Aussie treasurer wants NZ tax regime

Australian Treasurer Joe Hockey (right) said Australia needed to look at how New Zealand had been able to put in place structural reforms that would promote ­future growth. Photo: Getty.

First it was pavlova, then Phar Lap and Crowded House, and now the Aussies want our tax regime.

In a column penned for Australia's Daily Telegraph, Australian Treasurer Joe Hockey has hailed New Zealand's tax system as a potential model for Australia's economic growth.

Although "once regarded as the poor economic cousin of Australia," as the NZ dollar flirts with parity with the Aussie dollar we have attracted Hockey's admiration as he prepares for the unveiling of Australia's budget next week.

Hockey said that although Australia didn't need to declare a national day of mourning when Kiwis celebrated parity, Australia needed to look at how New Zealand had been able to put in place structural reforms that would promote ­future growth.

"New Zealand has been busy making the difficult decisions for their future," he wrote.

"As a result they have falling unemployment, rising living standards and a budget that is coming into surplus.

"In contrast, Australia has a ­Budget that is still operating on the presumption of a never-ending ­mining boom."

His full column "Lets get Australia back in all black" can be read here.