 171,585 183,574 187,583 191,350 194,803 197,857
Loans (liabilities)
Consumer loans (short- term) 14,123 14,561 14,543 14,712 15,242 15,270
Housing loans (long-term) 142,613 153,633 157,700 161,341 164,369 167,395
of which registered banks 140,700 151,900 155,931 159,502 162,459 165,431
Student loans1 14,848 15,380 15,340 15,297 15,192 15,192
Net financial wealth
Net financial wealth 574,093 601,801 602,158 604,596 606,507 608,568
Non-financial assets
Housing and land value2 591,639 677,039 717,782 749,141 758,156 -
Net wealth
Net wealth 1,165,732 1,278,840 1,319,940 1,353,737 1,364,663 -
  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 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 to household assets and liabilities

The March 2017 quarter publication of the Reserve Bank’s Household Balance Sheet statistics includes revisions to a number of items in the balance sheet and the overall net wealth of the household sector.

The Household Balance Sheet statistics are compiled from a range of data sources including Reserve Bank surveys of financial institutions and Stats NZ estimates.

The revisions to household assets and liabilities reflect:

  • Improved data reporting of household deposits, debt securities and loans in the Reserve Bank’s new Bank Balance Sheet survey and Securities database.
  • Changes to the method used to compile household equity and investment fund shares estimates by Stats NZ who began publishing sectoral balance sheets on 31 March 2017, including annual estimates of the household balance sheet for the period from 2007 to 2015.1
  • New estimates of items that were not previously captured, including households’ non-life insurance claims.

The technical note (PDF 476KB) outlines the main changes to the household sector assets and liabilities and the impact on previously published data.

Household debt servicing data discontinued

The household debt servicing series (previously published in table C21) have been discontinued. 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 are 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

We are looking to extend other Reserve Bank data collections to collect interest rates data and allow estimates of household debt servicing to be calculated in the future. 

New presentation of Excel data files

The new format for our Excel data files has been rolled out to the Household Balance Sheet statistics (tables C21 and C22).

The most notable changes in the Excel data files are:

  • Data presented in vertical format with no extra columns, bold numbers, merged cells or any other formatting. This will make it easier for data users to transform the file into other ‘machine friendly’ formats such as .csv.
  • Two extra tabs – ‘Table Description’ and ‘Series Definitions’ that will contain supplementary information about the table and the data.
  • The data tab will have two extra rows: unit and series ID linked to the Series Definitions.

For more information about these changes, please contact the Reserve Bank Statistics Unit.

30 May 2017

1 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 our own quarterly estimates, the Reserve Bank is drawing on Stats NZ’s annual estimates to help ensure consistency between the two sources.

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.