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The Small Mutual Recognition of Imputation Credits (SMRIC) Model


The Small Mutual Recognition of Imputation Credits (SMRIC) model was developed to analyse the economic effects of introducing the mutual recognition of imputation credits (MRIC) between Australia and New Zealand.

The SMRIC model is a global general equilibrium model that represents the behaviour of factor supplies in three countries (Australia, New Zealand and the Rest of the World) and incorporates the relevant features of the Australian and New Zealand company and personal income tax systems. The underlying framework is based on a standard production model as described by McDougall (1960).

A description of the SMRIC model and the results that it produces are presented in 'Supplementary Paper F: Modelling the effects of mutual recognition of imputation credits' of the report on Strengthening Economic Relations between Australia and New Zealand.

Comments in the program are designed to provide guidance about how the model works. For this reason, users need a working knowledge about GAMS. A referee's report relating to the use of the model for the aforementioned project is available on this web page.

Productivity Commission conditions for using the computer files

  • This program is provided to enable users to replicate results and to further the development of research in related areas
  • The Commission will not provide users of these programs with any support.
  • The Commission accepts no liability for any errors in the programs.
  • Users of the programs, including users that derive new variations of the model, should acknowledge the Productivity Commission. The appropriate citation is:
    • Australian Productivity Commission and New Zealand Productivity Commission 2012, Strengthening trans-Tasman economic relations, Joint Study, Final Report.

In downloading these programs, you are accepting these conditions.

System requirements

Users of these programs require licensed software to be able to run and solve the models under GAMS, such as PATH - available at: (external link).

Download the model files