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Change Your Life! |
New Zealand businesses favor single currency with Australia: Report |
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April 27, 2000 WELLINGTON, APR 26 (AP) - There is strong support in New Zealand for a single Australian-New Zealand dollar, a study by the independent Institute for Policy Studies reported Wednesday.
The study, commissioned by the Australia-New Zealand Business Council, a voluntary association of business leaders, said there was a strong case for policy-makers to give "genuine consideration" to the adoption of a currency based on either the Australian or United States dollar.
The survey of more than New Zealand 400 firms found a majority strongly support the adoption of an "Anzac dollar."
Nearly 60 percent of those surveyed favor it, while only 14 percent were opposed.
The Closer Economic Relations Treaty between Australia and New Zealand, signed in 1983, has facilitated growing investment and trade between the two economies.
Earlier this month, New Zealand Prime Minister Helen Clark said a merger of the Australian and New Zealand stock markets is likely within 10 to 20 years.
New Zealand Finance Minister Michael Cullen said Wednesday that monetary union with Australia or the United States isn't on the government's agenda.
Cullen said, however, that the issue is worth debating and that "the government will monitor the debate carefully."
The New Zealand dollar was trading at U.S. dlrs 0.48 and 0.83 Australian dollars late Wednesday.
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