ANZ KiwiSaver Scheme Cash Fund

Performance is after the annual fund charge and before tax. Rates, fees and agreements.

• Global central banks continued to cut cash rates over the quarter as economic data slowed and inflation in several global economies returns to target rates. Despite this, cash rates remain elevated compared to recent times, meaning the fund continued to deliver solid and steady returns, while maintaining capital preservation and providing a good hedge in times of heightened volatility. 
• New Zealand economic data was generally weak over the quarter, with growth (GDP) falling 1% in the third quarter. It followed a 1.1% slump in the previous quarter. These were the biggest quarterly falls since late 2021 – at the height of the Covid-19 pandemic and lockdowns. Elsewhere, retail sales have now registered nine consecutive quarters of decline, while unemployment rose to 4.8% in the September quarter, up from 4.6%.
• The declining economic backdrop prompted the Reserve Bank of New Zealand (RBNZ) cut the Official Cash Rate (OCR) by 100 basis points over the quarter, and in its quarterly update, it projected several more rate cuts ahead. 

The fund invests mainly in cash and cash equivalents. These may include investments issued by New Zealand-registered banks, the New Zealand Government, corporations or local authorities, or non-New Zealand governments.

This chart shows the mix of assets that the fund generally intends to invest in – 100% cash and cash equivalents.