The Living Standards Framework is a flexible policy tool that the Treasury uses to bring clarity and consistency to their consideration of broad impacts – as well as sustainability and distributional implications – in the advice they give.
The Living Standards Dashboard is one of the sources of evidence that feeds into the Treasury’s strategic advice. Its main purpose is to inform their advice about cross-government policy priorities for improving wellbeing. Treasury plans to use the dashboard to inform some of the its long-term and strategic products, such as the new four-yearly wellbeing report that the Public Finance Act 1989 amendments will require it to produce.
Loneliness NZ worked with Treasury on the inclusion of loneliness within the Living Standards Framework.