19 February 2003 Media Statement
Ministers move CER another step forward
A significant breakthrough in the alignment of trans-Tasman tax law and a commitment to meet each year were agreed today
by Australian Treasurer Peter Costello and New Zealand Finance Minister Michael Cullen.
“The tax change has been long sought and will remove an important impediment to trans-Tasman business. We are pleased
to be able to announce it as part of the 20th anniversary of Closer Economic Relations [CER],” the Ministers said.
They noted that CER was one of the most successful economic agreements in the world and had delivered much to both
partners. Bilateral trade in goods had doubled in real terms since the Treaty was signed in 1983, and the trade in
services was also growing steadily.
“Today’s talks were very constructive and indicative of the steady and practical progress being achieved under CER,”
they said.
Mr Costello and Dr Cullen endorsed the benefits of meeting annually given the importance of issues within their
respective portfolios to both economies and to the trans-Tasman relationship.
“Our principal focus is to encourage trans-Tasman business through the co-ordination of business, regulatory and tax
law. Current work includes possible bilateral initiatives in securities offerings and insolvency proceedings.”
They also discussed how New Zealand and Australia could jointly promote the development and adoption of international
accounting standards.
The Ministers agreed that policy co-ordination in these areas had already proven valuable and asked officials to explore
ways of enhancing that co-ordination.
ENDS