The Wellbeing Framework
The Government’s wellbeing approach to its budget and policy-making has been held up as a world-leading new approach. But how new is it really, and most importantly, will it actually make us better off?
In a recent article in the NBR, TDB Director Phil Barry discusses some of the risks and potential setbacks of this approach, raising four key questions:
- will it encourage the government to use the wrong tool for the job;
- who is best placed to assess and promote wellbeing, government or ourselves;
- who becomes the champion of financial discipline in the government if the Treasury is focused on assessing overall wellbeing; and
- where does productivity feature in the framework?
Unpacking the Wellbeing framework from another perspective, uncover the details in Phil’s article.