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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.

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