 The discussion that I'd like to have today is very much a positive one. It's the insights that I have gained over the past decade, but more importantly over the last couple of years as I've travelled the nation and I've visited many, many farms and I've sat at the kitchen table and had many, many discussions as well as sitting in the truck and driving around the paddock and talking as we go. So I wanted to sort of bring those insights into this discussion around how large family farms and institutional agribusiness businesses can work together to improve productivity. So as Tiggy said, my role as general manager for agribusiness in Westpac, I've got about 180 bankers that are located in 50 regional and rural towns across Australia. 80% of those bankers come from the farm or if they're not from the farm they have family ties or they're passionate around regional, rural or remote Australia. We've worked very hard over the past four years and in particular the two years that I've been in the role that we've now got 60% of our bankers tertiary qualified. We have near 85% of our bankers that actually come from the land so they very much are connected to what they do every day. We also have really worked hard to make sure that the majority of our bankers live and work within about three to five hundred k's of where they grow up. So they're connected with community and they really do have a passion for the people that they support. So we sort of view it as farmers banking farmers. So it's my view that we need to be really connected and I'm very passionate about regional, rural and remote Australia and about making a difference. In my term in role with Westpac agribusiness that's my intention. So that's the eyes that I'm coming with for this discussion. As I said the family farm and the large institutional agribusiness they're very much alike at the large end of farming and that end I'm talking about the one percent of farms. I'm talking about where they've got turnover of five million dollars or above and as mentioned they do drive the majority of the income across the nation in the sector. Our view is that there's a lot to like about both and it's our view that if we bring the two together we'll actually prosper and grow and that way we'll drive both productivity and profitability both in the large family farm and we'll also drive it higher through the large institutional agribusiness. As we've talked about agribusiness is a very seasonal business. It's a cyclical business. It's a long-term investment horizon. It's very important that people are passionate and are there for the right reasons. We're ever saying we need people to be interested, not interesting. So we hope as we work through with our customer base we align ourselves to those people which allows us to have a level of risk, mitigate that's a natural DNA of the people both the banker and the customer base and that then allows you to move on quite quickly. As we've talked about the greatest challenge for large family farms is capital. In 2013 in Melbourne at the Global Food Forum it was mentioned that there was would be an estimated 500 million dollar funding gap for Australian agriculture over the next three decades. If we are to bring to life the opportunity that's presenting in the next 30 years with the alignment with Asia and the growth corridor across the globe in agriculture. So where we're really trying to focus our efforts is how we can bring all the different parts together to bring that to fruition. So the strengths of the corporates. They obviously got very good corporate governance. They've got risk mitigants. They've got a board they think both for the short term and the long term. Their funding horizons are a lot longer. What are the benefits to a family farm of a corporate? The large family farms as I go around and talk to people you can see it. They've got family boards. They've brought the the kids in early. Many many times you sit around a kitchen table and the kids might be home from private school. They're already sitting there. They're not out playing. They're out they're sitting with the bank manager listening to the conversation discussing it with mum and dad with nan and pop. They bring them in early. They've got trusted advisors. They operate as a board and so I think the benefits of that learning are huge for family farms and not just large family farms. I think at all levels we need to continue to instill a level of robustness that continues to become far more professional into the future. I think the use and the work they do with how they use capital there's a lot of learnings for the family farm. I think also it's just the investment that comes with technology and innovation and the family farm can use that in all different ways to drive productivity and we can see that now with what's happening with the farms and the innovation that's driving productivity. For example we've just launched a partnership with Swarm Farms Robotics in Queensland which launches on the 22nd of May this year and we're a bank but we're very excited about what that piece of equipment can actually do to Broadacre and it's quite transferable to other crops and other industries so I think we just got to roll up our sleeves as a big bank and actually get involved and start to be a leader in how things are done. What family farms bring to corporates it's been mentioned many times already today. A family farm or a large family farm they're custodians of the land they're passionate they live and breathe it it's who they are to bring that to a corporate operating model I believe is just gold and so I said every day you've got far more of the corporates are looking to to entice the young farmer daughter son into their operating business to get some of that goodness and get some of that passion and alignment with the land and in turn instill a whole different DNA within their workforce so I think there's a lot of different things that the family farms can bring to corporate world and you know they're great advocates of their region their community and just that relationship that the connection that can make with large institutional corporate agribusiness was with the community through family farms again is something that a lot of people are searching for. What I'd like to do now is is probably share with you a couple of stories about how we've seen this come to life over recent times the first one's a young farmer family farmer 20,000 hectare broad acre cropping and livestock operation he went to school private school he went to university he worked overseas he come back through into a corporate institutional agribusiness business and then from then as he's having a family he's brought he's brought back in and come back to the farm but what he's been able to do in the last three or four years in particular he's brought all that corporate know-how the robustness the corporate governance the the risk mitigants that would be discussed day in day out in a corporate and he's brought it back to the kitchen table and with that he's really been able to step change the business he's also been able to link his relationships that he's had previously in his corporate world with his family farm and in turn now he's entered into different funding arrangements where he's got partnerships in place to build his scale as well as he's already been he started to be a thought leader in his industry so that's one example of where you've got a small you know a young a son that's gone from a sizable family farm moved into the corporate world and then brought back all the goodness sorry my tongue was getting too dry to make you know the benefit everybody there's another one similar a young man studied overseas in the beef industry worked in verticals overseas knew exactly what he needed to learn so he went and worked in corporate agricultural business offshore and now he's brought that back into his family business who has gone to a market leading position now globally with what they've been able to do and it's all because he's brought the know-how back from that corporate institution so there are two examples of where you've got people that you know have come grown up on the farm have studied have gone off offshore or even domestically into large institutional agribusinesses and then brought that back to the farm and in turn grown their operation both you know from a profitability perspective scale perspective and also from a productivity perspective so I'm hoping you can see that to me this is really all leading edge it's been happening for a long time I just think it's becoming more and more the norm and I think it's also now moving down through not just the large top end of family farms the more you talk to a farmer the more examples this is happening and so I'm excited about the prospects of if we continue to build that movement of what that can do both for the large family farm and the family farm and also how are we going to help the large corporate institutional agribusiness banks because I'm in companies because I believe the place there's a place for both they both need to be very very healthy and and to me it's about how one works for the other and vice versa so in closing it is all about collaboration it is all about sharing I think both should see each other as their best friend I should I think they're both each other's best coach and I really think the theme that has come through from what I hope you've picked up is this is about the future it's about the young farmer it's I believe and that's why I started with what I did was we have really re-engineered our workforce in Westpac we've actually reduced the average age of our bankers over the last five years from 51 years of age to 39 we still have plenty of experience and we still have plenty of old older bankers probably such as myself that have the experience but we are there to serve we're motivated by mentoring we're motivated by bringing through the new generation the younger farmer and so what we're trying to do is align our workforce with the demographic and the future farmer for the decades to come and we know that young farmers are into collaboration and sharing and so I'm of the belief over the next decade the debate won't be which one's more profitable or which one's more productive it'll be more how can we help each other and how can we both be successful together to make agriculture in Australia a far stronger business than it is today so thank you