New Zealand has dropped a place to be now ranked second in the Least Corrupt Country in the 2014 Corruption Perceptions Index, published recently by Transparency International.
There have been no howls of outrage regarding the fall in rankings, but there are some points to consider for New Zealand's leading officials.
Denmark moved up one point and one place to lead the index on 92 points, with New Zealand on 91.
Across the Tasman, some warnings were issued by Transparency International as Australia slipped from No 10 to No 11. The index ranks 175 countries on a scale of zero as the worst and 100 as the best.
Compared with the criticism of Australia, New Zealand escaped rather lightly in comments from the international agency - but there is still enough critical comment to warrant some action.
An obstacle to New Zealand leading the index is its failure to ratify the United National Convention against Corruption over the past 11 years, in a period when the convention was approved by most countries.
New Zealand's ability to endorse is delayed until the legislation required to deal with corruption is put in place.
The long-awaited Organised Crime and Anti-Corruption Legislation Bill recently had its first reading in Parliament and Transparency International says it is encouraged the Bill was referred unanimously to a Select Committee as one of the first acts of Parliament following the September election.
Transparency International noted New Zealand's ranking as the second-most trusted public sector reinforced there was still more to do to protect the country's reputation.
The ranking, the agency says, belies the fact New Zealand companies are facing increasing exposure to risks of corruption as it increases trade and operates increasingly in countries where corruption practices exist.
New Zealand's top trading partner, China, fell in its rating to be 100, and India moved up to be ranked at 85.
New Zealand traders are well aware of the risks associated with exporting to or operating within those two countries.
What they may not be fully aware of is the level of corruption identified in Australia by the international agency.
Transparency International found the scandals in Australia over note printing and the country's own corruption probes have worsened perceptions.
But Australia is still three places above Britain, which languishes at No 14.
The agency recognises the United Kingdom's gradual progress in recent years, particularly through the Bribery Act, but says there is more do to.
The decline of Australia is linked to its denial-creating delays investigating corruption.
Transparency International is running a campaign called Unmask the Corrupt, urging the European Union, the United States and G20 countries to follow Denmark's lead and create public registers that will make it clear who really controls every company and make it harder for criminals to hide behind other names.
While an admirable intention, a Scandinavian solution is unlikely to find any support from right-leaning, business-oriented administrations in New Zealand, Australia and the UK and the growth economies of Asia.
Listed businesses in New Zealand have NZX requirements for continual disclosure and the number of companies now defaulting on their duties is small.
Actually, with Denmark moving to the full company disclosure regime, keeping New Zealand at No 2 is a remarkable achievement.
There has been some criticism about public service behaviour throughout the recent election campaign, but those incidences are not indicative of New Zealand's public service, which is generally held in high esteem.
As a country, New Zealand has little control of how its trading partners operate and battling corrupt officials is sometimes just the way of life for exporters.
Back at home, as a nation we can continue to strive for openness and transparency as an example to our neighbours and global allies.
