Single Economic Market outcomes agenda
Creating a Single Economic Market (SEM) with Australia will enable businesses, consumers, and investors to conduct operations across the Tasman in a seamless regulatory environment.
To accelerate the creation of a Single Economic Market between Australia and New Zealand, former Australian Prime Minister Rudd and New Zealand Prime Minister Key announced the Trans-Tasman Outcomes Framework on 20 August 2009.
The Prime Ministers’ announcement included a commitment to outcomes in range of areas in business law. The areas cover insolvency law, financial reporting policy, financial services policy, competition policy, business reporting, corporations law, personal property securities law, intellectual property law, and consumer policy.
In total, there are 28 outcomes, divided between short term outcomes, which were to be completed by the end of 2011, and medium term outcomes which are expected to be completed by the end of 2014.
To oversee and drive the outcomes the Trans-Tasman Outcomes Implementation Group (TTOIG) was established by the Prime Ministers. TTOIG is jointly chaired by the Australian Treasury and the New Zealand Ministry of Economic Development and also comprises senior officials from other relevant agencies.
The terms of reference for TTOIG require it to report six monthly to both Governments on progress in achieving the outcomes. The TTOIG report to Ministers also fulfils the reporting requirements under the MOU.