 Laura Matiazi from Naive Agri-Business, thanks for the opportunity to ask the questions and I don't have particular question to anyone but just to the panel, I want to talk about our largest trading partner and that is China. It's a 34% our trade or trade gone to China. In fact our largest agriculture commodity trading partner is China too. Now just on the note that there's quite a few panel members mentioned about investment. The controversial sale of EDVDL lately, the largest Deer Farm in Australia to to Moon Lake, investment with the Chinese investments has stirred quite a bit of controversial in the in the public domain. So my question is around talking about China market. Deer in terms of Australian Deering District of China is fairly new latecomer. We've got European players, we've got Americans, we've got Kiwi, they've taken over that market. 50% of the top top players in in China in fact are foreign owned. So this foreign investment they either married into a large Deer company in China or they they be formed part of a supply chain. So either they attracted their investment from Chinese to their own country through processing or supply chain or they went to China to invest up the supply chain. So my question is to the panel is how do we as the industry can leverage on the investment either coming out of China or going to China to form that relationship, to form that relationship, the trading relationship to more strategic and long-term sustainable relationship. Gentlemen who'd like to tackle that as a fairly broad question so there could be quite a few answers I suspect. Barry you look like you want to. So I think inevitably the way you encourage investment or have confidence to invest is to actually begin with a relationship. So you do in fact begin with the trading relationship which then ideally grows to something else and I think it is perhaps fair to say that the speed at which China has grown and indeed the position that the Australian dairy industry found itself in over that particular decade of growth has seen that we I think it is fair to say we were behind the eight ball not in a position about to take up the opportunity. I don't think that's an opportunity lost I think there is and what we're absolutely seeing now is that while the first wave of investment was international companies going into China and looking to invest and looking to find partners in China we're now seeing the second wave which is around the world so certainly not unique to Australia. You can see the likes of bright foods you know strong you know with strong presence in in in New Zealand you see actually an infant formula customer of ours with infrastructure owned in Holland so that second which that second wave is also happening so I think we in some cases don't have the structures and haven't been investment ready in Australia I think that's quickly changing but I think people need to think about how they get investment ready and I and from an Australian perspective it is a question of having confidence in your partner and I think that that is absolutely understanding that you've got mutual objectives that align well that that confidence has probably been a little slow to arrive but I think it's definitely there now. Greg did you want to add to that? I think it's a really good point because it's something that we struggle in our business with not struggle but we talk about a lot and I suppose my reflection is I think the mining boom has had a carryover on how we actually and how China and Australia interacted the mining boom there was plenty of Asian investment in the mining sector the mining sector come off the off the boil people were looking to place money looking for the new wave of agriculture our government was looking to encourage the agriculture sector to take a greater opportunity into Asia and so there's this great in my view a great collision about how do we do all this and it was actually had to happen all really quickly and you know I don't know what others were like but my phone used to ring it would be unusual to get two or three calls a day I had no concept of who the people were how to deal with them and I think and we of course we dealt with them in an appropriate way and as Barry made quite aptly was that we need to be polite about how we respond to people but I think we're actually I think there's been great learnings in the last 12 to 18 months and I think it's going back and reflecting and building those relationships and allowing those relationships to take the time to become larger and larger in our businesses and and both parties recognising that this will this is an evolution of relationships and it will change so I think I think if we all take a step back from time to time and actually look at it and I think now's a perfect time to actually take the next step and perhaps create that step change where and what I was suggesting in my presentation is that not necessarily taking Australia to Asia but we are but us as processes and manufacturers thinking about how the Asians actually tap on our door and ask for the products that they want not we tap on their door and give them the products that we make so I think there's an evolution in that process and Tasos just very briefly I'll just die to ask you after hearing your reflections about some quotas in the EC is there is there a real prospect that that wheel could turn again and that quotas could be reintroduced I don't I don't believe so first of all our decision-making process is pretty complex so it will take three or four years by the time prices will be happening second because I think deep inside people understand and realise that this was not a solution I mean if I it is interesting that one of the farmers that is leading all the criticism about what is happening right now in dairy markets I remember him some years ago complaining about all the costs for a young farmer to invest in dairy because of the quota system so I don't think this this will happen also we had a lot of ideas and pressure and I heard some not so nice compliments in the european parliament last week in a meeting of its committee on agriculture about why we resist ideas of doing what the americans are doing counter-cyclical support and the rest if you see the evolution of the EU's income which is much more volatile than the EU income then you realise that you know having a fixed layer of support more or less helps more farmers but what we're going to face and that's the difficulty is that we're dealing with a situation now of 28 member states and even in this 28 member states you have regional differences within the member states some of them and we will face more pressure stemming from climate change us and the New Zealand are the only two parties in the parties agreement that have put quantitative targets for agriculture and that will generate some adjustment process which as we have seen in previous reforms is not going to be necessarily smooth in the beginning it will take a couple of years another reason why we're not going to have any supply control is because there is a side effect on in the beef sector in the EU which is greater than other parts of the world so to make a long story short I believe at the end of the day we're not going to do supply controls we're going to do supply adjustment it's not going to be it's not easy already and we do expect that unless other nasty surprises await us some relief will come after the summer I think everybody is hoping for this now speak is this afternoon Peter Collins Tassos Haniotis Greg McNamara and Barry Irvine could you please thank them