Bill Spartin
3/4/11
3:06 am
Australia and New Zealand are growing ever closer, leading to more and more commercial relationship. Last month Australian prime minister Julia Gillard and New Zealand prime minister John Key signed a new investment pact. Australia's resource-fuelled economy continues to grow while New Zealand is still shaking the effects of the recession. Tim Hazeldine, a professor of economics at the University of Auckland Business School, believes these two countries would benefit from a single currency, much like the Euro, which he calls the Anzac dollar. The bond between these two countries has been further strengthened by recent natural disasters such as the earthquake that shook Christchurch. One cause of friction between the two countries is the ban Australia put on apples from New Zealand due to a bacterial disease. The WTO stepped in and lifted the ban however and the Australia prime minister Julia Gillard said she would abide by their decision. Another cause for concern is the possible colonization of New Zealand by a much larger country with more resources at their disposal. The Secretary of New Zealand Council of Trade Unions, Peter Conway, states that the domination shown in retail, banking, and investment growth essentially leads to economic colonization.
http://www.bbc.co.uk/news/business-12521125
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