As a part of the Government’s commitment to measuring what matters to improve the lives of all Australians, budget statement 4 - Measuring what matters, was released as a part of the 2022-23 federal budget. Treasury opened their consultation on 25 October 2022 seeking feedback on the application of the OECD framework and appropriate measures to help build a national framework.

In our submission to Treasury, we provided feedback on the importance of a national framework which includes short- and long-term measurable indicators and objectives. We encourage Government to work collaboratively with states and territories and for any framework to be apolitical.

We also note that there is no single measure that is able to define or measure societal progress. Measures will need to go beyond Gross Domestic Product (GDP) (which solely measures economic growth) and a broader suite of factors that determine prosperity and growth is required.