Treasurer Jim Chalmers took aim at the former coalition government's approach to budget management that saw economic and social objectives "in conflict, not concert".
"Our method has a purpose - to align what we want for our society with what we want for our economy," Dr Chalmers said in a speech at a Brotherhood of St Laurence event.
He said the reaction to his essay published in The Monthly over the summer, which called for a new model of capitalism better aligned with Australia's values, was revealing.
"It exposed the dispute at the heart of economic debate in Australia," he said.
"Between those who believe the fossilised fallacy that our economic and social objectives must be in conflict, not concert - and those who reject it."
The treasurer said Australia's first wellbeing framework, which plans to broaden the nation's metrics of living standards beyond economics, will be released within the next three months.
The government plans to track 50 indicators of wellbeing nestled under five themes: healthy, secure, sustainable, cohesive, and prosperous.
"Any framework which seeks to capture the core components of wellbeing is bound to need refining over time - and we're up for the necessary conversations to get it right," he said.
Dr Chalmers also declared the "mean-spirited madness" that led to the robodebt disaster will not be repeated under the Albanese government.
"We will, once and for all, do away with this idea that our society is made up of 'lifters and leaners', 'workers and shirkers'," he said.
The treasurer also signposted two other major reports, the intergenerational report and the employment white paper.
Both will also be released by October.
The employment white paper will build on the jobs summit held last year and will serve as a road map for a "more inclusive, dynamic labour market that makes the most of people's talents".
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