In response to the Prime Minister's direction, the attached initial draft of a report1 on Australia - New Zealand economic relations has been prepared.
I suggest that, in the light of the Prime Minister's discussion in Lusaka this week with Mr Muldoon, this draft should now be looked at by a wider group of Departments and I assume your Department2 will be convening a meeting for this purpose. It is clear that much more detailed work will have to be undertaken to prepare for the meeting between the two Prime Ministers early next year. This draft is a limited first study and does not seek to go into wider questions of whether there are trade-offs between concessions to one side which may arise from creation of a customs union and concessions in other areas, such as monetary, resource development or energy issues.
I should emphasise that this is an initial draft only and it is not envisaged that in its present form it could be made available publicly or to New Zealand authorities or to Australian businessmen.
[NAA: A1838, 37011/19/18, iii]