A new system to streamline patent applications from both sides of the Tasman could save businesses thousands of dollars.
New Zealand Commerce Minister Simon Power and Australian Innovation Minister Senator Kim Carr have announced a plan to have a single patent application process by early 2013 and a single patent examination by June 2014.
They estimate it could save inventors as much as $5000 per invention.
Matt Adams is a registered patent attorney in Australia and New Zealand, and a partner with the intellectual property law firm, AJ Park.
He says New Zealand inventors tend to file for patents in both countries and he agrees a streamlined system will make the process easier and cheaper.
But he says at the moment, the New Zealand and Australian patent systems are out of step, and new legislation will need to be passed before the streamlining process begins.
Mr Adams says AJ Park has had confirmation the Patents Bill won't proceed through its second reading during the Government's current term, which will mean a 2012 start date at the earliest.