Bruce Baird (Cook, Liberal Party) Share this | Link to this | Hansard source

On behalf of the House of Representatives Standing Committee on Economics, Finance and Public Administration, I present the committee’s Report of the 2007 New Zealand Parliamentary Committee Exchange, together with the minutes of proceedings.

Ordered that the report be made a parliamentary paper.

by leave—Australia and New Zealand share a close and longstanding relationship. The countries’ similarities provide a platform to discuss many issues common to both, while their unique features allow the sharing of new ideas. The Australian and New Zealand parliaments tap into this cooperative spirit through an annual trans-Tasman parliamentary committee exchange program. This year, the House of Representatives Standing Committee on Economics, Finance and Public Administration visited New Zealand between 15 and 19 July. The program, which was organised and hosted by the New Zealand parliament, was thorough and rewarding. The committee built upon the robust relationships already forged between the two parliaments and discussed a variety of economic and policy issues with government and non-government organisations.

Formal meetings were held with the Speaker of the New Zealand parliament; the Deputy Leader of the Opposition; the opposition spokesperson on housing; and members of both the Finance and Expenditure Committee and the Commerce Committee. The delegation also met with many other New Zealand parliamentarians during the visit. Both the New Zealand and the Australian parliamentary committee systems have a role in scrutinising the conduct of monetary policy by their respective central banks. Meetings with the Reserve Bank of New Zealand on the bank’s current monetary policy mechanisms and the parliamentary scrutiny it is subject to were most beneficial.

Independent meetings were held with market economists about the New Zealand economy and the Australia-New Zealand economic relationship. The delegation also met with representatives from the New Zealand Stock Exchange and the New Zealand Post Group. The committee discussed the New Zealand retirement savings system with New Zealand government departments and agencies, with a focus on the KiwiSaver scheme, which was introduced in July 2007. This issue related to recommendations in the committee’s 2006 report relating to improving the superannuation savings of people under 40. The New Zealand government’s industry policy was discussed with government department officials. These discussions were relevant to both the committee’s report Servicing our futurewhich had been tabled in June 2007—and the inquiry into Australia’s manufacturing sector, the report of which, Australian manufacturing: today and tomorrow, was tabled soon after the visit.

On behalf of the committee, I would like to thank all of the organisations, departments and individuals in New Zealand who participated in the visit meetings and activities. We were made to feel very welcome. People generously gave their time to discuss issues of economic policy relevance and we experienced many cultural aspects of New Zealand. The support and enthusiasm of all involved ensured that the visit was productive and memorable. I commend the report to the House.