Australians would get an annual update on the nation's wellbeing, from life expectancy to child poverty, alongside the federal budget under a proposal being examined by shadow treasurer Jim Chalmers.

In a sign Labor is overhauling its economic policy agenda, Dr Chalmers also signalled on Wednesday night an overhaul of the intergenerational report and the full cost of the nation's myriad collection of tax loopholes and concessions.

Shadow treasurer Jim Chalmers has a plan to introduce an annual update on the nation's wellbeing. Credit:Alex Ellinghausen

Addressing an Australia Institute event in Brisbane, he said that while the traditional measure of GDP was central for tracking the economy's overall performance, the national accounts did not capture everything valued by people.

He noted the recent bushfires would have a direct financial impact but this did not include the social cost facing many victims, including the destruction of wealth and wellbeing.