NZ to present a “well-being” budget from 2019

After pioneering monetary policy and financial regulation, New Zealand wants to change and pioneer fiscal policy too.

In World Economic Forum, NZ’s cool Prime Minister Jacinda Ardern spoke about a new approach to their fiscal policy:

Jacinda Ardern has unveiled a new approach to running New Zealand’s finances.

“We need to address the societal well-being of our nation, not just the economic well-being,” she said during a Davos discussion on More than GDP.

This means that from 2019, her government will present a “well-being budget” to gauge the long-term impact of policy on the quality of people’s lives.

In practical terms, child poverty figures will be presented at every budget. The onus will be on ministers to show how spending proposals will benefit people, and work with other ministers across party lines to ensure they have a positive, long-term impact, Ardern explained.

“Our people are telling us that politics are not delivering and meeting their expectations. This is not woolly, it’s critical,” she said.

The larger discussion in which she talked about the new approach budget along with other participants.

Looking forward NZ…

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