The Federation of Māori Authorities (FOMA) acknowledges The Fix by Dr Ganesh Ahirao as a significant contribution to the ongoing kōrero on the future of economic governance and development in Aotearoa.
At its core, The Fix challenges conventional economic policy settings that prioritise short-term fiscal targets and operate within fragmented, siloed systems of decision-making. It argues that these settings have contributed to persistent structural issues in the way economic, social, and environmental outcomes are balanced.
The proposed Economic Governance Act 2027 sets out a reimagined framework for how government policy and economic governance could operate. Rather than treating fiscal and monetary policy as isolated domains, the Act proposes that all government policy be guided by a single overarching purpose: “being a good ancestor.” This frames decision-making around intergenerational responsibility and long-term wellbeing.
The Act introduces several key shifts in approach, including:
- Whole-of-government alignment: All policy areas—including fiscal, monetary, housing, health, education, infrastructure, and environmental policy—are required to give effect to a shared purpose focused on long-term wellbeing.
- A dual-foundation economic model: Economic activity is understood as dependent on two interconnected pillars: a kete of productive resources (including natural environment, infrastructure, skills, and social cohesion) and a social floor ensuring basic standards of wellbeing (food, housing, health, and education).
- Stronger long-term accountability: The framework requires regular reporting on the health of both environmental and social foundations, alongside traditional economic indicators.
- System-wide coordination: The establishment of an Economic Governance Council brings together key public sector institutions to provide integrated oversight, reduce silos, and strengthen long-term planning.
- Rebalancing fiscal and monetary policy: The Act proposes that fiscal and monetary policy settings operate in alignment with broader wellbeing outcomes, rather than in isolation from social and environmental objectives.
- Entrenched wellbeing protections: Core elements of the framework, including the purpose and minimum social floor, are strongly protected from easy amendment.
This represents a structural shift in how economic success is defined—moving beyond narrow financial metrics to include the resilience of communities, the health of ecosystems, and the capacity of future generations to thrive.
For Māori, this approach strongly resonates with established principles of whakapapa, whenua, and whai hua, recognising the inseparable relationship between people, place, and value creation. It reflects a development pathway where economic systems must actively uplift whānau, hapū, iwi, and Māori Authorities while safeguarding collective resources for future generations.
FOMA continues to support whakaaro and initiatives that deepen understanding of how Aotearoa’s economic systems can better reflect long-term stewardship, intergenerational responsibility, and inclusive prosperity.
As this important kōrero evolves, FOMA remains committed to engaging constructively in discussions that shape a more resilient, equitable, and sustainable economic future for all of Aotearoa.