The Treasury plays a key role in improving State sector performance, helping ensure State services are delivered in the most efficient and effective way to meet the Government’s objectives and generate the maximum possible benefit for taxpayers.
As lead economic and financial advisor to the Government, and one of three central agencies focused on State sector-wide performance, the Treasury provides a range of guidance for government agencies and reports on key aspects of state sector performance.
In parallel with implementing its Living Standards Framework (LSF), the Treasury has recently undertaken the following activities focused on embedding wellbeing in the public sector:
Leadership of the Government’s consultation on the proposal to embed a focus on wellbeing in the Public Finance Act 1989.
The proposal aims to support a broader framing to measure New Zealand’s progress, to develop and assess fiscal policy and support decision-making. This involves capturing and reporting against important facets of wellbeing for the environment, people and communities, alongside existing macroeconomic and fiscal indicators. Click here to learn more.
Integration of key elements of the LSF into Budget 2019 requirements and guidance for agencies, and updating the Treasury’s cost-benefit analysis (CBAx) tool to include the intergenerational wellbeing domains. Click here to learn more.
Leadership of work underpinning a $1.5 billion investment in Porirua, the first application of the Government’s well-being approach to assess the investment’s impact.
The resulting business case (a collaboration between the Porirua City Council, local iwi Ngāti Toa and multiple government agencies) goes beyond conventional economic and fiscal policy. It shows the broader picture of how outcomes in living standards and health, education and justice can be improved through investments in housing.
It is important to note that neither the LSF nor the LSF Dashboard report on the performance of Government. Nor do they prioritise Government spending on wellbeing outcomes – the Government makes those decisions, informed by advice from the Treasury.
Find out more about the Treasury’s three performance outcomes here: