 Good morning and welcome to the Australian National University, wherever you may be. I acknowledge and celebrate the first Australian on whose traditional lands we respectively meet and I pay my respect to Earl's past and present. Now I'm joining you from Western Australia on the lands of the Wajak people of the Noongar nation and it could be tricky given the technology is still adjusting to the new normal of online conferencing it seems but if anything happens to my screen we have Richard Moore standing by ready to assist. It's an honour to welcome everyone today to the keynote address of the 2021 ANU Crawford Leadership Forum and to be given by my dear friend and former parliamentary colleague of mine the Honourable Josh Frydenburg Australia's Treasurer. This morning we've had a thought-provoking opening plenary session covering trends in the global economy, the outlook in coming years and what this might mean for Australia and we're certainly looking forward to learning more from the Treasurer's address. By way of introduction might I say what you already know that Josh was elected to the Australian Parliament as the member for Kuyong in 2010 and has been Treasurer and Deputy Leader of the Liberal Party since 2018. As Treasurer Josh has been at heart of the government's response to the COVID-19 pandemic in particular the development and implementation of the programs that have helped keep Australians in jobs and small businesses afloat in incredibly difficult circumstances and now as the vaccine rollout accelerates he's equally prominent in the national discussion about how best to move from large-scale lockdowns to learning to live with COVID-19 so that our economy can fully reopen. Earlier this year before the Delta variant hit Australia's economy demonstrated remarkable underlying resilience recovering to its pre-pandemic level. I think that's a rare feat internationally. Australians now face a less certain environment for travel, employment and the economy with a range of restrictions in different states. Adding to the complexity for policy leaders a longer-term trend shaping the world economy from the technology revolution shifts in the relative economic weight between countries and regions and backlash against the forces of globalisation in many parts of the world. So there's a lot to talk about and think about both over the near and longer term. We are so delighted to have the Treasurer join us. We will have some time to take a small number of questions from the audience following the address but in the meantime Josh delighted to have you. The floor is yours. Well thank you very much Julie and can I thank you for your leadership. Not just as now a Chancellor at the A&U and the work that you're doing there but the work you've done is foreign policy and as the Deputy Leader for such a long period of time and it's been very significant to see the changes in foreign policy and to see how you led us in that very very important role as Australia's first female foreign minister but also the broader work you're continuing to do in the education sphere and elsewhere. Can I too acknowledge the traditional owners of the land and pay my respect to their elders past and present and thank Richard and the A&U for their leadership and for organising this forum and inviting me to give the keynote speak at a on a very important topic namely global realities and domestic choices. As the title of the forum suggests we live in very challenging times. COVID-19 has fundamentally changed the global landscape. It has triggered the largest economic shock since the Great Depression. It has seen the delivery of unprecedented amounts of fiscal and monetary support. It's led to a very dramatic change in the way we live and the way we work and reshaping global supply chains and accelerating the adoption of new technology but it's not just COVID-19 that we must grapple with. Climate change remains a critical global challenge one we must all respond to and new emerging technologies such as AI, robotics and nanotechnology are opening up exciting new possibilities but also creating new tensions. Today however I would like to focus on another key global challenge one that is reshaping our external environment and our domestic policies. I'm referring to the return of strategic competition strategic competition that is increasingly playing out in the economic arena. Further blurring the lines between economics politics and national security. In many ways Australia is on the front line of this new strategic competition. We have faced increasing pressure to compromise on our core values and when we have stood firm as we always will we have been subjected to economic coercion. As the Prime Minister said at the US Asia Centre in June competition does not have to lead to conflict nor does competition justify coercion. Australia will always choose partnerships ahead of conflict whenever we can however heightened strategic competition is the new reality we must face now and likely into the future. Our task is to prepare for and manage this competition and in the new world economic resilience will be key. Key to our strategic interests and key to our economic interests that is why the Morrison government is taking strong and active steps to further strengthen the resilience of our economy. We are doing this by building a stronger