New Zealand household saving was $2.1 billion in the December 2022 quarter, the same level as in the September quarter but well above pre-pandemic levels, according to quarterly figures released by Stats NZ today.
Household net disposable income increased by 1.8 percent to $57.4 billion in the December 2022 quarter, while household spending increased by 1.7 percent to $55.3 billion. The increase in household spending largely reflected price increases, as there was little change in the volume of goods and services consumed by households during the December 2022 quarter (Gross domestic product: December 2022 quarter).
“The total disposable income of New Zealand households increased at a slightly higher pace than the rise in living costs,” national accounts institutional sectors senior manager Paul Pascoe said.
| Quarter | Change in net disposable income | Change in final consumption expenditure |
| Sep-16 | 0.3 | 1.5 |
| Dec-16 | 1.8 | 1.6 |
| Mar-17 | 4.0 | 2.6 |
| Jun-17 | -1.3 | 0.9 |
| Sep-17 | 2.0 | 1.2 |
| Dec-17 | 3.5 | 1.8 |
| Mar-18 | 0.6 | 1.1 |
| Jun-18 | 2.1 | 1.8 |
| Sep-18 | 2.5 | 1.7 |
| Dec-18 | 0.5 | 1.5 |
| Mar-19 | 0.3 | 0.5 |
| Jun-19 | 3.4 | 1.3 |
| Sep-19 | 1.3 | 1.3 |
| Dec-19 | 1.6 | 1.0 |
| Mar-20 | 1.4 | 0.0 |
| Jun-20 | 0.6 | -11.8 |
| Sep-20 | 3.4 | 14.2 |
| Dec-20 | 0.6 | 2.3 |
| Mar-21 | 6.4 | 6.9 |
| Jun-21 | -4.9 | 0.2 |
| Sep-21 | 2.2 | -5.9 |
| Dec-21 | 2.0 | 6.6 |
| Mar-22 | 3.1 | 7.1 |
| Jun-22 | 1.1 | -1.6 |
| Sep-22 | 2.9 | 2.1 |
| Dec-22 | 1.8 | 1.7 |
Household net disposable income is the amount of money a household has once all income receivable (such as wages, interest earned, and child support) and income payable (such as taxes and interest paid) have been accounted for. It represents the money available for a household to save, invest, or spend.
Household income receivable rose $2.1 billion to $80.2 billion (2.6 percent), driven by interest received on bank deposits (up 28.2 percent), salaries and wages (up 1.2 percent), and dividends (up 37.8 percent).
Household income payable rose $1.1 billion to $23.1 billion (4.9 percent), driven by interest payable and income tax. Interest payable rose 23.9 percent reflecting increasing interest rates on housing loans during the quarter, while income tax paid increased by 3.4 percent aligned with the continued growth in salary and wages (Labour market statistics: December 2022 quarter).
The household saving ratio, which compares household saving to net disposable income, increased to 3.6 percent from 3.5 percent in the September 2022 quarter, reflecting that household net disposable income increased at a slightly faster rate than household spending.
