I agree Freediver; the common currency and common market with NZ is way overdue. It is hypothetical to join the EU, but we all know it has been discussed in the background.

In terms of currency, the UK has Sterling: English Pounds and Scottish Pounds, both are legal tender in the UK as they are worth the same. In Australia, our dollar with NZ could be, for example be something like the ANZAC dollar, that is Australia and New Zealand Associated Currency. Yeah, creative but it has a ring to it. But the Australian and NZ (or ANZAC if you like) could be legal tender in both countries much like the Scottish and English Pounds. Maybe later we could be trading in Euros, but if the UK doesn't have to do this, I can't see why Australia would need to do so.

A common market with NZ is overdue and could be a good start as Oceania. We have so much in common with NZ, but our countries must keep our national identities.

Both countries, I believe, would overwhelmingly prefer to join the EU together. Joining the US or Asia would be akin to a reluctant chore like going to some economic dentist. We do have to be a part of an economic block to survive as on OECD or western, economically vibrant democracy.

Joining the EU, I think, would cause celebration if it ever happens.

BTW, having Prince William as the next GG would help the UK sweeten to the idea of remembering some kinship with our countries. Having Prince William as our next GG could be the catalyst for this hypothetical idea to come closer to a real option.

Yes, Turkey and Russia are seriously being considered as future EU countries. Why not us?

Australia has a special historical bond with the nations of Europe and we should be looking for ways to expand upon those ties. One should not discount the crucial role cultural and people-to-people links play in the formation of trade relations.

Those pushing the "Asianisation" agenda are effectively trying to transmogrify Australian nationhood, denying our people the right to sustain their own culture and civilization. As another poster noted, Australia's European heritage is what makes our nation so great. Why disgard that in favour of geographical determinism?

The misguided notion that Australia should "become part of the Asian region" seems even more ludicrous when you consider that the major Asian capitals such as Beijing and New Delhi are geographically closer to London, Paris and Berlin than to Canberra.

To quote international affairs expert Owen Harries:

"To emphasise geography as decisive at the very time when technology is making physical distance and proximity less significant than they have ever been in human history, and when communication with any part of the world is virtually instantaneous, seems perverse. Far from being inescapable, the reality of geography, in a sense of it's human significance, is constantly changing, constantly being circumvented."

Demos,
Australia is already part of Oceana, we don't need to ask New Zealand.
Others in Oceana are Indonesia, the Phillipines and Papua New Guinea.

Sometimes on the train I think we are already Asia, but in fact Paris
is closer to Asia than Australia.

I am more inclined to think we should saw off the rest of the world and
only import what is not practical to import such as large jet aircraft.

Is Mise said: "We have closer ties with the USA than with most of Europe."

One obvious route for further expanding intra-Anglosphere ties would be to extend NAFTA to include Australia and New Zealand as associate members (a North American-South Pacific trade bloc). Considering Australia's close relationship with the United States, this is something that Canberra should be seriously pursuing.

Reading some of the comments, I guess the question splits to four.

1. Should Australia be part of the Asian region?
2. Should or could Australia be a part of the EU?
3. Should Australia be a part of the American NAFTA? (Canada, US, Mexico).
4. Should Australia just focus on an economic community with Oceania? (Does this include Indonesia?).

Of course there is the substance to the whole matter of why we need any closer economic community at all. Should we be concerned that nearly all other modern western democratic countries are a part of closely bonded trade blocks and we could be left out? Is that a problem?

In trade, bringing down barriers seems to be everything. Incumbent with agreements, there are cultural considerations where cultural and economics are interconnected.

New Caledonia is also a part of Oceania, which France guards as a gem. I wonder if France would see Oceania being a part of the EU as being part of France's interests are well.

Indonesia, East Timor, and even Fiji would have a difficult time raising to European standards. They don't prove to be that secure in their systems, their economies are unpredictable and currently their human rights records are intimidating. This is the same reason why I can imagine Australia or New Zealand wanting any local economic union with them is not yet likely.

This question is not going away in a hurry and the EU option is not impossible.

My suggestion is that we all become members of the "Family of Man", no division of colour, religion, ethnicity.