New Zealand High Commission Canberra, Australia

Commerce Minister for SEM talks in Australia

Commerce Minister Simon Power leaves today for talks on single economic market issues with Australian Ministers, MPs, and business leaders.

He will meet Attorney-General Robert McClelland, Parliamentary Secretary to the Treasurer David Bradbury, and MPs Joe Hockey and Malcolm Turnbull.

“This trip follows up on my trip in September last year where I had talks with members of the new Australian Government,” Mr Power said.

“Since then the trans-Tasman relationship has been cemented through Australian Prime Minister Julia Gillard’s attendance at the Christchurch Earthquake memorial service and at the Australia-New Zealand Leadership Forum in Auckland. “

Mr Power will also hold talks with business leaders.

“A particular focus of mine in the Commerce portfolio has been to advance the single economic market framework, and to align business law between our countries, and this is a continuation of that.”

Mr Power said good progress has been made on the framework, including:

  • Harmonised financial reporting standards for listed issuers and other publicly accountable businesses, which comes into effect on 1 July
  • Setting up the External Reporting Board (XRB) from 1 July to mirror Australia’s Financial Reporting Council
  • Mutual recognition of auditors and financial advisers to allow people in these occupations to operate across the Tasman
  • The development of a single examination process for patents, to significantly reduce costs for patent applicants, as well as improve examination quality and service standards
  • Cross-appointments between the Australian Competition and Consumer Commission and the New Zealand Commerce Commission.

“I’m looking forward to making more progress in the SEM space in order to create a seamless trans-Tasman business environment.”


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