Today in Canberra Small Business Minister Hon Stuart Nash signed the formal trans-Tasman e-Invoicing Arrangement with Australian Assistant Treasurer, Hon Stuart Robert.
As well as signing the Arrangement they also discussed the longer term advantages for businesses using the Australian Business Number (ABN) and the New Zealand Business Number (NZBN).
Mr Nash says e-Invoicing will help businesses in both countries save time and money by allowing the direct exchange of invoices between suppliers’ and buyers’ financial systems.
“Australian research has found current invoicing practices can incur loss of productivity and efficiency. Our aim is for e-Invoicing to help resolve these same issues in New Zealand and help build a modern economy that is fit for the 21st century.
“New Zealand and Australian businesses process around 1.3 billion invoices annually, and research indicates that the economic savings of e-Invoicing could exceed $30 billion in both countries over 10 years,” he says.
Formalising a collaborative approach will help businesses on both sides of the Tasman to facilitate easier transactions.
“This visit and the meetings I’ve had today are a testament to an ongoing and positive relationship with our Australian colleagues, which in turn will benefit businesses in both countries.
“This Government is committed to growing the economy and working with businesses to encourage productivity. This agreement is another step we have taken to support small businesses in New Zealand over the last year,” says Mr Nash.
Government initiatives for small business since October 2017 includes:
- issuing new directions to government agencies on implementation and operation of the NZBN;
- initiating legislative changes to improve and increase accessibility of data on the NZBN Register;
- renewing the small business payroll subsidy;
- launching the NZ Business Performance Panel;
- establishing the Small Business Council; and
- launching the online tools Choose Business Structure and Workplace Policy Builder.