Wellbeing framework unveiled amidst accusations of being ‘half-baked’

The nation’s first-ever wellbeing framework has been unveiled by the Hon Dr Jim Chalmers MP, Treasurer, has unveiled. This framework introduces a new approach to gauge the overall health of the economy and society, delving into 50 indicators that assess Australia’s pursuit of a healthier, secure, sustainable, cohesive, and prosperous future.

Chalmers emphasised that the measures do not replace traditional economic metrics like GDP, employment, inflation, and wages but instead aim to align economic progress with social goals.

“We must put people and progress, fairness and opportunity at the very core of our economic and societal thinking,” Chalmers stated, highlighting the need for a more holistic approach.

The consultation process for the Measuring What Matters framework involved over 280 submissions from individuals and organisations, as well as meetings with other countries and international bodies. However, the framework’s release has stirred up controversy, with critics questioning the data’s validity.

Opposition Treasury spokesman, Angus Taylor, claimed that the report is “half-baked” and outdated, as it primarily relies on data collected before the COVID-19 pandemic, lockdowns, and interest rate hikes. Taylor argued that these events have had a profound impact on the wellbeing of Australians, and ignoring their effects renders the report’s findings unreliable.

The framework revealed a mixed bag of results across the 50 selected indicators, with some showing improvement over the past few decades while others have deteriorated.

Australians are grappling with higher rates of chronic conditions and access to vital health care and support services is more challenging. In 2020-21, nearly half of Australians (46.6%) had one or more chronic conditions, and almost one in five (18.6%) had two or more chronic conditions.

A pressing concern brought to the forefront is the alarming levels of psychological distress among various demographic groups. The National Study of Mental Health and Wellbeing reported approximately 15% of Australians aged 16-85 years experienced high or very high levels of psychological distress in 2020-21. Disturbingly, more women than men experienced high or very high levels of psychological distress, and 31% of First Nations people experienced high or very high levels of psychological distress.

Despite the criticisms, Chalmers remained steadfast in his commitment to Measuring What Matters, viewing it as a vital tool in shaping the nation’s future. He asserted that this framework, along with forthcoming releases focusing on employment opportunities and the economy’s intergenerational future, will pave the way for a more informed and inclusive economic debate.

As the nation grapples with economic challenges and social disparities, the controversial framework’s significance remains a subject of intense discussion and analysis.

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