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Strategic Direction

The Treasury's Vision and Outcomes

The Treasury's vision is to be a world class Treasury working towards higher living standards for New Zealanders.

The Treasury recognises that there are a number of factors that underpin the living standards of each individual. Our Living Standards Framework[1] identifies four types of capital that are integral to current and future living standards:

  • financial and physical capital, which includes infrastructure, housing and wealth
  • human capital, which includes health and skills
  • social capital, which includes institutions and trust, and
  • natural capital, which includes the stability of the climate, quality of water, as well as biodiversity.

These capital stocks create flows of goods and services (eg, income, innovation, security) that contribute towards the living standards of New Zealanders both now and in the future.

As the Government's lead economic and financial advisor, the Treasury has a particular focus on the elements that improve the contribution of income to New Zealanders' living standards along with ensuring the best use of our capital stocks - both now and maintaining them for the future. This is reflected in our outcomes Improved Economic Performance and AStable and Sustainable Macroeconomic Environment.

As a Central Agency, through our performance monitoring function and as the Government's lead economic and financial advisor we are interested in the performance of the State sector (its efficiency, effectiveness and affordability) and its impact on all four types of capital as the provider of services (eg, education and health services), as a regulator (eg, regulation of financial services and natural resources) and as an owner (eg, schools, hospitals, SOEs). This is reflected in our outcome A More Effective and Efficient State Sector.

The Treasury's three outcomes are interconnected and mutually reinforcing (see diagram below).

Outcome diagram.
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