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Retirement savings - Source: ONE News -
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Talks to free up billions of dollars of New Zealanders' assets tied up in Australian superannuation accounts take place in Brisbane on Thursday.
Finance Minister Bill English will meet Australian Treasurer Wayne Swan to discuss the portability of retirement savings between New Zealand and Australia.
Currently when New Zealanders work in Australia and move back their compulsory retirement savings are left behind.
Australia's Tax Office estimated last year it had about $AU13 billion ($NZ16.6 billion) in `lost accounts' in the Australian superannuation system.
"We expect that a considerable amount of this money could belong to New Zealanders who have returned home and portability arrangements would allow these funds to be brought back to New Zealand," English said last week.
If the talks were successful the changes would also allow New Zealanders moving to Australia to shift their retirement savings across the Tasman.
"Retirement savings portability is part of the wider single economic market work programme, which will reduce impediments to trade and the free movement of people between our two countries," English said.
