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Only the Proposal and Executive Summary sections of this Cabinet paper are extracted below in HTML. If you require a full HTML version please contact [email protected] and cite CBC-19-SUB-0018 as a reference.
Cabinet Paper CBC-19-SUB-0018: Embedding Wellbeing in the Public Finance Act 1989: Final Policy Recommendations#
- This paper seeks Cabinet’s agreement to amend the Public Finance Act 1989 (the Act) to embed a focus on wellbeing.
- As part of this Government’s work to apply a wellbeing approach within the public service, I am seeking Cabinet’s agreement to amend the Public Finance Act 1989 (the Act) to introduce new requirements for the Government and the Treasury to report on wellbeing.
- I am recommending that the Act be amended to require:
- the Government to report annually on its wellbeing objectives in the Budget Policy Statement and the Fiscal Strategy Report; and,
- the Treasury to report periodically on current and future wellbeing, at least every four years.
- These changes would broaden the framework that the Government uses to develop and assess its Budget, and augment the Treasury’s existing reporting on macroeconomic and fiscal indicators.
- Legislation is required to take forward the recommendations in this paper. Subject to Cabinet’s agreement, I intend to bring draft legislation to the Cabinet Legislation Committee in August 2019 seeking approval for introduction.