Towards a wellbeing economy: reflections on wellbeing budgeting in New Zealand and Australia

PurposeThis paper examines the Australian and New Zealand government's wellbeing budget reforms.Design/methodology/approachThe paper describes the development of wellbeing budgeting in Australia and New Zealand based on an analysis of official websites, documents and media sources.FindingsBoth governments have experienced challenges identifying measures representing different areas of wellbeing and recognising the connections between the measures applied. They have found it difficult to access reliable data. The development of wellbeing budgeting also raises questions about participation, data reporting, and presentation, which can impact its efficacy.Research limitations/implicationsThe paper outlines practical challenges governments face in creating and using wellbeing budgets. It proposes a future research agenda to deepen our understanding of these issues and their social and economic implications. The scope of the study is limited to publicly available documents.Originality/valueThis is one of the few studies investigating wellbeing budgeting, which has evolved as an important tool for public governance. Therefore, the study's findings may draw substantial interest and attention from practitioners, researchers and government policymakers wanting to integrate these reforms into their governance machinery.