To manage the economy, the Government must decide on the optimal allocation - the best or most effective possible in a particular situation - of our nation's limited resources to advance the wellbeing of our people.
The Treasury analyses a broad range of evidence to ensure that the economic and financial advice we provide to the government of the day is rigorous and considers a broad range of wellbeing impacts - impacts across the things that matter most for New Zealanders’ living standards – now and into the future.
To help us do this, the Treasury has developed its Living Standards Framework (LSF). The LSF is a practical policy advice tool which supports us in applying a wellbeing approach more systematically across our policy advice and in our work with other government agencies.