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Glossary
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Australia is New Zealand's most important economic partner taking 20% of total merchandise exports in 2003 (year ending December 2003) and providing 23% of merchandise imports.
New Zealand exports to Australia have doubled in real terms since 1983.
Over the past 10 years, as CER has consolidated, trans Tasman trade has increased annually by 9% on average, exceeding the average 8.5% annual growth recorded for Australia's international trade and well above the 6.3% annual growth in New Zealand's international trade.
New Zealand is Australia's fourth-largest market overall and currently is number one - in front of the USA - for elaborately transformed goods.
Each country is the other's major market for elaborately transformed manufactures.
Australia is the largest investor in New Zealand which is the fourth largest destination for Australian foreign investment.
New Zealand is the sixth largest source of overall foreign direct investment in Australia. Australia is the second largest destination for New Zealand investment abroad after the United States. In recent years there has been significant new commercial investment from New Zealand in Australia's dairy sector, and from Australia in New Zealand's transport and banking sectors.
Each country is the other's major market for tourism.
As a result of CER, Australia has access to another domestic market about the size of Queensland, and the effective size of the New Zealand domestic market has been increased six-fold.
Together, we provide our businesses with easy access to a combined market of 24 million people.
Our two economies, which together equate to the size of the combined ASEAN markets, have a greater coherence and attractiveness together than apart.
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