more dynamic and competitive economy by supporting our businesses to diversify and adapt to this new environment and we're necessary by securing our critical economic systems and industries. Today I would like to expand on these particular points. Firstly there can be no doubt that strategic competition is back. It is a defining feature of the security and the economic landscape that we face. Those that have advocated the end of history in the early 1990s have been proven wrong. In March of this year US Secretary of State Anthony Blinker said that America's relationship with China represents quote the biggest geopolitical test of the 21st century. He further noted that the US relationship with China will be quote competitive when it should be, collaborative when it can be and adversarial when it must be. This is a very different global environment to that faced by recent Australian governments. It's a far cry from October 2003 when President George Bush and President Hu Jintao both addressed the Australian Parliament in successive days. We have all witnessed the major shifts in global economic weight over recent decades defined by the re-emergence of China and its rapidly growing economic weight. This has helped to lift more than 800 million people out of poverty and has been a major contributor to global economic growth and prosperity. But more recently it has been defined by another feature, a more confident and assertive China, a China that is willing to use its economic weight as a source of political pressure. It offers economic carrots through initiatives such as the Belt and Road and it threatens economic consequences for perceived misdeeds. The Australian Strategic Policy Institute noted recently that China had used coercive tactics 152 times between 2010 and 2020 against 27 individual countries as well as the EU. China is also tightening its control over its business sector at home and abroad. We have faced strategic competition before, including during the Cold War, but there are more important differences this time around, most notably our highly integrated global economy and trading system. During the Cold War, the Soviet Union was largely cut off from the rest of the world. It did not trade or invest much outside of its sphere of influence. Its investment and trade with the United States was negligible. Contrast this to the present day. The IMF estimates that China's share of global GDP will increase to 18.8% in 2021, up from just 7.7% in 2001. China became the world's largest exporter of goods in 2009 and by 2019 it accounted for over 13% of global exports. In 2001, the year that China joined the World Trade Organization, more than 80% of countries had a larger volume of trade with the United States than with China. By 2018, this figure was down to only 30%. Almost 130 countries now have China as their leading and largest trading partner. This combination of economic weight, global integration and assertiveness poses new and significant challenges for many countries around the world. And Australia is no exception. Indeed, Australia is facing this pressure more sharply than most other countries. China is our largest two-way trading partner, accounting for over 30% of our trade. And the scope of our trading relationship has broadened over time, evolving from mining to agriculture to services such as tourism and education. And as I'm speaking at an ANU forum, I should note that despite the COVID-19 disruption, China remained our largest education export market in 2020 at $7.6 billion. In many ways, our economies are complementary, ensuring that the economic relationship is mutually beneficial. However, it is no secret that China has recently sought to target Australia's economy, citing 14 so-called grievances, covering everything from our foreign investment laws to our willingness to call out cyber attacks. They have targeted our agricultural and resources sector with measures affecting a range of our products, wine, seafood, barley and coal. We have remained steadfast in defending our sovereignty and our core values, and we always will. As Foreign Minister Maurice Payne has said, that does not mean we're anti-China or anti-any other country. It means we want all countries to operate by rules that protect our shared interests. But in the face of this new reality, our economy has shown itself to be remarkably resilient. Despite China's wide-ranging actions, our economy has continued to perform very strongly. At the headline level, this is best reflected in the fact that our unemployment rate has fallen to 4.6%, the lowest in around 13 years. Our headline trade performance has also been strong, boosted by record commodity prices. Indeed, our trade surplus hit a record in the June quarter of $28.9 billion. I'm not downplaying the impact of China's actions. They have heard specific industries and regions significantly in some cases. Nevertheless, the overall impact on the economy has been relatively modest. This is perhaps surprising to many. But it is worth noting that our exports to China of targeted goods accounted for just 5.9% of our total exports in 2019 and 1.2% of nominal GDP. And while China is easily our largest trading partner, we also have deep trading relationships with other countries. Our two-way trade with the United States was worth over $73 billion in 2020. Our trade