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Australia and Nauru have signed the Nauru-Australia Treaty to strengthen bilateral ties and Nauru’s long-term economic resilience and security.
Prime Minister Anthony Albanese and the President of Nauru, His Excellency David Waiau Ranibok Adeang, signed the Treaty in Canberra this week.
Through the treaty, Australia will ensure Nauruans have ongoing access to vital banking services and to the international financial system.
The Commonwealth Bank of Australia will provide banking services in Nauru, including a physical presence, following the departure of Bendigo Bank next year.
“I’m delighted to join President Adeang today in signing the Nauru-Australia Treaty,” Prime Minister Anthony Albanese said.
“The Nauru-Australia Treaty will strengthen Nauru’s long-term stability and economic resilience.
“This treaty is an agreement that meets the needs of both of our countries and serves Australia’s and Nauru’s shared interests in a peaceful, secure and prosperous region.”
As Nauru’s largest economic, security and development partner, Australia will also provide the Nauru government with fiscal certainty to invest in its future. Australia will provide $100 million in budget support over five years, to support Nauru’s long-term investments for the wellbeing of its people.
Recognising that our security is best assured by working together, under the treaty, Nauru and Australia have committed to mutually agree to any engagement in Nauru’s security, banking and telecommunications sectors and to consult on any engagement in other critical infrastructure.
Nauru has also committed that third-party engagement in critical infrastructure will not be used for security purposes.
“Building a stronger Pacific family is a priority for the Albanese government and central to Australia’s national interests,” Foreign Affairs Minister Penny Wong said.
“Through this treaty, we are supporting Nauru’s long-term stability, security and prosperity.”
In recognition of our shared responsibility for security in the Pacific, Australia will provide $40 million over five years to support Nauru’s policing and security, including through support for recruitment, training and infrastructure.
The Nauru-Australia Treaty will enter into force as soon as possible in 2025, following domestic treaty-making processes in both countries.
“As Pacific countries, our interests are intertwined. This significant step in our bilateral relationship formalises the long-standing cooperation between Australia and Nauru and elevates the connection between our two nations,” Minister for International Development and the Pacific Pat Conroy said.
“This treaty delivers on the priorities of both nations by strengthening Nauru’s economy and backing-in Pacific-led security responses to our region’s needs.”
