Australia-New Zealand Finance Ministers Strengthen Economic Ties Amid Global Challenges

Minister of Finance Nicola Willis today met with Australian Treasurer Jim Chalmers in Brisbane for the annual Australia-New Zealand Treasurer and Finance Minister dialogue.

The meeting comes as governments across the region respond to fuel supply disruption and price pressures caused by conflict in the Middle East, and included discussion on the global economic outlook, trans-Tasman economic integration, and practical cooperation to strengthen fuel security.

New Zealand and Australia are working closely together to manage the impacts of global events on our economies and on household budgets, Nicola Willis says.

Minister Willis and Treasurer Chalmers agreed officials would continue regular engagement on fuel market conditions, supply chain developments, price pressures, and financial system resilience, including ongoing coordination to ensure markets, banks and relevant agencies are well prepared for geopolitical and economic shocks.

Families and businesses expect governments to be practical and focused during periods of disruption. That means measured responses that are timely, temporary and targeted, rather than policies that add to inflation or create long-term fiscal costs, Nicola Willis says.

Minister Willis and Treasurer Chalmers discussed the impact of higher fuel and freight costs on the Pacific and agreed that assistance should continue with international partners, including the World Bank and the Asian Development Bank, while being carefully targeted to where it can make the greatest difference.

The meeting also focused on lifting growth and productivity through closer economic integration. Minister Willis and Treasurer Chalmers welcomed progress under the Single Economic Market agenda and agreed to progress further practical measures that make it easier to do business across the Tasman and wider region.

New Zealand and Australia have one of the closest economic relationships in the world. Stronger integration means greater resilience during global shocks, more trade, more investment, and more opportunities for businesses and workers in both countries, Nicola Willis says.

Minister Willis also joined Treasurer Chalmers for a business discussion hosted by the Australia New Zealand Leadership Forum (ANZLF), and will join the Treasurer tomorrow at Anzac Day commemorations in Logan City to pay tribute to those who have served, and those who continue to serve.