Posted on the 13th February 2018
New Zealand plans to be the first in the world to measure its success against how it does socially, culturally and environmentally.
During her first major public address of the year, Prime Minister Jacinda Ardern said her Labour-led Government wanted to go further than the child poverty measures it had announced this week.
By the 2019 Budget, it would introduce a tool and framework to include the wellbeing of New Zealanders a measure of our economic success.
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The Government’s beancounter, Treasury, is becoming a little warmer in the way it sees the economy, although it strenuously denies it’s going fuzzy.
The state economic forecaster publishes the Government’s Investment Statement in March, and for the first time its scope will officially be broader than just sheer financials, taking in natural, social, human, and physical impacts as well.
“The wellbeing aspect of public policy must be much sharper,” Treasury’s chief economic adviser Tim Ng says.
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