The Treasury wants higher living standards for all New Zealanders. But well-established economic and financial measures miss some important aspects of what matters to New Zealanders when they think about what makes their life worthwhile.
We've developed our Living Standards Framework (LSF) to help us advise successive governments about the likely effects of their policy choices on New Zealanders’ living standards over time. By adopting the LSF, we are aligning our stewardship of the public finance system with an intergenerational wellbeing approach.
The LSF Dashboard is a measurement tool used within the Treasury to view and compare indicators of wellbeing. We’ve published it on our website for public transparency and interest.
Incorporating the LSF’s wellbeing domains into the Treasury’s CBAx tool enables agencies to show how their initiatives are expected to impact on current and future wellbeing, as part of the Budget process.