The Australian and New Zealand governments have commissioned a new study to determine relevant issues of competition and consumer protection as part of their ongoing plans to establish a single economic market for the two nations.
The study will be conducted by the Productivity Commission and is timely given a number of trans-Tasman financial services groups have recently ratified their ties to their antipodean cousins.
The move has been backed by Australian Treasurer Peter Costello and the New Zealand Minster of Commerce, Margaret Wilson.
“This is a forward looking research study to inform both governments on possible future arrangements to better align our respective legislation and practices to remove barriers to trans-Tasman business. All options are on the table, including having common laws and a single trans-Tasman enforcement agency,” Costello says.
With many financial services groups straddling both the Australian and New Zealand territories, the report will examine the general competition and consumer protection regimes in Australia and New Zealand and aims to pinpoint areas for greater co-operation, co-ordination and integration in hope of better aligning the two economies.
The two Governments say the Commission will consult with interested parties on both sides of the Tasman and the report will be filed within the next six months.
The joint initiative follows hot on the heels of a recent deal struck between the Australian Securities and Investments Commission and the New Zealand Securities Commission to explore opportunities to co-operate in the regulation and combating of cross-border investment scams.
The Productivity Commission study will examine the main restrictive trade practices and consumer protection provisions of Australia’s Trade Practices Act 1974, New Zealand’s Commerce Act 1986 and Fair Trading Act 1986, and the associated institutions on both sides of the Tasman.
