Budget 2021

Budget Policy Statement

New Zealand's Wellbeing Outlook

The Labour Government is committed to achieving its policy goals using a wellbeing approach. This means giving people the capabilities to live lives of purpose, balance, and meaning to them. A wellbeing approach aims to improve New Zealanders' living standards by tackling long-term challenges and ensuring that what matters to New Zealanders drives Government decision-making. It also means looking beyond traditional measures of success, such as gross domestic product (GDP), and at broader indicators of wellbeing.

New Zealanders' current and future wellbeing is underpinned by stocks of the four capitals as set out in the Treasury's Living Standards Framework: human capital, natural capital, social capital, and financial and physical capital. These represent the wellbeing of our people; our environment; our communities; and our finances and built infrastructure.

This year's Wellbeing Outlook considers the effects of COVID-19 on wellbeing in New Zealand and outlines how the Government has responded to protect and grow New Zealanders' incomes and capital stocks. It draws on a range of sources, in particular the wellbeing supplement introduced into the Household Labour Force Survey (HLFS) in 2020.

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