New Zealand’s Novel Idea: A Well-Being Budget
Societal well-being is as important as economic well-being. This was the key message from New Zealand’s Prime Minister, Jacinda Ardern, at the 2019 World Economic Forum. This was a bold statement made even more poignant given the announcement that the New Zealand government will present a “well-being budget.” This signals a new decision-making focus, one that ensures impacts on the quality of life for citizens are considered, rather than the traditional focus on just the financial impacts. In practice it means that any decisions made, policies implemented, and money spent by the government will need to demonstrate how they benefit New Zealanders and how they work across ministries and party-lines to ensure ongoing positive impacts.
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