 On March 22nd, we celebrate World Water Day. And the theme of my presentation today is that water is a precious resource. New Zealand on average receives enough rainfall to cover the entire country up to about two metres. But there's considerable variation. There's variation from region to region and there's also variation from year to year. And in some years, average rainfall can vary from 60% to 130%. Now I want to first of all emphasise that water is essential for the sustainability of our ecosystems. And now I want to turn to the economic value of water to New Zealand. First off, our cities require water. Auckland is likely to experience growth equivalent to three suburbs the size of Hamilton in the near future. This will require investment and infrastructure to meet demand and also to treat the waste. Second, dairy products are our primary export earners. Now balance the foreign exchange that's earned by our primary sector against the outflow of foreign exchange that is associated with our importation of cars, petrol and so on. And finally, electricity. New Zealand is rightly proud of generating 80% of its electricity from renewable sources. Now the average household spends about $2,000 each year on electricity. 60% of that electricity comes from our hydro stations. Dams are like batteries and generate electricity that is a low carbon source. Water is scarce in New Zealand and it has economic value. So let's ensure that water is used sustainably and economically.