with Japan was worth over $66 billion. And our trade with South Korea was around $35 billion, and they are to name just a few. And our largest contributor to foreign direct investment is the United States. China is only our sixth largest source of direct foreign investment. And this investment has fallen by around 5% since 2019, in line with a broader decline in overseas investment from China overall. We're also continuing to pursue new freight freight trade agreements to deepen our existing relationships and open up new and growing markets. We have agreed on the broad outlines of an Australia-UK FTA. This will see 99% of Australian goods, including wine, enter the UK duty-free. Our comprehensive economic partnership with Indonesia entered into force in July of last year, creating new export opportunities in a large and fast-growing market. And the comprehensive and progressive Trans-Pacific Partnership includes specific measures to help make it easier for small business to establish new export markets. This includes common and transparent trade rules to cut administration costs. Many of the firms and industries targeted by China's trade restrictions have also been very successful in redirecting goods to other export destinations. This is particularly the case for large bulk commodities that trade on global markets. Of those goods targeted by trade actions, our total exports to China have fallen by around $5.4 billion over the year to the June quarter. But over the same period, exports of those goods to the rest of the world have increased by $4.4 billion. Australian coal that would have otherwise gone to China has found buyers in other markets, including India, South Korea and Taiwan. Over the past year, our coal exports to China have fallen by around 30 million tons. But our coal exports to the rest of the world have risen by 28 million tons. Australian barley has also been redirected to new markets such as Saudi Arabia. Overall, Australian barley export tonnage was up by almost 70% to the June quarter. And Saudi Arabia accounted for over 22% of our total barley export volumes up from nothing in the June quarter last year. Australian wine producers are also looking to redirect more of their products to alternative markets such as the UK, Singapore and Germany and South Korea. Importantly, this demonstrates the strength and the power of global open markets. In many cases, trade actions simply see a reordering of global trade flows. I want to be very clear, China's actions do carry a cost to both Australia and to China. They rob Chinese consumers of premium Australian wine, seafood and other goods. And they rob Chinese industry of high quality and high value inputs like Australian coal. We would both be better off if markets were allowed to operate freely. This is why we want a constructive relationship with China. Nevertheless, in the face of these challenges, the Australian economy has shown itself to be highly resilient. Our economy has continued to grow stronger. Australian firms have pivoted by finding new buyers for their goods. And global markets have responded, redirected Australian commodities. This is the benefit of a strong, dynamic, open, market-based economy. A precondition for our prosperity and something we should always seek to preserve, to protect and to promote. Despite Australia's proven economic resilience, we cannot stand still. As I have outlined, our external environment has become more challenging. And it's likely to remain so for some time to come. So we need to continue to find new ways to reinforce that resilience, not just for now, but for the long term. This is a key priority for our government. As I've said earlier, we are seeking to do this in three important ways. First, by continuing to build a stronger, more dynamic and competitive economy. This is always our first and most important line of defence against economic disruption. A strong economy is the foundation for a country's economic resilience and its strategic weight. And our strong and flexible economy has served us well. It helped Australia to achieve almost three decades of uninterrupted economic growth, despite many external shocks, including the Asian financial crisis and the GFC. And it helped us navigate the COVID-19 crisis. That is why our economic plan is designed to deliver an even stronger economy. Lowering taxes for individuals. Providing tax incentives to encourage and support investment. Supporting Australia's digital transformation. Reducing regulation and making it easier for business to invest and grow. And investing more in skills, training and education. The benefits of a flexible and dynamic economy were apparent early on in this COVID crisis. As manufacturers of sleep apnea devices pivoted to produce much needed ventilators. As gym deciliaries moved to produce hand sanitiser. As businesses partnered with the CSIRO to test and manufacture surgical face masks. And as our sovereign vaccine manufacturing capability was put to good use by CSIRO. All of this quickly enhancing the resilience of our economy and benefiting Australian business. In the vast majority of cases, Australian businesses will have the capacity to pivot and respond to economic shocks without direct government support. However, when necessary, we will continue to support our businesses to adapt to the new and challenging