Finance Minister Bill English and his Australian counterpart Wayne Swan meet today to talk about the deepening impact of the financial crisis on trans-Tasman economies.

Australia is planning a further substantial official interest rate cut and another federal government stimulus package.

Its first stimulus package was worth more than $10 billion.

Labour Party finance spokesman David Cunliffe said Australia had been actively tackling the problem while the new National Government had taken a hands-off approach.

Mr English said while the two countries shared some problems they would take different approaches.

"They are doing what they believe is best and we are doing what we believe is best," he told Radio New Zealand.

Mr English said governments had to strike a balance between fiscal stimulus versus debt.

He would talk to Mr Swan about banks and how to provide better public services when tax revenue was reducing.

Mr English wanted progress on the single market idea.

Mr Cunliffe said one side effect of the tough times may be unemployed New Zealanders in Australia heading home.

"We might find that people having gone to Australia to make big wages come home when they need welfare benefits."

Mr English said that was possible and fewer people were leaving New Zealand because prospects were not as good as they had been overseas.

"If New Zealanders come home we want to make sure we're building the strength of the economy so that when we do get through this recession there are jobs for Kiwis coming back, particularly from Australia, so we don't lose them again."