Single Economic Market Outcomes progress report released

Craig Foss
13 April, 2012

Minister of Commerce, Craig Foss met with Australian Parliamentary Secretary to the Treasurer, Bernie Ripoll in Sydney today to discuss progress towards realising the long term vision of creating a seamless trans-Tasman business environment.

Mr Foss and Mr Ripoll welcomed further progress towards a Trans-Tasman Single Economic Market (SEM) following the release of the Trans-Tasman Outcomes Implementation Group biannual report.

The Trans Tasman Outcomes Implementation Group was established in 2009 with the purpose of carrying forward the work program of shared practical outcomes for developing cross border economic initiatives.

"There has been good progress on the short term SEM Outcomes with most of them now completed," Mr Ripoll said.

Mr Ripoll said, "the report illustrates the benefits for both business and consumers with some of the completed outcomes such as for-profit entities needing to only prepare one set of financial statements to reduce compliance costs, as well as harmonised and coordinated consumer product labelling regimes which will further reduce confusion for consumers."

Mr Foss said he was also impressed with the substantive progress that has been made over the last six months.

"With most of the short-term outcomes now achieved, attention is shifting to achieving the more complex goals," Mr Foss said.

"The lead-up to the 30th anniversary of the Closer Economic Relations between Australia and New Zealand in 2013 is a good time for the Australian and New Zealand Productivity Commissions to undertake the Joint Study on options for further economic integration, which was announced by Prime Ministers Gillard and Key in January this year " Mr Ripoll said.

The report can be viewed at http://med.govt.nz/business/business-law/current-business-law-work/sem or www.treasury.gov.au/ttoig/