The government has formalised a Memorandum of Understanding on Standard Business Reporting with his New Zealand counterpart, Simon Power, New Zealand Minister of Commerce.

The assistant treasurer said the initiative could save businesses millions of dollars each year, and that it will ensure more cooperation on the government's plan to standardise reporting processes for business.

"Reporting requirements in both countries impose a significant burden, with businesses often having to report similar information to many government agencies," the Assistant Treasurer said.

"In Australia alone, reducing this burden is expected to save business some $800 million a year when the program is fully implemented."

"This new agreement builds on successful cooperation between Australia and New Zealand as we forge closer trade and economic links and continue work towards a single economic market."