MEDIA RELEASE: Wellbeing framework supports economy that works for people

  • Measuring What Matters announcement positions Australia with leading global democracies
  • It represents a vital upgrade from traditional economic measures
  • It is designed to develop over time, providing guidance to public decision-makers

Friday 21 July 2023 – Australia’s first wellbeing framework – Measuring What Matters – released today is an important component of a sustainable economy that works for people, a leading independent policy institute has said.

The framework contains five broad themes – health, security, sustainability, cohesiveness, prosperity – which draw on about 50 indicators Treasury will track.

The Centre for Policy Development (CPD) said that the framework was a vital upgrade to Australia’s economic toolkit that would provide guidance for policymakers and public officials in their decision-making.

Over the last two years, CPD’s Wellbeing Initiative has engaged closely with Australian and global efforts to align government decision-making with sustainable long-term wellbeing and shared prosperity.

Earlier this year CPD’s John Menadue Oration was delivered by Sophie Howe, inaugural Future Generations Commissioner of Wales, who provided insights from a widely acknowledged global leader in wellbeing government.

Centre for Policy Development Wellbeing Initiative Director Warwick Smith said the framework would help set Australia’s direction for the coming decades.

“Today’s announcement represents a substantial, sensible and urgent step towards a fair, sustainable national economy that works for people, communities and the environment,” he said.

“The detail and direction it provides for government decision-makers fills important gaps in traditional measures, and it will be a critical enabler of good government.

“The design allows for iteration and improvement in dialogue with the Australian people and this adaptability is an important feature of the framework.

“We look forward to its development as the conversation about Australia’s future continues.”