economic environment that they face. In particular, we will continue to support our businesses to access new export opportunities, reducing their reliance on any single market. As part of our Agri business expansion initiative, the government is providing more than $72 million to help our farmers diversify and open new markets. We have reformed the export market development grants program which provides support to around 4,000 small and medium-sized businesses every year. And now the government will reimburse up to half of all international marketing and promotional expenditure up to $150,000 per business each financial year. And we're defending the interests of our barley and wine exporters in the WTO. And we'll continue to support our manufacturing sector to access global markets and build more sovereign capability in the areas of critical need. Our $1.3 billion modern manufacturing initiative will support businesses to scale up, translate ideas into commercial opportunities and integrate into international supply chains. And our supply chain resilience initiative provides grants of up to $2 million to firms to remove supply chain vulnerabilities for critical goods such as medicines and chemicals. This assistance empowers individual businesses and strengthens our economy overall. We'll also help to forge new partnerships with like-minded countries around the world to further strengthen the resilience of our critical supply chains. And finally, the government is committed to securing our critical infrastructure in areas such as energy, telecommunications and transport. These are our essential backbones of our economy. There are a large number of initiatives underway in this area, but given the time, let me just mention a few. We are heavily investing to strengthen our cyber capabilities. Cyber crime has estimated to cost the Australian economy more than $3.5 billion in just 2019. The Australian Cyber Security Centre estimates that at least 10,000 Australian based servers were potentially vulnerable to the Microsoft exchange cyber attack early this year. And that is why we have committed as a government over $1.6 billion to strengthen our cyber capabilities in line with our 2020 cyber security strategy. And we've also undertaken the most significant reforms to our foreign investment regime since their introduction to ensure that we effectively respond to this new strategic environment, including applying a national security test for foreign investors. This will require investors to seek approval to acquire a direct interest in a national sensitive security business, regardless of the value of that investment. New stronger and more flexible enforcement options have also been introduced. Some of these measures involve economic costs of their own through increased regulation or necessary investment in new capabilities. And we will always seek to minimize these costs for businesses. But given the changes in our external environment, there will be times when we must pay a premium to protect our economy and ensure long term economic resilience. It is also the case that Australian businesses will need to enhance their own resilience. Many have worked hard to access the lucrative Chinese market. This has brought great benefits to them and to Australia overall, and they should continue to pursue these opportunities where they can. But going forward, businesses also need to be aware that the world has changed, and that creates greater uncertainty and risk. In this respect, they should always be looking to diversify their markets and not overly rely on any one country, essentially adopting a China plus strategy. And in the same way that governments are investing in economic resilience, so too should Australian businesses from cyber risk to supply chains and everything in between. Before we move to questions, I'd like to summarize my key messages. The world we operate in has fundamentally changed. We face increased strategic competition. This will see our economic and our security interests increasingly overlap. Australia is on the front line of this new battleground. But we have shown great resilience to date. And I'm confident in our ability as a country and as an economy to withstand any shocks that we may face. The Morrison government is taking active steps to bolster our economic resilience and so too should business, not just for the long term, but also the short term as well. This is a responsibility that we all need to take seriously. I thank you for your time and I look forward to taking questions. Thank you, Josh. We really appreciate such an excellent, wide-ranging speech. And thank you for sharing those insights into our economic and other challenges and opportunities. Could you comment a little on the state of the labour market and how you see that going forward, particularly when we have a return to normal, whatever that looks like, and an end to the threat to lockdowns. How do you see the labour market in terms of its resilience at present? Well, thanks, Julie. I reference the labour market as one of an important economic data point to show that our economy has been very resilient through this crisis. Unemployment is down to 4.6%, which is the lowest in 13 years, and the participation rate has been strong and has been particularly pleasing to see more women enter into the labour market