Living Standards Framework: The Four Aspects of National Wealth

Foreword
New Zealand's Wellbeing Outlook

Living Standards Framework: The Four Aspects of National Wealth

Human Capability: Our People and Skills
Natural Environment
Social Cohesion: Our Connections
Financial and Physical Capital: Our Built and Financial Assets

He Ara Waiora: Te Taiao and Te Ira Tangata

Wellbeing Objectives
Focus Areas For Budget 2023
Economic And Fiscal Forecasts
Fiscal Strategy
Budget Policy Statement 2023 (PDF, 2 MB)
Budget Policy Statement 2023 Charts and Data (XLSX, 186 KB)

This Budget Policy Statement is the first to use the Treasury's updated Living Standards Framework, released in October 2021. The updated framework only uses ‘capital' to refer to financial and physical capital, reflecting the fact that human capability, social cohesion, and the natural environment contribute to the wealth of New Zealand beyond their roles as factors of production.