New Zealand's superannuation value has tumbled by $3.3 billion.

The value has dropped by nearly seven percent in the year to June, as sharemarkets around the world tumbled amid rising inflation and recession fears.

It had returned about 9.7 percent per annum since it was launched in 2003.

Super Fund Chief Executive Matt Whineray says told Mike Hosking it's a sharp downturn.

He says the first six months of this year were the worst they'd seen since 1970.

LISTEN ABOVE

New Zealand's superannuation value has tumbled by $3.3 billion.
The value has dropped by nearly seven percent in the year to June, as sharemarkets around the world tumbled amid rising inflation and recession fears.
It had returned about 9.7 percent per annum since it was launched in 2003.
Super Fund Chief Executive Matt Whineray says told Mike Hosking it's a sharp downturn.
He says the first six months of this year were the worst they'd seen since 1970.
LISTEN ABOVE

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. 

Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers.