A major review of trans-Tasman economic activity after 30 years of the Closer Economic Relations policy has ruled out any initiatives such as a common currency and border.
Instead, in a discussion paper released on Tuesday, the Australian and New Zealand productivity commissions make a series of more minor recommendations about how business, trade and travel between the countries can be improved.
Anyone looking for bold new ideas in the report will be disappointed, as the report finds there is no benefit in having a common currency or common border.
New Zealand Productivity Commission chairman Murray Sherwin says to have a common currency, countries need common fiscal policies.
The commissions are seeking public submissions on the paper before they present a final report to the New Zealand and Australian governments in December.