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The Living Standards Framework (LSF) was developed by Treasury to assess intergenerational wellbeing based on the growth, distribution and sustainability of four interdependent capitals – human, social, physical and financial, and natural.
We want our members to be familiar with this framework as it is an instrumental part of Government policy and administration. We also believe understanding our industry through the lens of the LSF helps New Zealanders understand the importance of our industry and how we make a difference to their lives – both currently and in the future.
Our steel industry is a strong contributor to Aotearoa New Zealand’s economy.
Back in 2018 the metals industry was the first to assess our performance against the LSF – commissioning consultancy company BERL to do this mahi. The report highlighted the industry’s significant economic contribution to Aotearoa and identified areas for added value and improved communication.
In 2021, this report was updated with a focus on steel’s contribution to the economy.
Both reports provide valuable insights into our industry’s impact and opportunities for growth.
2018 metal industry’s LSF assessment
Updated report: 2021 steel industry’s LSF assessment
Note: This is a members only resource.
Showcasing steel’s LSF performance.
With procurement processes increasingly asking for broader social outcomes, this infographic helps our members quickly showcase steel’s contributions to intergenerational wellbeing.
We’ve created this one-page infographic so our members can easily attach it to their project bid documents and avoid the need to dig through the full report to find this data to create themselves.
We want our members to be familiar with this framework as it is an instrumental part of Government policy and administration.
We also need to make sure that New Zealanders understand the importance of our industry and how we make a difference to their lives – both currently and in the future.
Since commissioning BERL to report on our performance, a lot of our projects and research have been intertwined with the LSF. The Sustainable Steel Council’s certification scheme is also based on this framework, which makes it important for you to be aligned if you can.
A good first step is to get your head around the four capitals and how our industry contributes to them so that you can start using the LSF terminology when communicating with customers, stakeholders, MPs and the general public.
We also recommend using our one-page infographic within your procurement bids to quickly and effectively show how steel aligns to the LSF and contributes.
Beyond providing tens of thousands of livelihoods, we contribute to the development of skills and knowledge in the workforce though the provision of traineeships and apprenticeships. As well as ongoing training and development for employees in subsequent stages of their careers. Research and development and standards development activity takes place in all parts of the industry (i.e. in metals manufacturing and in the various supporting activities). It’s also evident that we have effective mechanisms for sharing the outcomes of R&D and promoting adherence to existing and new NZS and AS/NZS Standards. These mechanisms, combined with collaboration between players in different parts of our industry, enhance the value of their outcomes.
We’re making significant philanthropic contributions. We are also supporting our local communities in other ways, such as sports sponsorship. In addition, we promote trust within the industry, our customers and the general public, through the development and implementation of NZS and AS/NZS standards and quality frameworks, such as the SFC Scheme.
We help develop and sustain Aotearoa in this space. This is primarily through the supply of vital goods and services used in investments in transport infrastructure, construction and building. Beyond their volume or value, our industry adds to the quality of the investments by increasing the resilience of the built environment and by enhancing the performance of structures and buildings.
We help to safeguard natural capital by working to reduce raw material inputs and harmful emissions, promoting and adhering to environmental standards, and conserving air and water quality. Perhaps most conspicuously, the industry safeguards natural capital because the principal metals it produces and uses can be recycled over and over again, without degradation.
CEO
HERA is pleased to report the release of our updated Living Standards Framework assessment and supporting resources.
Our recently commissioned HERA Report R5-89 shows steel plays a key role in the circular economy.
We’ve got Deputy Secretary and Chief Economist Adviser for Treasure Tim Ng in studion talking all things Living Standards Framework!