WELLINGTON, April 3 (Xinhua) -- New Zealand's household net disposable income grew 1.5 percent to 59.4 billion NZ dollars in the December 2024 quarter, according to the statistics department Stats NZ on Thursday.

The growth was driven primarily by a 6.5 percent rise in earnings from self-employed business owners, Stats NZ said.

"Increases in the income from self-employed business owners and partnerships meant that household income rose during the December 2024 quarter, despite a decrease in salaries and wages for the second quarter in a row," Stats NZ institutional sectors spokesperson James Mitchell said.

This increase in income to self-employed business owners was primarily from businesses in the agriculture, forestry, and residential rental property industries, Mitchell said.

Household spending also rose 0.8 percent to 60.9 billion NZ dollars in the last quarter of 2024, fueled by higher expenditures on services, particularly international and domestic travel, as well as dining out and takeaway meals, he said.

As disposable income outpaced spending growth, household savings improved by 429 million NZ dollars, reducing the deficit to -1.4 billion NZ dollars in the December 2024 quarter.

Household net disposable income represents the money available for a household to spend, save, or invest. (1 NZ dollar equals 0.58 U.S. dollars) Enditem

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