NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In

Advertisement
Advertise with NZME.
Home / Business / Economy

<i>Fran O'Sullivan:</i> Make hay as Rudd shines

Fran O'Sullivan
By Fran O'Sullivan
Head of Business·
27 Nov, 2007 04:00 PM4 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

KEY POINTS:

The Government should move swiftly to get an Australasian emissions trading regime on the agenda for transtasman single economic market talks.

So far, New Zealand does not really register on new Prime Minister Kevin Rudd's radar screen - no matter the wittering on this side of the ditch
from NZ Labour, which claims a strong fraternal linkage with Australian Labor.

Finance Minister Michael Cullen and former Australian Treasurer Peter Costello have successfully led joint initiatives to harmonise securities and competition regimes across the two countries.

An investment platform has been under discussion - but was not signed off before Saturday's election. And New Zealand's connectivity with Australia has been strengthened.

There is a danger that without a significant, rapid diplomatic initiative from the New Zealand side, the considerable policy initiatives that have been in front of ministerial negotiators will simply stall.

In reality, Helen Clark's Government has been more closely aligned with British Labour in the past decade following Tony Blair's success in throwing out the Tories.

Partially this is because both Labour parties were in Government - whereas Australian Labor was in its political wilderness period. But it's worth remembering that while it's been nearly two decades since NZ Labour and Australian Labor last crossed over in Government, relations then were far from cosy.

Rudd is vastly different from his predecessors as Labor PMs - Paul Keating and Bob Hawke.

He is a policy wonk, a technocrat and incrementalist in approach. But just because he shares some of those traits with Clark, it does not mean he will be quick to embrace New Zealand in the manner of John Howard's Government. Howard's Ministers had a paternalistic view of New Zealand.

The Howard Government believed New Zealand was too small on its own to make its way significantly in the world. By being part of a bigger Australasian market the NZ economy would be stronger, as would Australia's.

Costello and former Foreign Minister Alexander Downer worked well with their NZ counterparts to get the Australian New Zealand Leadership Forum off the ground.

This meeting of political, bureaucratic, business and community leaders has developed significant networks since its inception three years ago. But it has not grabbed the big picture-focused Rudd in a big way.

That opportunity is there now.

Rudd wants to make quick political hay from his decision to ratify the Kyoto Protocol and lead Australia to the United Nations Climate Summit in Bali next month.

He's pledged Australia will cut carbon emissions by 60 per cent of 2000 levels by 2050 and signalled total green pledges worth A$5 billion ($5.8 billion), including A$500 million on renewable energy research and A$200 million on a Great Barrier Reef rescue plan.

He was due to outline these strategies - among others - at this year's Australia New Zealand Leadership Forum in Sydney but pulled out shortly before the forum to make his United States first visit as Australian opposition leader.

Rudd used that meeting to quash any potential fears on the US side that he might make an abrupt withdrawal of Australian troops from Iraq. Combat troops will come home - but it will be on an agreed process with Washington.

Rudd - unlike the unfortunate Mark Latham - is a known and trusted figure in Washington where politicians on both sides see his commitment to the US alliance as genuine.

What Clark and Rudd do share however is a sense of moral responsibility on climate change.

Rudd's seven-point framework includes possible establishment of an office of climate change within the prime minister's department.

But Rudd's policy is more pragmatic.

A national emissions trading scheme, clean coal technology, mandatory renewable and energy efficiency targets, a framework for corporate and community responsibility, climate diplomacy and the adequacy of Australian national institutional arrangements are the main parts of his strategy.

He also wants Australia to help China through a joint initiative. Rudd's diplomatic background will help him brand Australia in the climate change space.

But New Zealand will also gain if we can link both countries together in one climate change market.

The European Union has run an emissions trading scheme since 2005.

While New Zealand will soon introduce legislation on this score, the emissions trading scheme would work better if it was part of a bigger more diverse trading market.

Putting New Zealand and Australia together - and introducing common emissions reduction targets for individual industries - would ensure businesses faced similar environments on both sides of the Tasman.

If we can do it for securities trading why not emissions?

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.
Save

    Share this article

Latest from Economy

Premium
AnalysisLiam Dann

Inside Economics: NZ recession risks on the rise ... again! Plus: the boy who cried ‘tariff’ – Trump’s threats lose their bite

Premium
Business

Venture capital market hot again, Icehouse Ventures boss says, as new fund feeds on golden visas

Premium
Tax

Tax break? Govt urged to make it cheaper for employers to provide health insurance


Sponsored

Solar bat monitors uncover secrets of Auckland’s night sky

Advertisement
Advertise with NZME.

Latest from Economy

Premium
Premium
Inside Economics: NZ recession risks on the rise ... again! Plus: the boy who cried ‘tariff’ – Trump’s threats lose their bite
Liam Dann
AnalysisLiam Dann

Inside Economics: NZ recession risks on the rise ... again! Plus: the boy who cried ‘tariff’ – Trump’s threats lose their bite

ANALYSIS: Liam Dann takes a deeper dive into the week's economic news.

15 Jul 07:00 PM
Premium
Premium
Venture capital market hot again, Icehouse Ventures boss says, as new fund feeds on golden visas
Business

Venture capital market hot again, Icehouse Ventures boss says, as new fund feeds on golden visas

15 Jul 05:00 PM
Premium
Premium
Tax break? Govt urged to make it cheaper for employers to provide health insurance
Tax

Tax break? Govt urged to make it cheaper for employers to provide health insurance

15 Jul 01:02 AM


Solar bat monitors uncover secrets of Auckland’s night sky
Sponsored

Solar bat monitors uncover secrets of Auckland’s night sky

06 Jul 09:47 PM
NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP