Lifting the threshold a great next step

16 February 2011

The signing today of a CER Investment Protocol by Prime Minister John Key and Australian Prime Minister Julia Gillard, has been welcomed by the New Zealand Institute of Chartered Accountants (NZICA) for the important step it takes towards a single economic market.

Building on the very close economic relationship that New Zealand has with Australia, this agreement will help reduce the barriers and obstacles that businesses face for accessing capital between both countries.

The Australian-New Zealand relationship is a good example of the extent two independent jurisdictions can co-operate on important regulatory issues while at the same time, maintain vital flexibility where this is in their best interests, says NZICA Chief Executive Terry McLaughlin.

“This agreement will benefit both countries economies, and we expect it will improve access to scarce capital. The inflow of capital will help provide New Zealand businesses with the investment they need for ongoing growth and development, and opens the door for further efficiencies and sharing of knowledge,” says Mr McLaughlin.

The sharing of knowledge and creating pathways for collaboration is a direction that NZICA is championing in collaboration with Australian counterpart, The Institute of Chartered Accountants in Australia. The strong alliance with the Australian Institute is focussed on initiatives that develop an innovative and more seamless trans-Tasman operating environment for accounting professionals and businesses.

“Many of the larger accounting firms and corporates are increasingly viewing the trans-Tasman environment as one market. Our collaboration with Australia is focussed on creating efficiencies between the two bodies, and supporting the increasing globalisation of the chartered accountancy profession,” says Mr McLaughlin.

One of the first steps is movement towards the convergence of accounting standards, other initiatives include collaborating on the Chartered Accountants qualification; further development of member products and services; joint marketing activities; and shared systems to provide new or enhanced online member services and benefits.

ENDS

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