New Zealand household saving was $856 million in the September 2023 quarter, relatively unchanged from June 2023 quarter levels, according to figures released by Stats NZ today.
“The household sector maintained its level of saving in the September 2023 quarter, with rising household incomes keeping pace with increased household spending,” national accounts industry and production senior manager Ruvani Ratnayake said.
Household net disposable income increased by 0.5 percent to $59.2 billion in the September quarter, while household spending increased by 0.5 percent to $58.3 billion. The increase in household spending was driven by price increases, as the volume of goods and services consumed by households fell 0.6 percent in the September quarter .
The household saving ratio, which compares household saving to net disposable income, remained at 1.4 percent in the September 2023 quarter.
| Quarter | Final consumption expenditure | Net disposable income |
| Sep-17 | 40612000000 | 39595000000 |
| Dec-17 | 41391000000 | 40924000000 |
| Mar-18 | 41741000000 | 41241000000 |
| Jun-18 | 42536000000 | 42035000000 |
| Sep-18 | 43312000000 | 42887000000 |
| Dec-18 | 44004000000 | 43547000000 |
| Mar-19 | 44015000000 | 43364000000 |
| Jun-19 | 44647000000 | 44950000000 |
| Sep-19 | 45309000000 | 45707000000 |
| Dec-19 | 45845000000 | 46401000000 |
| Mar-20 | 45553000000 | 47130000000 |
| Jun-20 | 40395000000 | 47230000000 |
| Sep-20 | 46381000000 | 48927000000 |
| Dec-20 | 47458000000 | 49419000000 |
| Mar-21 | 49944000000 | 52657000000 |
| Jun-21 | 50485000000 | 50331000000 |
| Sep-21 | 47853000000 | 51771000000 |
| Dec-21 | 50965000000 | 52443000000 |
| Mar-22 | 53819000000 | 53760000000 |
| Jun-22 | 53379000000 | 53854000000 |
| Sep-22 | 55067000000 | 55094000000 |
| Dec-22 | 56090000000 | 55651000000 |
| Mar-23 | 57309000000 | 57125000000 |
| Jun-23 | 58072000000 | 58914000000 |
| Sep-23 | 58349000000 | 59205000000 |
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 payable) have been accounted for. It represents the money available for a household to save, invest, or spend.
Total income receivable increased by $1.5 billion for the September 2023 quarter. This was driven largely by a 2.2 percent increase in compensation of employees, consistent with an increase in average weekly earnings and ordinary time hourly earnings .
Household income payable rose by $1.2 billion to $23.9 billion (an increase of 5.1 percent) driven by income tax and interest payable. Income tax payable increased 5.5 percent to $14.8 billion, and interest payable rose 8.2 percent to $3.2 billion.
