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Living standards

Our vision is focused on higher living standards for New Zealanders. Achieving this requires growing the country's human, social, natural, and financial/physical capitals which together represent New Zealand's economic capital.

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.

Measuring wellbeing: the Living Standards Framework Dashboard

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.

A wellbeing approach to cost benefit analysis

Last updated: 
Tuesday, 4 December 2018