New Zealand High Commission Canberra, Australia

Ministers English and Swan progress trans-Tasman relationship

Ministers English and Swan progress trans-Tasman relationship
Considerable progress has been made in further strengthening trans-Tasman ties, New Zealand Deputy Prime Minister and Finance Minister Bill English and Australian Deputy Prime Minister and Treasurer Wayne Swan said.

After talks in Wellington, the ministers released a stock take showing the steps taken towards the creation of a Single Economic Market between the two countries since an outcome framework was announced in August 2009.

New Zealand and Australia are committed to a Single Economic Market to stimulate business activity, drive job creation and improve the environment for doing business on both sides of the Tasman.

The stock take shows the important progress made in converging accounting and financial reporting standards, aligning regulatory regimes, and coordinating the enforcement of consumer laws.

Moving towards a seamless trans-Tasman economy will deliver benefits to consumers and businesses in both countries.

The ministers shared updates on their respective economies, focusing on domestic developments and how international trends are impacting on economic growth.

They also discussed how their respective economies are recovering from recent natural disasters: the Canterbury earthquakes and flooding and cyclones in Queensland.

The ministers met Climate Change Minister Nick Smith to discuss climate change policy and the recent announcement of Australia’s Carbon Pricing Mechanism. This included how the two schemes might be integrated, with ministers noting that a senior officials’ working group on the potential linking of the two mechanisms will progress the issue.

The ministers updated each other on the progress of implementing arrangements between the two countries on trans-Tasman retirement savings portability. Australia will continue to work towards enacting the legislation necessary for the new regime and will work closely with New Zealand officials to finalise the establishment of the scheme.

The talks concluded with a discussion with a small group of business leaders, where they shared views on the future direction the trans-Tasman relationship.

Further information can be found at the Beehive website.

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