“Social value” sounds like a buzz phrase, but if the predictions of industry pundits are correct, that phrase will carry real weight in the not-so-distant future.

The Federal Government’s Measuring What Matters framework introduced last year is the first move in this chess game, an unprecedented step, taking its cues from the likes of Finland, Scotland, Wales and New Zealand, to broaden measurements of success beyond gross domestic product (GDP), inflation and unemployment.

“[It] marked a significant advancement, elevating issues such as inclusion, equity and fairness to be considered alongside economic factors in guiding government decision-making,”  Green Building Council of Australia senior research manager Helen Bell says.