New Deloitte series explores how our quality of life depends on nurturing wellbeing
Sign up now to receive Deloitte’s State of the State 2018 series, written in partnership with Victoria University of Wellington
Wellington, 14 May 2018 – Launched today, the Deloitte State of the State New Zealand 2018 series, written in partnership with Victoria University of Wellington’s School of Government and entitled “Wellbeing in abundance: looking after our own backyard”, explores how we can nurture greater wellbeing in New Zealand.
The 2018 report consists of a series of articles looking at wellbeing frameworks, the relationship between social investment and wellbeing, reviewing alternative perspectives and providing recommendations for a way forward. The series’ eight articles will be progressively released over the coming months, with the first having been released today.
Wellbeing comprises the multiple aspects that define our quality of life, including things like housing, income, employment, community engagement, enjoyment of our natural environment, education, health and security. And the New Zealand Treasury’s Living Standards Framework, based on four capitals – natural, social, human and financial/physical – is being developed to help government measure how well its choices contribute to increased intergenerational wellbeing in New Zealand.
But Deloitte partner David Lovatt says that beyond “wellbeing measurement” lies the path to fundamentally different decisions and actions for government, NGOs, communities and businesses.
“Attention is increasingly focused on wellbeing as a way to determine a country’s success – most obviously signalled by the Government’s January announcement that it will introduce a wellbeing Budget in 2019. As the 2019 Budget could mark a world first, it makes sense for those who work in and alongside the public sector come to grips with the potential impacts of wellbeing frameworks,” says Mr Lovatt.
“The eight-part series explores what’s needed to deliver greater wellbeing for New Zealand. Taking a wider lens on New Zealand’s prosperity than just our ability to grow financial and physical capital. Fiscal growth is not an end in itself, but a tool to support the sustainable wellbeing of current and future generations, including helping to achieve social and environmental goals. People, economies and countries are not one-dimensional, and neither are the outcomes that contribute to our wellbeing.”
To date, New Zealand has focussed on gross domestic product (GDP) because of the assumption it equates to more wellbeing. But given the trade-offs made to grow GDP, this approach is under scrutiny. In fact, World Economic Forum studies show a rising disconnect between countries’ per capita GDP and their citizens’ wellbeing, as rapid growth can exacerbate health challenges and erode environmental conditions.
Read the first article now and register to receive the remainder of the series here. Each article focuses on wellbeing from a different angle, and the next one, focusing on measurement frameworks for wellbeing, will arrive shortly. You’ll then receive a new article roughly every two weeks (but can unsubscribe at any time).
For more on State of the State New Zealand 2018 visit www.deloitte.com/nz/stateofthestate.