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Cabinet Paper CAB-20-SUB-0026: Report on Overseas Travel
I recommend that Cabinet note this report on my travel to Sydney, Australia from 5 to 7 December 2019 to strengthen New Zealand’s trade, investment, economic and political relationship with Australia.
1My visit to Sydney achieved its objectives of:
1.1strengthening New Zealand’s economic and political ties with Australia;
1.2raising New Zealand’s profile with key political, regulatory, banking, investment and community sector stakeholders;
1.3promoting New Zealand as a destination for high-quality and productive investment; and
1.4sharing policy experience with Australian counterparts, especially with regard to New Zealand’s well-being approach to public financial management.
2The key elements of my visit programme included a meeting with the Leader of the New South Wales Opposition, Ms Jodi McKay; a business lunch hosted by the Trans-Tasman Business Circle; a meeting with Mr Phillip Lowe, Governor of the Reserve Bank of Australia, and, an investment attraction roundtable event arranged by New Zealand Trade and Enterprise (NZTE).
3The visit was timely, given the New Zealand Government’s recent announcement of further changes to the Overseas Investment Act and the high level of interest in Australia about New Zealand’s Wellbeing Budget. My visit also coincided with the New Zealand Reserve Bank Governor’s announcement, on 5 December, of new capital adequacy requirements for trading banks in New Zealand, which has attracted considerable attention from the banking and financial sector in Australia.
4Feedback from these stakeholders confirms that there is a good appetite in Australia for more visits of this nature in the future.