Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Ministers Enhance The Trans-Tasman Environment

Hon Peter Costello Treasurer
Hon Dr Michael Cullen New Zealand Minister for Finance
JOINT MEDIA STATEMENT

Ministers Enhance The Trans-Tasman Business Environment

An agreement to progress cooperation on banking and competition regulation and the establishment of a Trans-Tasman Accounting Standards Advisory Group were among the many issues discussed today by Treasurer Peter Costello and New Zealand Finance Minister Michael Cullen during their annual bilateral meeting.

Today’s discussions made significant progress toward trans-Tasman business integration with the aim of building on the CER (Closer Economic Relations) agreement towards a single economic market based on common regulatory frameworks.

"We have agreed on the importance of working closely together in the development of our competition regimes as a means of improving the conditions for business on both sides of the Tasman. Already, our policy and enforcement agencies are working together to improve cooperation and coordination within our regimes in a number of key respects (eg improved information sharing and exploration of the potential for cross appointments between competition authorities).”

“We have also agreed to conduct research to explore ways of improving the integration of our competition regimes. Issues that may be considered include improved co-ordination of authorisation processes, joint decision making on trans-Tasman issues by competition authorities and co-ordinated/combined institutional frameworks. We will shortly finalise terms of reference."

Mr Costello and Dr Cullen announced a plan to reduce transaction costs for businesses through the development of common trans-Tasman accounting standards.

A Trans-Tasman Accounting Standards Advisory Group was announced to advise the respective Governments and accounting standard setters on ways to reduce costs and improve efficiency by aiming for a single set of standards.

“As well as its work towards developing common standards, the Group will foster co-operation in relation to the broader debate on the development of international standards. In doing so, it will seek to promote links with other accounting standard setters in the region.”

The group was foreshadowed at the CER Ministerial Forum last August and includes representatives from Australian and New Zealand standard setters, and Australia’s Financial Reporting Council.

Following ANZ’s acquisition of the National Bank of New Zealand, Australian banks now occupy over 80 per cent of the New Zealand banking market, and Australia’s four major banks are also New Zealand’s four major banks.

“In the light of these developments, we agreed that closer integration of the two markets is welcome, subject to the need to maintain the safety and stability of both financial systems. We have agreed to work to mutual recognition and harmonisation in prudential regulation,” the Ministers said.

Mr Costello and Dr Cullen have agreed that Australia and New Zealand will jointly negotiate tax information exchange agreements wherever practicable. Joint negotiation of these agreements reflects our two countries’ common interests in the principles of transparency and effective exchange of information, which underlie the OECD’s Harmful Tax Practices Initiative and work on Bank Secrecy.

These agreements will facilitate the exchange of tax information between countries, enabling Australia and New Zealand to obtain tax information which will help protect the integrity of our tax systems, protect businesses from unfair competition and contribute to efforts to counter drug trafficking, money laundering and the financing of terrorism. Australia and New Zealand intend to negotiate a network of such agreements including in the Pacific region.

Mr Costello and Dr Cullen, also announced the commencement of information exchange negotiations with the Caribbean state of Antigua and Barbuda. These are the first information exchange negotiations for both Australia and New Zealand.

Mr Costello and Dr Cullen discussed the success of joint efforts in the region, most notably the substantial progress made by the Regional Assistance Mission to the Solomon Islands (RAMSI).

Under the leadership of Australia and supported strongly by New Zealand and many other Pacific Island Countries, RAMSI is restoring law, order and good economic management to the Solomon Islands.

Mr Costello and Dr Cullen discussed their mutual concern at the current lack of progress in multilateral trade talks.

“Progress in multilateral trade negotiations is vital if the gains from trade are to be shared by all, in particular, those from the world’s poorest countries.” Ministers said.

“For Australia and New Zealand, the multilateral trading system is the bedrock for our participation in the global economy. Supporting and advancing this system is amongst our highest economic priorities. Australia and New Zealand stand ready to work toward a successful round.”

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Peters/Ardern Triumph

There are a lot of good reasons to feel joyful about this outcome. It is what so many young voters – the best hope for the country’s future – wanted.

Far more important than the implications for the Economy Gods (is the dollar up or down?) the outcome will also mean many, many vulnerable New Zealanders will have a better life over the next three years at least.

Yet the desire for change was in the majority, across the country... More>>

ALSO:

.

 
 

Submissions Summary: The People's Commission On Public Media

This Summary is a preliminary report from the People’s Commission. It brings together views and aspirations of the hundreds of people who made submissions, attended public meetings, filled out the online survey and made speeches to our Panel. More>>

Housing Plans: Protest Over Ihumatao Development

Ihumatao in Mangere, next to the airport in Auckland, holds the archaeological remains of 1000 years of food production; from when Maori first landed in the area, through to early European settler agriculture and right up until today. More>>

ALSO:

Negotiations: What Does Winston Peters Want His Legacy To Be?

A lot of people in New Zealand seem to resent Winston Peters and the power that he appears to have. “Appears” being the operative word.. More>>

ALSO:

Contains Highly Colloquial Language: Your F**king Guide To Government Formation

The following message is in no way endorsed by the Electoral Commission. They are f**king done with this election. More>>

NZ Emissions Up 50% 1990-2013: Report Confirms CLimate Change Impacting NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate. More>>

ALSO:

Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>

ALSO:

Rorschach Restructuring: Inland Revenue Steps Back From Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election