WELLINGTON, Oct. 10 (Xinhua) -- New Zealand's household spending exceeded income in the June 2024 quarter, according to the statistics department Stats NZ on Thursday.
Household saving decreased to minus 479 million NZ dollars in the quarter as household spending increased while net disposable income fell, Stats NZ said.
The household spending increased 1 percent to 60 billion NZ dollars in the quarter, driven by spending on services and non-durable goods like groceries, partly offset by a decrease in spending on durable goods like motor vehicles, it said.
Household net disposable income decreased 0.9 percent to 59 billion NZ dollars in the quarter, it said, adding total household income decreased 0.2 percent, falling for the first time since the start of the reported series in 2016.
"With net disposable income falling in the June quarter, the household sector is funding the increase in spending through borrowing and drawing on existing funds," Stats NZ national accounts industry and production senior manager Ruvani Ratnayake said.
Household net worth decreased 2 percent, or 47 billion NZ dollars, in the quarter following increases in the previous three quarters, the statistics showed.
The decrease in household assets reflected a fall in property values for both homeowners and landlords, Ratnayake said. (1 NZ dollar equals 0.61 U.S. dollars) ■