New Zealand, Australia coordinate to ease economic shocks

New Zealand and Australia are working closely to manage the economic impacts of global shocks and ease pressure on household budgets, New Zealand Finance Minister Nicola Willis said on Friday, News.Az reports, citing Xinhua.

Willis attended the annual Australia–New Zealand dialogue with Australian Treasurer Jim Chalmers in Brisbane, Australia, where they focused on managing fuel price pressures caused by the Middle East conflict, strengthening supply chains, and coordinating responses to geopolitical and economic shocks affecting both economies, according to a statement by the New Zealand government.

Willis and Chalmers also discussed the impact of higher fuel and freight costs on Pacific island nations, agreeing to continue providing assistance in cooperation with international partners, including the World Bank and the Asian Development Bank.

The meeting also highlighted efforts to deepen trans-Tasman economic integration under the Single Economic Market agenda, the statement noted.

“Stronger integration means greater resilience during global shocks,” Willis was quoted as saying.

News.Az 

By Nijat Babayev