In a global swamp of bribery and corruption, Australia and New Zealand have long enjoyed a squeaky clean reputation.
But that's now in peril, a new report says.
Not only are both countries becoming more corrupt, they are doing more business with nations regarded as highly corrupt.
The report, commissioned by the organisation Chartered Accountants Australia and New Zealand, says relying on our historic reputation as "fair dinkum" countries is no longer enough.
"We need to not only be better in reality at addressing corruption than other countries - we also need to be perceived to be better. Our two countries need to be more proactive in the fight against corruption," it says.
CA ANZ chief executive Lee White said Australia and New Zealand have traditionally traded on reputations of honesty and integrity but this is at risk if measures aren't put in place to mitigate the threat.
"We need to be proactive and start making the changes required to address this illegal behaviour before it has the chance to destroy our global reputation and restrict our economic growth," he said in a statement.
In its 2014 global corruption perception listing, anti-corruption organisation Transparency International ranked New Zealand at two and Australia 11. Somalia and North Korea sit at the bottom.
But despite those rankings, levels of corruption are rising in both countries, the report says.
It cites the scandal involving the Australian Wheat Board that paid millions in kickbacks to Iraq to secure contracts.
Both Australia and new Zealand have been criticised for their lackadaisical approach to addressing corruption.
The report says more legislation isn't the answer. There should be comprehensive anti-bribery and corruption policies that are rigorously enforced.
Mr White said the report proposed a 10-point plan which could vastly improve Australian and new Zealand standing in the fight against corruption.
All bids for public sector contracts could be disclosed after the contracts are awarded to improve accountability. Any organisation or individual or their affiliates with corruption or fraud convictions would be barred from receiving public sector contracts.
Assets of corrupt organisations could be seized.
Any organisation bidding for public sector contracts would have to adopt effective integrity measures and conduct frequent compliance audits.
Australia already has measures in place to protect whistleblowers. It could go a step further and reward those who disclose corrupt conduct.
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