NO.057

ANOTHER STEP TAKEN TOWARDS SINGLE ECONOMIC MARKET

The Australian and New Zealand governments have taken another step towards

achieving the long term goal of a single economic market in the two countries,

this time with a focus on competition and consumer protection law.

Australian Treasurer Peter Costello and the New Zealand Minster of Commerce,

Margaret Wilson today announced details of a Productivity Commission research

study examining the potential for greater cooperation, coordination and integration

of the general competition and consumer protection regimes in Australia and

New Zealand.

The research study will look at the core 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. It does not include industry-specific regimes such

as telecommunications or electricity.

“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.”

Mr Costello and Ms Wilson said in a joint statement today.

The Productivity Commission has been asked to consult widely with interested

parties on both sides of the Tasman and to report to both Governments within

six months.

Mr Costello and Ms Wilson further said the outcomes of the study will not

bind either government to a policy approach.

“Any subsequent changes to policy following the study will require a

separate process in each country, which would include a further round of consultation

with interested parties in each country.” A copy of the terms of reference

is attached.

For more information about the study or lodging submissions see the Productivity

Commission’s website at www.pc.gov.au

or directly on (02) 6240 3239.

MELBOURNE

29 June 2004

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