Budget 2023

Budget Policy Statement


The Labour Government is committed to achieving its policy goals using a wellbeing approach. This 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 towards broader indicators of wellbeing.

The Treasury's Living Standards Framework recognises that human capability, the natural environment, social cohesion, and physical and financial capital need to be developed and sustained in order to achieve wellbeing. It should be used as a complementary framework alongside He Ara Waiora, which draws on a te ao Māori perspective.

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