HERA uses the Living Standards Framework (LSF) to assess economic contribution of the metals industry, as well as its own performance.
The LSF was developed by Treasury to assess inter-generational wellbeing based on the growth, distribution and sustainability of four interdependent capitals – human, social, physical and financial, and natural.
The first industry to assess our performance against the LSF
In 2018, we commissioned consultancy company Business and Economic Research Limited (BERL) to use the LSF to assess the metal industry’s contribution to the NZ economy. In doing so, the metals industry was the first to use the LSF for this purpose.
The results showed that the metals industry is a strong contributor to the NZ economy and the living standards of New Zealanders. They also identified opportunities where we can start to add more value and better communicate what we already do add!