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Source: MIL-OSI Submissions

Household spending outpaces income in the June 2021 quarter – Media release

21 October 2021

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.

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.

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