The federal government plans to launch a program to track national wellbeing amid warnings of "serious turbulence ahead".
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Treasurer Jim Chalmers told an audience in Melbourne late on Tuesday that about 50 indicators will be collected to assess how the country is faring and what needs to be done to build "healthier, more secure and cohesive communities and a more sustainable and prosperous economy".
Dr Chalmers made his announcement while warning the nation faced "serious turbulence ahead".
"We confront together our fair share of economic challenges," he said, including high inflation and an economy slowing under pressure from rising interest rates and "substantial global uncertainty".
Although the central bank kept interest rates on hold in July, many economists expect interest rates to go higher, increasing the risk of a recession.
In a statement following the July 4 rate pause, Reserve Bank of Australia governor Philip Lowe said the economy was still expected to grow but admitted there was significant uncertainty about the outlook.
There is likely to be great attention paid on Wednesday to a speech being given by Dr Lowe to the Economic Society of Australia in what could be one of his final few public engagements as RBA boss.
The governor's current term expires in September and Dr Chalmer's has indicated a decision on Dr Lowe's future will be made by the end of July.
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There is intense speculation the government will not extend Dr Lowe's term and several have been suggested as potential replacements, including Treasury secretary Steven Kennedy, Finance secretary Jenny Wilkinson, deputy RBA governor Michelle Bullock and Australian Statistician David Gruen.
Also on Wednesday and Thursday, the chief executives of the Big Four banks - Commonwealth, Westpac, National Australia Bank and ANZ - are expected to be grilled on mortgage interest rates and measures to assist embattled borrowers when they appear before the House of Representatives Economics Committee.
In his speech, Dr Chalmers avoiding commenting on the Reserve Bank.
Instead, he said the wellbeing framework, called Measuring What Matters, was an important part of the government's strategy "to focus the economic debate on people [and] the future".
Other elements of the strategy, including a revised Intergenerational Report and the forthcoming Employment White Paper, will be released in the next three months, the treasurer said.
The goal, he said, was "to align what we want for our society with what we want for our economy".
Measuring What Matters will be organised around five themes that encompass the ways people live that go beyond just as economic actors.
"I think we're mature enough as a country to recognise that other things matter too," Dr Chalmers said.
"The health of our people. The state of our environment. How much time people spend at work, at home, with their kids, in traffic.
"And whether people feel connected to each other or not."
"This will help us track our journey towards a ... society that gives every person ample opportunity to build lives of meaning and purpose," Dr Chalmer said.
The treasurer said the framework will be released "in the next few weeks".