The Australian and New Zealand productivity commissions are seeking public feedback on the idea of having a single currency for the two countries.

The commissions have been asked to look at ways to build a closer economic relationship between the two countries.

They say there are some issues to be worked on, including changes to business reporting requirements and consumer laws.

But they also flagged the idea of having a single currency.

In a discussion paper, the commissions say there are potential benefits from the move such as lower transaction costs for businesses.

But they say there could be downsides to the idea and have pointed to the recent experience in Europe as an example.

They are seeking public feedback on the concept.