Business Update

Strategic Directions September 2009 Newsletter

General

At the meeting, the Prime Ministers agreed to a joint statement of intent to give new intensity and a renewed focus to delivering the practical benefits and outcomes from the Single Economic Market (SEM). They noted that this work will be guided by key principles designed to deliver more quickly and effectively the benefits of a seamless trans-Tasman economy to consumers and businesses in both countries. A key element within the framework is a deliberate move from consideration purely of national benefits in policy development, to consideration of the net trans-Tasman benefit.

The Prime Ministers announced that they had already identified a range of shared outcomes in the areas of insolvency law, financial reporting policy, financial services policy, competition policy, business reporting, corporations law, personal property securities law, intellectual property law, and consumer policy.

The outcomes the Prime Ministers identified complement and build on the extensive work already underway under the SEM. They will accelerate and deepen trans-Tasman regulatory integration.

The joint statement and full list of proposed outcomes can be found on the MED website.