The federal government has released a National Wellbeing Framework to address inflation by measuring different economic and social factors.
It will use 50 different indicators to measure Australia’s “economy and society” in addition to traditional measurements like the GDP, employment, inflation and wages.
The framework called Measuring What Matters will assess resident’s collective health, security, sustainability, cohesiveness and prosperity.
Treasurer Jim Chalmers said it was important to better align “our economic and social goals in our communities”.
“Over the last two decades, Australia has made progress in improving life expectancy, job opportunities and resource use,” Chalmers said.
“We are more accepting of diversity and have more trust in others.
“Over those decades, our incomes have also improved.”
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But Australia has higher rates of chronic conditions and in some instances were finding it harder to access health, care and support services.
“We perceive our national security to be lower and we face new threats online.
“Over recent decades, biological diversity has fallen, fiscal sustainability has declined, and for many Australians, housing is taking up more of our income.”
He said Australia preformed well compared to other countries but there were ways to improve.
“The framework will help tell us how we are tracking over time, where we are doing well and where we need to do better,” Chalmers said.
“Our aim is to provide a better, more comprehensive foundation for understanding our economy and our society to inform the efforts of government, business and the community sector in improving the wellbeing of all Australians.”
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