In aviation, he had offered Air New Zealand the chance to buy Ansett at a time when the deal "could have been far more advantageous to New Zealand than now".
"Instead, the Government seemed to believe that New Zealand's interests were the same as those of Brierley Investments."
Mr Keating said economic integration with Australia was more important than "free trade agreements with Singapore, Hong Kong or Chile, or chasing the illusion of Nafta (North American Free Trade Area) membership".
"New Zealand needs to take every opportunity to integrate its markets, including its capital markets, with the Australian market; to embrace, unilaterally if necessary, opportunities to merge its regulatory regimes and standards."
He said both countries should look to Asia - "the fastest-growing area in the world" - for economic success. That meant trade, regional cooperation and "opening ourselves to immigration and investment".
Mr Keating also urged changes to the Reserve Bank Act, which requires monetary policy to have the sole aim of price stability - "a hard taskmaster for someone interested in seeing the economy grow faster".
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