Recent development in New Zealand
The New Zealand Treasury is the Government’s lead economic and financial advisor. To improve the quality of our policy advice, the Treasury has developed its Living Standards Framework (LSF) and an LSF Dashboard to help analyse and measure intergenerational well-being.
The LSF builds on 30 years of New Zealand and international research on well-being, and has drawn on the Organisation for Economic Co-operation and Development’s (OECD) well-being approach to enable international comparability. The selection of the LSF Dashboard indicators has been informed by public feedback from surveys, submissions and consultation with experts in New Zealand and overseas.
The LSF Dashboard will measure and track changes in well-being outcomes. It is made up of three sections: Our people, Our country and Our future.
Our people – describes the distribution of well-being across nine current well-being domains for different population groups of New Zealanders, using characteristics such as sex, age, ethnicity, family type, region, hours worked and neighbourhood deprivation.
Our country – describes the current well-being of New Zealanders at a national level with comparisons within New Zealand population groups and other OECD countries, using 38 indicators that measure the 12 current well-being domains.
Our future – provides indicators for the resources that underpin the ability to sustain higher living standards in New Zealand now, and in the future.
The LSF Dashboard aims to capture a comprehensive, balanced range of well-being outcome indicators. It is not prescriptive about whether or how governments should intervene to promote well-being, it helps support advice about prioritisation.
Treasury are people too: the living standards framework explained
— World Economic Forum (@wef) January 24, 2019
NZ Secretary to the @nztreasury sharing with @OECD the NZ journey with the living standards framework and preparations for our first #Wellbeing budget. This is « good economics » which will help Govts make more informed decisions about how to allocate resources. @wef #Davos19 pic.twitter.com/qGA5PWiNG0
— JaneCoombsNZ🇳🇿 (@JaneCoombsNZ) January 23, 2019