Government signals new approach to measuring success

Minister for Statistics and Climate Change James Shaw welcomes the commitment to develop a new set of economic, environmental, and social progress indicators, as outlined in the Government’s Budget Policy Statement (BPS) today.

“This Government is committed to developing a comprehensive set of standards that go beyond just the traditional economic measurements like Gross Domestic Product (GDP),” James Shaw says.

“How we measure our success shapes how we prioritise our resources and our spending.

“Over the coming years, people will see Government Budgets that report on how policies are expected to affect actual living standards and the health of our environment, not just traditional measures like GDP.

“Responsible fiscal management has to go hand in hand with better measurements of living standards and environmental sustainability.

“Responsible fiscal management is not an end in itself; it’s a tool to help achieve our social and environmental goals and to improve all New Zealanders’ wellbeing. Economic sustainability and environmental sustainability are two sides of the same coin.

“I also welcome that the priorities in the Budget Policy Statement include the establishment of the Green Investment Fund to stimulate vital, new investment in low carbon industries, enterprise, innovation, and infrastructure projects.

“New Zealand faces great challenges but also enormous opportunities as we embrace new ways of doing business and living sustainably, but that has to be backed by a sound financial position.

“The financial outlook is promising for New Zealand’s move to a low emissions, sustainable economy,” says James Shaw.