Households continued to spend more than their income in the June 2021 quarter, with negative saving of $225 million following a revised March 2021 negative saving of $239 million, Stats NZ said today.
"After high levels of saving through 2020, impacted by the COVID-19 pandemic, households have spent more than they have earned during the first half of 2021," national accounts senior manager Paul Pascoe said.
| Quarter | Saving ratio (%) |
| Jun-16 | 1.2 |
| Sep-16 | -0.6 |
| Dec-16 | -0.5 |
| Mar-17 | 1.1 |
| Jun-17 | -1.3 |
| Sep-17 | -0.5 |
| Dec-17 | 1 |
| Mar-18 | 0.4 |
| Jun-18 | 0.6 |
| Sep-18 | 0.3 |
| Dec-18 | 0.6 |
| Mar-19 | 0.3 |
| Jun-19 | 1.3 |
| Sep-19 | 2.1 |
| Dec-19 | 1.4 |
| Mar-20 | 3.4 |
| Jun-20 | 13.6 |
| Sep-20 | 3.9 |
| Dec-20 | 3 |
| Mar-21 | -0.5 |
| Jun-21 | -0.5 |
| Quarter | Household saving ($) |
| Jun-16 | 460000000 |
| Sep-16 | -244000000 |
| Dec-16 | -208000000 |
| Mar-17 | 449000000 |
| Jun-17 | -531000000 |
| Sep-17 | -194000000 |
| Dec-17 | 407000000 |
| Mar-18 | 186000000 |
| Jun-18 | 254000000 |
| Sep-18 | 119000000 |
| Dec-18 | 250000000 |
| Mar-19 | 155000000 |
| Jun-19 | 601000000 |
| Sep-19 | 960000000 |
| Dec-19 | 674000000 |
| Mar-20 | 1629000000 |
| Jun-20 | 6459000000 |
| Sep-20 | 1894000000 |
| Dec-20 | 1475000000 |
| Mar-21 | -239000000 |
| Jun-21 | -225000000 |
The total income receivable for households rose 1.0 percent in the June 2021 quarter. Important contributors to this rise were a 2.4 percent increase in the total salaries and benefits received from employers, and a 2.1 percent increase in entrepreneurial income, which reflects income for self-employed business owners and partnerships. This rise in household income reflects the increased wage rates and higher employment rate observed in the Labour market statistics: June 2021 quarter.
These increases were partially offset by a 34 percent fall in dividends income received by households, following the large dividends received in the March 2021 quarter.
The total income payable by households rose 6.3 percent in the June 2021 quarter. This includes income redistribution measures such as taxes, pension fund contributions, and interest. The largest contributor to the increase was income tax paid by households, rising 8.9 percent to $12.7 billion.
Net disposable income decreased 0.7 percent in the June 2021 quarter, representing the money that households have available to spend or save after accounting for the total income payable. This decrease was matched by a fall in household spending of 0.7 percent, resulting in very little change to household saving in the June 2021 quarter.
The household saving ratio, which compares saving with net disposable income, was -0.5 percent in the June 2021 quarter, unchanged from the March 2021 quarter.
