 I want to start by looking at a few of the broader factors that have been behind recent changes in the horticulture industry and that are likely to be important in the next few years. Horticulture depends largely on the domestic market, but tastes are changing over time and some of the more traditional fruit and vegetable crops are not seeing the growth that others are. We expect to see ongoing growth in exports. The weaker Australian dollar will continue to support trade. ABs assumes that the dollar will remain below 75 cents over the next five years. Now that compared with an average of 96 cents to the US dollar in the past five years, so there's quite a drop in the value of the dollar. Incomes in Asian countries are rising and patterns of demand there are changing. We expect strong growth in demand for horticultural products for fruit and vegetables in a number of Asian countries, in all Asian countries I guess. And new trade agreements will help further. On the downside, water storage in the Murray-Darling Basin is now down to 35% of capacity. I changed that number down from 36 yesterday, it seems to be dropping by 1% or so every week. This is obviously worrying for producers who depend on that water to produce and who have to pay for the water. But we believe it will not constrain production in the near future, in the short term. Horticulture is one of Australia's major agricultural industries. The gross value of Australia's horticultural industries is a little below $10 billion. This is getting towards 20%, well it's actually 17% I think, of total farm production and it's just a little less than the total value of all grain crops in Australia. Australia has a large number of horticultural crops. Potatoes, apples, tomatoes, almonds and bananas are the more important of those by value of production. Vegetables on the one hand and fruit and nuts on the other are each worth around $4 billion every year. The value of horticultural production is, we project going to increase slowly over the next five years. Now I want to look specifically for a start at fruit. The value of fruit produced in Australia last year was around $3.5 billion, a bit more than one third of total agriculture, I'm sorry, of total horticulture. We expect orange production to continue to contract over the next few years, mainly because of declining production in Valencia oranges, but mandarin production is expected to increase, so that total citrus production is likely to decline only very slowly. Apples and bananas are produced almost entirely for the domestic market now and so any growth in these will be small in line with domestic requirements. In total we'd see that the gross value of Australian fruit production increasing by around 8% in real terms over the next five years. Now production of tree nuts has grown quite dramatically in recent years, driven largely by almonds, but almond plantings from the mid 2000s have now come to maturity and recent plantings will be coming on stream only towards the end of the five year period that we're looking at. So production five years from now is expected to be around 10%, production of almonds is expected to be around 10% more in volume than in the current year, but the value of almonds produced in five years time is likely to be lower than it is now because we would see prices retreating from their current high levels. Macadamia production has been pretty stable in the past five years or more and we expect to see only a limited increase in macadamia production in the coming period. Now let's have a look at the vegetable industry. My comments here are based largely on the results of ABS Vegetable Survey, Horticultural Innovation Australia has commissioned ABS to conduct surveys of Australian vegetable farms each year now since 2007. The latest of these reports was released in December last year and the report is available from our website. Several trends are evident over the last decade. Overall, prices of vegetables in real terms have trended upwards, although they did decline last year, but the increased prices have been largely concentrated on some of the high-return vegetables such as broccoli, beans, peas and lettuce. Prices for the low-cost high-volume vegetables such as potatoes, carrots and onions have remained flat. Also, the mix of vegetables growing has changed. The contribution to farm receipts from traditional vegetables declined potatoes in particular but also tomatoes and onions are of relatively less importance than they were a decade ago. At the same time, receipts from non-traditional vegetables increased significantly. Now the survey provides estimates of financial performance of vegetable farms, measures such as cash operating surplus and rate of return. We compared the top 25% of farms, that's the 25% of farms with the highest rate of return with the bottom quarter, the 25% with the lowest rate of return. There's a big diversity in the rates of return achieved by vegetable farmers. The rate of return of the top-performing group averaged a little more than 10% over the last three years. The average rate of return for the bottom group over the last three years was minus 6%. The top-performing 25% of growing farms are typically large and they have a high level of capital investment. These top-performing farms have high costs compared with the bottom-performing farms. Now that's not just because they're big farms, they have higher costs per hectare and they have higher levels of debt per hectare. They don't get to be top-performing farms by cutting costs. They get there by investing heavily to increase their production from each hectare. They're also probably farms with a more flexible enterprise mix, farms that benefit from growing some of the higher-valued vegetables. I'm awfully sorry, I missed my slide there, never mind. These top-performing farms achieved much higher receipts from each hectare of vegetables than the bottom-performing farms. Despite their higher costs, they had much higher rates of return. The bottom-performing 25% are typically small. Many suffered from below-average seasonal conditions. These farmers had higher levels of off-farm income and many said they were likely to leave the industry in the next few years. Looking ahead, we expect a total value of vegetable production will continue to expand slowly, in line with market requirements growing by a bit under 10% over the next five years. Now turning to exports of horticultural products, the trailer exported around $2.1 billion worth of horticultural products last year. The major markets for our fruit, nuts and vegetables were Hong Kong, New Zealand, India and the United States. For some products, exports are an important part of production. We export around three quarters of our almonds, 40% of our oranges and around 30% for each of carrots and asparagus. But for many others, including potatoes, many green vegetables, apples and bananas, exports amount to only a few percent of the most of production. Overall, exports are less important to horticulture than they are to many other agricultural industries. And we import more than we export. The value of imports of horticultural products is around one and a half times the value of our exports. Imports are dominated by process products. Around 80% by value of the imports of our fruit and vegetable products are processed. But only around 40% of exports are processed. 60% of our exports of horticultural products are fresh. And looking just fresh or unprocessed products, we export considerably more than we import. And in fact, exports of fresh fruit, nuts and vegetables have grown quite strongly in the last four years. And the positive trade balance between exports and imports has widened in the last few years. India has accounted for some of this increase, together with other Asian and Middle East countries and New Zealand. Grapes, citrus, almonds, carrots and cherries are our major fresh horticultural exports. On the import side, avocados, table grapes, citrus and kiwi fruit were Australia's major fresh fruit and vegetable imports last year. Now I want to finish with a look at the total picture of exports, fresh and processed together. We see an increase in the value of fruit and vegetable exports in the past two years. Citrus fruits and grapes have shown strong growth. With the dollar expected to remain weak for the next few years, we expect the value of fruit, vegetable and nut exports will continue to show some increase. Nut exports, I'm sorry, I messed up there, the value of fruit and vegetable but not nut exports will continue to show some increase. Nut exports grew strongly over the last few years but that expansion is now largely over for the time being at least. Prices were pushed up by reduced Californian production and we expect that those prices will now return, well sometime in the next few years at least, return to more normal levels, bringing the value of exports down. Some new export opportunities for horticulture may be found, particularly in fresh products to growing markets in Asia and the Middle East. Overall, the real value of horticultural exports should increase slowly over the next five years, reaching perhaps to $2.2 billion in real value. So wrapping up, we see modest growth in production of fruit, vegetables and nuts. Exports overall are expected to strengthen a little, boosted by the weak Australian dollar and by new trade opportunities. Thank you very much.