Wellbeing economy governments partnership: annual engagement report

6. Wider international engagement

6.1 Early Intervention Framework Webinar – Victoria Government, Australia (14 January 2025)

The presentation outlines the Early Intervention Investment Framework (EIIF), developed by the Department of Treasury and Finance (DTF) to support wellbeing-oriented policy and budgeting. The EIIF aims to shift government investment toward preventative and early intervention initiatives that improve long-term outcomes for individuals and reduce future service demand. It emphasises the importance of quantifying benefits, including avoided costs and improved social outcomes, to justify early investment. The framework is designed to align with OECD wellbeing principles, integrating economic modelling with social impact assessment to guide funding decisions.

A core component of the EIIF is its toolkit, which includes methods for estimating economic benefits, tracking outcomes, and assessing implementation risks. The presentation highlights how DTF uses benchmarks and non-public tracking to evaluate program effectiveness, ensuring accountability and continuous improvement. It also illustrates how initiatives are selected based on cohort size, potential impact, and alignment with strategic priorities. The toolkit supports cross-agency collaboration and encourages shared responsibility for outcomes, with benefits and savings distributed between central and line agencies.

The presentation concludes by showcasing examples of initiatives that have demonstrated quantifiable outcomes, such as reduced justice system involvement or improved health indicators. These case studies reinforce the value of early intervention and provide evidence for scaling successful programs. The EIIF represents a strategic shift in public finance—moving from reactive spending to proactive investment—anchored in wellbeing economics and rigorous evaluation. It serves as a model for other jurisdictions seeking to embed wellbeing into fiscal decision-making.

6.2 The World Health Organisation and Wellbeing Economy

The WHO European Well-Being Economy Initiative (WBEi)^[14], led by the WHO European Office for Investment for Health and Development, aims to place health, equity, and wellbeing at the centre of economic decision-making. The initiative is founded on the principle that while healthy people and societies drive economic prosperity, economic growth alone does not guarantee wellbeing or fairness.

WBEi supports governments in redirecting public spending and generating new revenue towards policies that create healthier, more equitable, and sustainable societies. It seeks to demonstrate that investing in people’s health and wellbeing yields broader social and economic returns, fostering resilience and inclusion.

The initiative focuses on three thematic priorities where public health, social cohesion, and economic development intersect:

• Ageing – promoting active and inclusive ageing societies
• Youth mental health and inclusion – addressing mental health challenges and ensuring opportunities for young people
• Left-behind rural regions – tackling regional inequalities and strengthening local economies and wellbeing

Through technical work, country assistance, and partnerships with economic and financial actors, WBEi advocates for new fiscal and investment frameworks that move beyond GDP as the sole measure of progress. Its goal is to build a “wellbeing economy” in which public policies and financial mechanisms are explicitly designed to advance health equity, sustainability, and shared prosperity—recognising that thriving populations are both the foundation and the outcome of strong economies.

6.3 OECD Centre on Well-being, Inclusion, Sustainability and Equal Opportunity (WISE)

The OECD WISE Centre^[15] works to place wellbeing, inclusion, and sustainability at the heart of economic policy. It develops frameworks, data, and policy tools that help governments measure what truly matters for people and the planet—going beyond GDP to include health, equality, social cohesion, and environmental sustainability.

WISE leads the OECD’s Well-Being Framework, which guides countries in integrating wellbeing metrics into policy design and budgeting. It also analyses how global transformations—such as digitalisation, ageing, and the green transition—affect life quality and opportunities across societies.

In relation to the WHO European Well-Being Economy Initiative, WISE provides the measurement and policy foundations for a well-being economy, while WHO applies these principles through health-focused, equity-driven investments. Together, they promote a shift from growth-centric models to economies that actively foster human and societal wellbeing.

6.4 Wellbeing Economy Alliance (WEAll)

The Wellbeing Economy Alliance (WEAll) is a global coalition founded in 2018 to transform economic systems so that they serve people and the planet, rather than prioritising profit and growth alone. Its mission is to accelerate the transition to a wellbeing economy by 2040—an economy that delivers shared prosperity and ecological sustainability for all.

WEAll now connects 500+ organisations, 17 local hubs, 6 national governments, 150 academics, and 88 ambassadors, forming a worldwide network of changemakers. Its local and national hubs act as catalysts for regional transformation, while the Wellbeing Economy Governments (WEGo) partnership—supported by WEAll—brings together countries such as Scotland, Iceland, New Zealand, Wales, Finland, and Canada to embed well-being principles in governance.

To drive this systemic shift, WEAll develops and shares tools and frameworks that help policymakers, businesses, and communities design and measure economies built around well-being. These include

• Wellbeing Economy Policy Design Guide, for developing wellbeing-centred policy
• Measuring the Wellbeing Economy, which offers metrics beyond GDP
• 7 Dimensions for a Wellbeing Business framework

It also provides resources like Changing the Narrative and Stories for Life to help reshape public understanding of what the economy is for, along with a detailed Hubs Guide for establishing local networks.

Through its growing network and practical resources, WEAll serves as the movement infrastructure of the wellbeing economy—linking policy, business, and civil society efforts worldwide. It complements organisations such as the WHO European Well-Being Economy Initiative and the OECD WISE Centre by providing the collaborative platforms and actionable tools that turn the vision of a wellbeing economy into measurable, real-world progress.