Transtasman single market initiative

Another step in developing a transtasman single economic market was announced today with cross-appointments between the Australian Financial Reporting Council (FRC) and the New Zealand Accounting Standards Review Board (ASRB).

Commerce Minister Pete Hodgson and Australian Treasurer Peter Costello said in a joint statement the cross-appointments would promote higher levels of co-ordination and communication.

Charles Macek, chair of the FRC, has been appointed as a member of the ASRB.

Warwick Hunt, chair of the ASRB, has been appointed as a member of the FRC.

"It is no coincidence that all four cross-appointees are the chairs of their home bodies," Mr Hodgson said.

"It reflects the importance that both countries attach to the transtasman relationship and working towards a single economic market."

- NZPA