ANZ Default KiwiSaver Scheme Cash Fund

Fund report as at 31 December 2023

How has the fund performed?

Performance as at 31 December 2023


3 months


1 year


3 years (p.a.)


5 years (p.a.)


10 years (p.a.)


Since launch (p.a.)


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

What happened this quarter (three months to 31 December 2023)

  • The Cash Fund is a low-risk fund and aims to preserve capital for investors while offering low volatility in returns. With interest rates hovering near decade-highs, the fund delivered solid stable returns over the quarter.
  • Against the backdrop of elevated interest rates and rising term deposits, cash continued to deliver stable and positive returns over the final quarter of the year.
  • During the quarter, the Reserve Bank of New Zealand (RBNZ) left the Official Cash Rate (OCR) unchanged. However, at its November meeting, it struck a rather hawkish tone saying, “If inflationary pressures were to be stronger than anticipated, the OCR would likely need to increase further”. Furthermore, it raised the neutral rate (the rate at which it expects the OCR to peak) to 5.69%.
  • Elsewhere, global central banks were more dovish, especially in the US, where the Federal Reserve (the Fed) left its policy rate unchanged. In its accompanying economic projections, members of the Committee signalled they expect three interest rate cuts in 2024.
  • In economic data, GDP (Gross Domestic Product) figures showed New Zealand’s economy shrank by 0.3% in the third quarter of 2023, with the decline being driven by goods-producing industries. However, on an annual basis, the economy has grown 1.3% over 12 months. Meanwhile, inflation remained stubbornly high at 5.6%, which the RBNZ said justified keeping rates higher to bring this under control.

What does the fund invest in?

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.

See the fund's actual investment mix on page 3 of the fund update.

Important information

ANZ New Zealand Investments Limited is the issuer and manager of the ANZ Default KiwiSaver Scheme. Important information is available under terms and conditions. Download the guide and product disclosure statement.

This material is for information purposes only. We recommend seeking financial advice about your situation and goals before getting a financial product. To talk to one of our team at ANZ, please call 0800 736 034, or for more information about ANZ’s financial advice service or to view our financial advice provider disclosure statement see