Wellbeing Budget 2023

Support for today
Building for tomorrow

Contributions to the New Zealand Superannuation Fund

The combination of the Government's contributions to the NZSF and the NZSF's earnings are projected to increase its size to $85 billion by 2027. Growing the size of the NZSF will help it achieve its primary role of smoothing the cost of superannuation payments in the face of demographic pressures and easing the burden on future generations of taxpayers to meet the increased costs of the New Zealand Superannuation. The calibration of the OBEGAL fiscal rule factors in an allowance for contributions to the NZSF to ensure NZSF contributions do not add to the level of net debt to GDP over time.

Table 6 sets out the contributions to the NZSF over the forecast period. The estimated amount of the annual capital contribution to the NZSF is calculated in accordance with the formula in section 43 of the New Zealand Superannuation and Retirement Income Act 2001. Over the next five years, the Government's contribution to the NZSF is forecast to be $8.6 billion in total.[15]

Table 6 – Contributions to the NZSF

Table 6 – Contributions to the NZSF
Year ending 30 June
NZSF contributions 2.6 1.6 1.5 1.6 1.4

Source: The Treasury


  • [15] Table does not sum to this figure due to rounding.
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