What gets measured, gets done. I am pleased to see that the Labor Government is moving towards a well-being framework for the Budget.
Gross Domestic Product (GDP), unemployment and inflation are all important to understand. While the Federal Government measures these in their Budget and uses them to justify policy choices made, they do not consider other indicators that also matter, such as those relating to health, education, environment, society, and future generations.
There are many experts who measure the above and, while the Federal Government tends to discuss them, the charts in the Budget Papers suggest that society only really cares about GDP, debt and the budget balance.
However, this Budget does include an international review of well-being frameworks. It is the first step towards implementing a budget that evaluates investment proposals from a well-being perspective.
I hope to see a well-being framework in action soon.
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