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New tool for fresh thinking on raising living standards

Papers a new tool for fresh thinking on raising living standards
A new suite of papers on the Treasury’s Living Standards Framework will help analysts bring a broader perspective and fresh thinking to their policy development work, Chief Economist Dr Girol Karacaoglu said today.

“The Treasury's vision is to improve the living standards of New Zealanders, and we use our Living Standards Framework as a tool to assess the contributions our day-to-day work makes towards our vision. It encapsulates five key aspects that we see as important for improving living standards – economic growth, sustainability for the future, increasing equity, managing risk, and social infrastructure,” says Dr Karacaoglu.

“The framework doesn’t generate simple answers, but it ensures that we consider both material and non-material factors that impact on living standards when we develop policy advice, and it helps us articulate the choices we have to make in striving for a growing economy.

“The Treasury has had requests from many analysts, researchers and others wanting more information on the framework and its key aspects, and looking for guidance that will help them apply the framework to their own work. The suite of papers we’ve published provides a set of tools and resources that we hope will encourage strong analysis and fresh thinking about raising living standards for New Zealanders.”

The new papers are analyst guides and background notes on each of the five key aspects of the Living Standards Framework. The analyst guides outline why each aspect is important for living standards, sets out some parameters for that aspect, and offers frameworks for thinking about policy options. The background notes provide summary information and links to Treasury or external research on each key aspect, with a focus on evidence about New Zealand's performance. A background note on social infrastructure will be published later in 2013.

“We want to make sure these papers are as useful and relevant as they can be for putting the Living Standards Framework into practice, so we welcome any feedback,” says Dr Karacaoglu.

The analyst guides, background notes and further information on the Living Standards Framework are available on the Treasury website: http://www.treasury.govt.nz/abouttreasury/higherlivingstandards


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