Household balance sheet (C22)
This data is an estimate of the total assets and liabilities of New Zealand households.
|Jun 2019||Jun 2020||Sep 2020||Dec 2020||Mar 2021||Jun 2021|
|Household financial assets||1,093,923||1,196,412||1,251,518||1,348,387||1,419,615||1,427,284|
|of which registered banks||180,797||195,087||200,245||203,088||204,772||205,814|
|Securities other than shares|
|Securities other than shares||3,206||3,326||3,420||3,356||3,368||3,571|
|Equity and investment fund shares|
|of which NZ unlisted shares1||82,118||87,146||92,818||100,041||98,883||98,173|
|of which equity in unincorporated NZ businesses1||434,698||510,565||538,439||603,872||666,752||665,266|
|Investment fund shares||120,245||110,465||111,700||113,545||118,087||123,585|
|Insurance technical reserves|
|Net equity in life insurance and superannuation funds||108,148||116,219||121,011||127,271||132,290||136,208|
|Household financial liabilities||229,032||239,716||243,721||249,876||255,749||262,815|
|Consumer loans (short- term)||16,844||15,112||14,745||14,951||14,394||14,286|
|Housing loans (long-term)||196,155||208,469||212,896||218,995||224,955||232,129|
|of which registered banks||192,873||204,694||209,083||215,014||220,716||227,447|
|Net financial wealth|
|Net financial wealth||864,891||956,696||1,007,798||1,098,510||1,163,866||1,164,468|
|Housing and land value2||855,284||928,327||968,372||1,047,609||1,143,860||-|
Household balance sheet statistics now published by Stats NZ
3 December 2021
Household balance sheet statistics have been published quarterly by Stats NZ since July 2021.
To avoid duplication and potential confusion, the RBNZ has ceased publication of our quarterly household balance sheet in the following web tables:
- Key household financial statistics (C21)
- Household balance sheet (C22)
The RBNZ has published quarterly estimates of New Zealand household assets, liabilities, and wealth since June 2000 to assist with macro-financial analysis of the household sector. RBNZ household balance sheet statistics have filled an important gap in New Zealand’s set of national accounts, but data for other sectors has not been collected or published.
In July 2021, Stats NZ first released a new suite of experimental quarterly statistics for institutional sector accounts, balance sheets, and the nominal income measure of quarterly gross domestic product (GDP). These statistics include quarterly data on the household sector accounts, which will now be presented alongside other sectors, such as financial and non-financial business enterprises.
The Stats NZ data presentation conforms to the System of National Accounts, but there will be a supplementary table mirroring the RBNZ C21 and C22 publications.
Please note that while there will be data quality and coherence improvements now that a full set of accounts is available, there will be a reduction in the timeliness of household balance sheet statistics in the short-term. The full Stats NZ publication will be available in the first quarter of 2022. Stats NZ intends to improve the timeliness of this publication over the coming quarters.
Please note that we originally stated publication by Stats NZ would be on 25 January. Stats NZ now expect to publish later in Q1 2022.
If you have any queries or comments, please contact us at [email protected].
The data: coverage, periodicity, and timeliness
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.
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.
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.
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
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 held by households such as retail or corporate bonds. Data is Reserve Bank estimates based on registry data.
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 New 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 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 (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.
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 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.
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.
Symbols and conventions for summary table
|Symbol or convention||Definition|
|0||Zero or value rounded to zero|
|Light grey background||Historical|
- 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.
View other data in the Households series.