Australia’s mandatory climate reporting regime will commence on January 1, 2025, with broader coverage than New Zealand’s existing framework. The reporting will roll out in three phases, starting for Group 1 entities on July 1, 2025, and extending to Groups 2 and 3 in subsequent years. The Australian Sustainability Reporting Standards (AASB S2) require extensive climate-related disclosures, including for private companies, unlike New Zealand’s more limited scope. Key differences include director liability, reporting exemptions, governance requirements, and the depth of disclosure on climate risks and financial impacts. Businesses connected to both countries should prepare for potential reporting obligations under both regimes.