Prime Minister Anthony Albanese and President of Nauru, His Excellency David Waiau Ranibok Adeang MP, today signed the Nauru-Australia Treaty in Canberra.
The Nauru-Australia Treaty builds on the deep foundations of Australia and Nauru’s bilateral relationship, and will help secure Nauru’s long-term economic resilience and security.
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.
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 well-being 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.
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.
The Nauru-Australia Treaty and joint leaders’ statement is available on the Department of Foreign Affairs and Trade website.