National Accounts: June 2024 Quarter

We have developed experimental quarterly estimates for institutional sector accounts and balance sheets, to provide more timely data on New Zealand's economy. We have published these experimental estimates on a quarterly basis since the first release for the March 2021 quarter.

The quarterly income measure of gross domestic product (GDPI), along with total economy compensation of employees, gross operating surplus and gross mixed income, taxes on production and imports, and subsidies became official in the December 2023 quarter and were most recently published in Gross domestic product: June 2024 quarter on 19 September 2024.

These previously published measures are also included in Table 1.1 (Consolidated accounts of the nation, gross domestic product and expenditure account) of the consolidated accounts tables in this release, in actual and seasonally adjusted terms. All other series in the consolidated accounts tables of this release remain as previously published.

Key facts

In the June 2024 quarter compared with the March 2024 quarter (in seasonally adjusted terms, except where otherwise stated):

• household net disposable income fell 0.9 percent to $59.2 billion
• household final consumption expenditure rose 1.0 percent to $59.7 billion
• household saving decreased $1.1 billion to -$479 million
• household net worth (not seasonally adjusted) decreased $47.1 billion (2.0 percent)
• non-financial business enterprises net worth (not seasonally adjusted) increased $4.1 billion (18.9 percent)
• central government net worth (not seasonally adjusted) increased $6.0 billion (2.1 percent).

Household saving falls in June 2024 quarter

Household saving shows how much households are saving out of their current income (net disposable income) - that is, current income less current consumption.

Household saving was -$479 million in the June 2024 quarter. This was a turnaround from $662 million in the March 2024 quarter. Household net disposable income decreased 0.9 percent in the June 2024 quarter, while household spending increased 1.0 percent.

The decrease in net disposable income was affected by the fall in income of self-employed businesses (entrepreneurial income) combined with a decrease in dividends received by households. Total income payable increased $331 million (1.3 percent) to $25.9 billion. This rise was primarily driven by a $251 million increase in the income tax paid by households.

Central government saving increases in June 2024 quarter

Central government saving rose $200 million to $350 million in the June 2024 quarter, driven by the increase in income receivable exceeding the combined increases of income payable and final consumption expenditure.

Income receivable increased $1.2 billion (3.1 percent) to $38.0 billion, driven by an increase in income tax received during the quarter, up $1.1 billion (5.4 percent) to $21.3 billion.

Income payable increased $309 million (2.0 percent), led by increases in miscellaneous current transfers (up $239 million) and social assistance benefits in cash (up $116 million). Offsetting these increases was a fall in subsidies payable of $154 million during the period.

Interest increases flatten in the June 2024 quarter

Financial business enterprises experienced a 0.2 percent increase in interest received and a $181 million (1.0 percent) increase in interest paid in the June 2024 quarter. These movements follow more than three years of quarterly increases, consistent with steady increases in the official cash rate.

Interest received by households (up $112 million or 2.4 percent) and interest paid by households (up $86 million or 2.4 percent) also increased in the June 2024 quarter. Household interest payments do not include interest paid on rental property mortgages, as rental properties are almost entirely included in the non-financial business enterprises sector. Instead, interest payments by landlords are indirectly captured in the household sector account as part of calculating entrepreneurial income.

Generally, higher interest payments by landlords result in smaller entrepreneurial income flows to the household sector.

Quarterly balance sheets

Note: the following quarterly balance sheets series are not seasonally adjusted due to most series not having seasonal behaviour.

Household net worth falls

Household net worth, the value of all assets owned by households less the value of their liabilities, fell $47.1 billion (2.0 percent) to $2,311 billion in the June 2024 quarter.

The decrease in net worth follows rises in each of the previous three quarters: $22.0 billion in March 2024, $21.2 billion in December 2023, and $27.7 billion in September 2023.

The fall in household net worth was driven by a decrease in total assets ($45.0 billion), combined with a rise in total financial liabilities ($2.1 billion).

Total financial assets fell $23.9 billion (1.6 percent) in the June 2024 quarter and follows a $17.6 billion rise in the March 2024 quarter.

The fall in total financial assets this quarter was led by a fall in equity and investment fund shares (down $27.0 billion), partly offset by a rise in currency and deposits ($2.5 billion).

Equity and investment fund share assets of households (household equity) includes the value of rental properties less the associated mortgages held against them.

Total non-financial assets fell $21.1 billion (1.8 percent) in the June 2024 quarter, following a rise of $6.9 billion in the March 2024 quarter and a rise of $22.5 billion in the December 2023 quarter.

For the household sector, the non-financial asset class translates to owner-occupied residential property. The rise in total non-financial assets was led by a fall in the value of land (down $28.5 billion or 4.0 percent), partly offset by a rise in the value of residential buildings (up $7.4 billion or 1.5 percent).

Total financial liabilities rose $2.1 billion (0.7 percent), driven by a rise in household residential mortgages that comprise much of this total liability (around 90 percent).

Net worth of non-financial business enterprises rises

The net worth of the non-financial business enterprises sector rose $4.1 billion (18.9 percent) in the June 2024 quarter, following a $0.7 billion fall in the previous quarter.

The total financial liabilities of this sector fell $11.8 billion (0.6 percent), led by a fall in equity and investment fund liabilities of $19.5 billion (1.4 percent).

The total assets of this sector fell $7.6 billion (0.4 percent), led by a fall in land ($14.3 billion or 2.2 percent), partly offset by rises in buildings, equity and investment fund share assets, and accounts receivable.

Central government net worth rises

The net worth of the central government institutions sector increased $6.0 billion (2.1 percent) in the June 2024 quarter, following a $5.8 billion rise in the previous quarter.

The rise in net worth was due to a rise in total assets and a fall in total financial liabilities.

Central government total assets rose $4.3 billion this quarter, led by rises in loans (up $2.7 billion), buildings (up $2.3 billion), and land (up $1.6 billion), partly offset by a fall in currency and deposits (down $2.0 billion).

Central government financial liabilities fell $1.7 billion, led by falls in debt securities (down $2.1 billion) and financial derivatives (down $1.8 billion), partly offset by a rise in accounts payable (up $1.1 billion).

More data

Use Infoshare to access national accounts time series.

Subject category: Economic indicators
Group: National accounts - SNA 2008

CSV files for download - the latest data from our information releases.

Definitions and metadata

Quarterly national accounts: (income, saving, assets, and liabilities) - data collection and methodology - DataInfo+ provides the data sources and general methodology used to produce these statistics.

Quarterly national accounts: (income, saving, assets, and liabilities) - concepts - DataInfo+ provides the definitions of terms used in this release.

Quarterly national accounts: (income, saving, assets, and liabilities): June 2024 quarter - changes and data updates - Datainfo+ has details of data updates for this release.

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Next release

National accounts (income, saving, assets, and liabilities): September 2024 quarter will be released on 16 January 2025.