The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
Picture of Bernie Ripoll

Bernie Ripoll

Parliamentary Secretary to the Treasurer

5 March 2012 - 18 September 2013

Media Release of 16/04/2012

NO.007

Single Economic Market Outcomes progress report release

Joint Media Release with
Hon Craig Foss MP
Minister of Commerce

Mr Foss and Mr Ripoll met in Sydney today to discuss progress towards realising the long‑term vision of creating a seamless trans-Tasman business environment.

Mr Foss and Mr Ripoll welcomed further progress towards a Trans-Tasman Single Economic Market (SEM) following the release of the Trans-Tasman Outcomes Implementation Group biannual report.

"There has been good progress on the short term SEM Outcomes with most of them now completed," Mr Ripoll said.

Mr Ripoll said, "the report illustrates the benefits for both business and consumers with some of the completed outcomes such as for-profit entities needing to only prepare one set of financial statements to reduce compliance costs, as well as harmonised and coordinated consumer product labelling regimes which will further reduce confusion for consumers."

Mr Foss said he was also impressed with the substantive progress that has been made over the last six months.

"With most of the short-term outcomes now achieved, attention is shifting to achieving the more complex goals," Mr Foss said.

"The lead-up to the 30th anniversary of the Closer Economic Relations between Australia and New Zealand in 2013 is a good time for the Australian and New Zealand Productivity Commissions to undertake the Joint Study on options for further economic integration, which was announced by Prime Ministers Gillard and Key in January this year " Mr Ripoll said.

The report can be found on the Trans Tasman Outcomes Implementation Group website

13 April 2012