KiwiSaver funds are now collectively worth over $28.5 billion – that's almost as large as the investments managed by the New Zealand Super Fund and by the Accident Compensation Corporation.
A review by the Financial Markets Authority says in the year to June, KiwiSaver funds grew by $7.5 billion – an increase of over 30 percent from a year earlier.
Around $3 billion of that were earnings in the money generated by the funds.
KiwiSaver members contributed $2.4 billion, employer contributions totalled $1.5 billion and the Government contributed $926 million.
Withdrawals totalled $657 million. That was a mix of people retiring ($421 million), first home purchases ($218 million) and people withdrawing money due to financial hardship ($50 million).
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