(1) Further to his answer to question No. 472 (Hansard, 10 September 1996, page 3919), what communications have occurred between the Government and the New Zealand Government regarding monetary and currency union.

(2) On what terms and conditions does the Government support monetary and currency union.

(1) There has been significant public debate in New Zealand over the past year or so on the issue of currency union with the US or Australia. Reflecting this debate, discussion of the issue has occurred between the Government and the New Zealand Government as part of more general discussions.

For example, during the Prime Minister and Prime Minister of New Zealand's joint press conference on 28 September 2000, the Prime Minister, Mr Howard noted that the issue had been raised in their discussions. The Prime Minister went on to say that, “it's not something that Australia will be seeking to make the running on.”

(2) The Australian Government is not in favour of a new or third currency. Current monetary and macroeconomic policy arrangements in Australia have proven effective in providing the economic environment for the strong, low inflation growth and declining unemployment that we have seen in recent years. Were we to receive a request to adopt our currency arrangements, the Government would have a look at such a request. No such request has been received.