WELLBEING BUDGET 2021 – SECURING OUR RECOVERY
Our PKF Dunedin Director, Jono Bredin has been one of a select group of tax consultants invited into the inner sanctuary of Parliament today for the reading of the 2021 budget. He has now released his 2021 budget summary:
Minister of Finance Grant Robertson delivered his fourth Budget today – the first as a majority Government – and the themes reflect a traditional Labour flavour.
Budget 2021 is still in the COVID-19 global pandemic shadow, but its focus shifts to secure New Zealand’s recovery from its impact. This Budget is also delivered on the 30 -year anniversary of New Zealand’s ‘Mother of All Budgets’ and the Government has been very deliberate in ensuring the headline policy is a generous increase to benefits targeting families and children as they aim to lift more and more Kiwis out of poverty.
The Labour Government has continued pursuing its goals through a wellbeing lens, aiming to give people the capabilities to live lives of purpose, balance, and meaning. To do this, the Government is looking beyond traditional measures of success, such as Gross Domestic Product (GDP) to broader indicators of wellbeing.
For Budget 2021 a te Ao Māori view of wellbeing has been introduced through He Ara Waiora, which, alongside the Living Standards Framework, can be used in parallel to explore wellbeing from different cultural perspectives, values and knowledge systems.
The principles of He Ara Waiora are:
- Kotahitanga - working in an aligned, coordinated way
- Tikanga - making decisions in accordance with the right values and processes
- Whanaungatanga - fostering strong relationships through kinship and/or shared
experience to provide a shared sense of belonging
- Manaakitanga - enhancing the mana of others through showing proper care and
- Tiakitanga - guardianship, stewardship - e.g. of the environment, particular
taonga, or other important processes and systems.
What does this mean for you and your business? To read Jono’s full budget summary CLICK HERE