Transtasman single market back on agenda

Australia's Peter Costello (left) will hold taks with NZ's Michael Cullen in Melbourne. File picture / Mark Mitchell

Moves to speed up the formation of a single economic market between New Zealand and Australia will be on the agenda at a high level meeting next week.

Finance Minister Michael Cullen will hold talks with Australian Treasurer Peter Costello at the meeting in Melbourne.

Dr Cullen said: "Work on the single economic market objective has been a key feature of recent bilaterals and I am hopeful of good progress on measures to better integrate the two economies.

"The bilateral is an important opportunity to discuss regional economic issues and to accelerate initiatives towards a single economic market."

The meeting is an annual event and this time Dr Cullen will be accompanied by Commerce Minister Lianne Dalziel.

He said she would take part in the discussions in order to progress co-ordination of business law.

Bunsiness leaders last year said the differing tax regimes between the two conutries was an impediment to a single market. Moves are well under way towards attempting to merge banking regulation.

Former Australian Prime Minister Bob Hawke has said the case for a single transtasman market in "unanswerable".

There are 450,000 New Zealand citizens live in Australia and 60,000 Australians live in New Zealand.

New Zealand is Australia's fourth-largest market and Australia is New Zealand's largest.

Dr Cullen and Ms Dalziel leave on Monday and the formal talks will be held on Wednesday, followed by a joint press conference.

On Tuesday they will visit the Australian Competition and Consumer Commission, and Ms Dalziel will call on Victoria's Minister for Education and Training Lynne Kosky.

Dr Cullen will visit the Australian Synchrotron project, in which New Zealand has a significant interest, and deliver a speech to a business lunch hosted by Westpac.

- NZPA, HERALD STAFF