Wellbeing Budget in New Zealand

Abstract

In a move questioning the sustainability of the growth-centered capitalist mode of production, New Zealand officially named its national budget the Wellbeing Budget, which marks the first instance of any nation taking such action. This article examines New Zealand’s Wellbeing Budget in terms of framework, wellbeing indicators, the goals and items that it consists of, what changes it has brought to government spending, the values it imparts to social welfare, and the outlook it has for future budgeting. The naming in itself, an official manifestation, in a way, of the notion that the national budget in its essence and purpose is less about pursuing growth and more about making people happier, is an achievement enough to merit high regard for having made fundamental perspectival changes to approaches to national budgeting. It is time to assess how significantly the Wellbeing Budget has changed the lives of people in New Zealand. New Zealand's actions may provide implications for the Korean welfare state, which lacks a link between fiscal policy and quality of life indicators.