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Strengthening The Single Economic Market

Hon Nicola Willis

Minister of Finance

Finance Minister Nicola Willis has met with Australian Treasurer Jim Chalmers to discuss the opportunities to lower business costs and increase the ease with which businesses and people can operate across the Tasman.

“I have met with Treasurer Chalmers and shared our new Government’s ambitious economic goals, our plans to grow trade, and our plans to deepen investment links between our two countries.

“We agreed the Single Economic Market is the best model for close integration of two sovereign independent countries anywhere in the world - and we need to keep it that way. So, Treasurer Chalmers and I will work together to adapt it to reflect our modern economic and social challenges.

“This includes identifying and improving regulations standing in the way of the uptake of lower emissions technology and identifying options to strengthen regulatory coherence to support an efficient transition to net zero.

“I have also confirmed my commitment to the Australia-New Zealand Climate and Finance 2+2 Dialogue, to be held in Australia mid-2024. Working together to tackle the challenges of clean energy transformation is critical if both our nations are to maximise the substantial benefits of the transition to net zero.

“We also discussed the importance of responding to our region’s shared economic challenges, including addressing banking challenges facing the Pacific.

“New Zealand and Australia are committed to stopping the decline of correspondent banking relationships in the Pacific, including through the upcoming Pacific Banking Forum.

“Treasurer Chalmers and I agreed to collaborate on opportunities to support ongoing efforts improving the operating environment for financial services in the region. I look forward to working together on these important issues to benefit both our countries’ economies,” Nicola Willis says.

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