Australia’s first wellbeing budget: A paradigm shift in government priorities

In a groundbreaking move, Treasurer Jim Chalmers has unveiled Australia’s first-ever wellbeing budget, officially known as the Measuring What Matters: National Wellbeing Framework. This innovative approach to budgeting aims to bridge the gap between financial prosperity and the social wellbeing of the Australian community, prioritising the needs of real people over abstract fiscal concepts.

Chalmers emphasised that budgeting should not merely revolve around numbers and economic indicators like budget surpluses or deficits. Instead, it should encompass a comprehensive assessment of how financial decisions made by the government impact the lives of citizens and the nation as a whole.