National Accounts: June 2025 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 2025 quarter on 18 September 2025.

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, and remain as previously published.

Key facts

Quarterly income and outlay accounts

In the June 2025 quarter, compared with the March 2025 quarter (in seasonally adjusted terms):

• household saving increased $655 million to $804 million
• household net disposable income rose 1.9 percent ($1.2 billion):
  • income of self-employed businesses (entrepreneurial income) received by households rose 5.2 percent ($544 million)
  • dividends received by households rose 53 percent ($463 million)
  • compensation of employees was little changed (up 0.1 percent)
  • interest received by households fell 8.5 percent ($294 million)
  • interest paid by households fell 7.9 percent ($221 million)
• household final consumption expenditure rose 0.8 percent ($518 million)
• non-financial business enterprises saving fell $1.9 billion to $737 million
• interest received by financial business enterprises fell 7.0 percent ($967 million)
• interest paid by financial business enterprises fell 8.2 percent ($1.1 billion).

Quarterly balance sheets

Quarterly balance sheet values are not seasonally adjusted.

In the June 2025 quarter, compared with the March 2025 quarter:

• household net worth fell $12.1 billion (0.5 percent):
  • land fell $13.3 billion (1.9 percent)
  • equity and investment share assets fell $4.9 billion
  • buildings rose $2.0 billion
  • currency and deposits rose $3.5 billion
  • insurance and pension assets rose $4.1 billion
• central government net worth rose $8.0 billion (2.7 percent):
  • debt security assets rose $2.5 billion (4.1 percent)
  • loan assets rose $1.8 billion (4.3 percent)
  • currency and deposit assets fell $13.0 billion (20 percent)
  • debt security liabilities fell $7.1 billion (3.4 percent).

Household saving rises in the June 2025 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 rose $655 million to $804 million in the June 2025 quarter. The rise follows:

• a $108 million fall in the March 2025 quarter
• a $350 million rise in the December 2024 quarter.

The household saving ratio, which compares household saving to net disposable income, increased to 1.3 percent in the June 2025 quarter from 0.2 percent in the previous quarter. This reflects that household net disposable income increased at a slightly faster rate than household spending.

Household net disposable income increased 1.9 percent ($1.2 billion) in the June 2025 quarter, while household spending (final consumption expenditure) increased 0.8 percent ($518 million).

The increase in net disposable income was driven by rises in entrepreneurial income (income of self-employed businesses and partnerships, up $544 million or 5.2 percent) and dividends received (up $463 million). These rises were partly offset by a fall in interest received by households (down $294 million or 8.5 percent).

Total income payable fell 0.8 percent ($194 million), led by a fall in interest paid by households (down 7.9 percent or $221 million), partly offset by smaller rises in several transactions, including current transfer payments to households.

Interest falls in the June 2025 quarter

Interest received by financial business enterprises fell 7.0 percent ($967 million) in the June 2025 quarter. Interest paid by financial business enterprises also fell, down 8.2 percent or $1.1 billion.

These movements follow falls in both interest received, and interest paid in the March 2025 quarter and in the two quarters prior, consistent with recent falls in the official cash rate.

Interest received by non-financial business enterprises in the June 2025 quarter was down 6.0 percent ($84 million), with interest paid also decreasing, down 5.9 percent ($333 million).

Household interest also declined in the June 2025 quarter, with interest received down 8.5 percent ($294 million) and interest paid down 7.9 percent ($221 million).

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.

In general, lower interest payments by landlords result in larger entrepreneurial income flows to the household sector.

Saving falls in non-financial business enterprises sector

Saving in the non-financial business enterprises sector fell $1.9 billion to $737 million in the June 2025 quarter.

Total income payable increased $2.2 billion (9.2 percent), led by increases in dividends paid, income tax paid, and entrepreneurial withdrawals. These increases were partly offset by a decrease in interest paid.

Total income receivable increased $378 million (1.0 percent).

Quarterly balance sheets

Note: quarterly balance sheet series are not seasonally adjusted.

Household net worth falls in the June 2025 quarter

Household net worth, the value of all assets owned by households less the value of their liabilities, fell $12.1 billion to $2,465 billion in the June 2025 quarter.

The fall in net worth was led by a decrease in total assets ($8.5 billion) - an increase in total financial liabilities ($3.5 billion) also contributed to the fall.

Total financial assets rose $2.7 billion (0.2 percent) in the June 2025 quarter and follows a rise of $6.0 billion in the March 2025 quarter.

The rise in total financial assets this quarter was led by rises in insurance and pension assets (up $4.1 billion) and currency and deposits (up $3.5 billion), partly offset by a fall in equity and investment fund share assets of households (household equity), down $4.9 billion.

The equity and investment fund share asset class includes the value of rental properties less the associated mortgages held against them.

Total non-financial assets fell $11.2 billion (0.9 percent) in the June 2025 quarter, and follows little change in the March 2025 quarter, and a rise of $14.0 billion in the December 2024 quarter.

For the household sector, the non-financial asset class translates to owner-occupied residential property.

The fall in total non-financial assets in the June 2025 quarter was led by a fall in the value of land (down $13.3 billion or 1.9 percent), partly offset by a rise in the value of residential buildings (up $2.0 billion or 0.4 percent).

Total financial liabilities rose $3.5 billion (1.1 percent), driven by a rise in household residential mortgages that comprise much of this total liability (around 90 percent).

In the year ended June 2025, household net worth rose $21.5 billion (0.9 percent) and follows a rise of $54.8 billion (2.3 percent) in the year ended June 2024.

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 2025 quarter - changes and data updates - DataInfo+ has details of data updates for this release.

Technical enquiries

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04 931 4600

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Next release

National accounts (income, saving, assets, and liabilities): September 2025 quarter will be released on 15 January 2026.