General region overview
The relationship between New Zealand and Australia continues to be the largest 'two-way' trading partnership we may see this enhanced as a result of the increasing constraints on international markets further away. Our close proximity and time zones, ability to manage borders as island nations and cultural similarities, could provide both markets a number of opportunities in the future.
In Australia, economic activity has continued, despite social distancing restrictions and border closures. All businesses deemed essential remain open, with infrastructure, construction, food retail, engineering, manufacturing, technology and defence industries operating (albeit with social distancing or working from home measures).
From a community perspective, Australia's federal, state and territory governments are gradually easing restrictions around public gatherings, how businesses can operate, and travel across regions. The National Cabinet has released a 3-step plan to create a COVIDSafe Australia with new ways of living and working. Read more about the 3-step plan here.
Australia moved rapidly to set in place economic stimulus packages to manage the impacts of COVID-19, at a business and household level. These have been presented at both a national and state level.
Across the Pacific, the way countries are managing and regulating COVID-19 differs significantly. In business, it is taking longer to get things done. Transport links and delivering products to market have become key concerns and challenges.