as well. I think a key point here with respect to the labour market is that we are seeing a significant economic shock right now with both New South Wales and Victoria being in lockdown. But what we have seen with previous lockdowns and the subsequent opening up or easing of restrictions is that people have got back to work very quickly. And we saw that, for example, in the most recent numbers. In Victoria, where after lockdown, the hours worked increased by 9.7% in that state. So I'm confident that we can keep the unemployment rate relatively low, remembering that when we came to government, it was 5.7% and remembering too that in previous recessions, we've seen a significant scarring of the labour market, not something that we've seen right now. So unemployment's low, the labour market's resilient, and I'm confident that once restrictions are eased, we'll see a jump in the hours worked as we saw in the recent numbers occurring from Victoria when they opened up after their previous lockdown. Josh, the intergenerational report that you released recently detailed the scale of our challenges in balancing the budget. What do you think will be the strongest drivers of economic growth in the years ahead? Well, Julie, the first thing to say is we did see in previous IGRs that we do see deficits at the end of the 40-year projection period. Why? Because we have an aging of the population. So that comes through in this IGR very clearly as well. And that's a structural shift in the economy, which changes everything from participation rates in the labour market to increased health spending, aged care spending, and the like that comes with an aging population. So I think that's one of the big key takeouts of the IGR. The other big key takeout of this year's IGR was that for the first time in an IGR, we saw a downward revision in the population growth trajectory. And that is a function of the impact of COVID and the closed borders and the fact that our population growth is the lowest in 100 years and we've seen more people leave the country than coming to the country. So I think from that IGR, the two big takeouts for me, among a number of important takeouts were what's happening in terms of population size and what's happening in terms of the aging of the population with all those consequential impacts. In terms of the drivers of economic growth from here, one of them is what we've been talking about today, opening up new markets. We've got a huge and growing middle class in our region. And the relationship, for example, with India is going to be critically important going forward as more and more people into the middle class in that country as well as other countries in our region in Indonesia is another good example of that. So tapping into the markets in our region, not just China, but China Plus effectively, is going to be a driver of economic growth. Another key driver is how we as an economy adapt to the rising or the acceleration of new technology. And we've seen that through COVID in the way that people have adjusted to working from home or shopping online or communicating on the Zoom. I think that's going to be a permanent feature of our economy on the other side of COVID, that rapid acceleration in the uptake of technology. But that can be a very important driver of economic growth and productivity. And then another key issue for us is going to be around skills, training, vocational education. How do we ensure that we are equipping the employers of today and tomorrow with the workers that they need? And trying to align those interest, Julie, is going to be critically important. That's why we set up, for example, the National Skills Commission. That's why we've invested in the job trainer program in such a big way in the budget, investing in more university places. There's a lot of work being done there to ensure that we have the right workforce to meet our needs. And one area of huge need for workforce in our country is going to be in the care workforce as more and more people take up the NDIS as we see more and more investment in aged care and more people aging in our population. We're going to need an appropriately skilled as well as a sufficient number of workers in that care workforce to meet the growing need. The world's major central banks have provided significant liquidity to the banking sector and the financial markets during the COVID crisis. But there are concerns about inflationary pressures that are rising in the United States in particular. Are you concerned about the rate of expansion of liquidity and the potential for inflation and what that would mean for us? Well, obviously that's a very important topic. We've seen unprecedented monetary support through this crisis as we've seen unprecedented fiscal support. And this could have quite a impact on the overall debt burden for many countries, some of whom will be quite vulnerable, I think, in the future to debt related shocks. And Australia will be well placed here because our net debt to GDP is less than half of what it is in the United States and the United Kingdom and a fraction of what it is in Japan. So we can manage that higher debt burden that's been incurred as a result of necessary fiscal stimulus during this crisis. With respect to monetary policy and the overall inflation rate and what happens there. I'm not overly concerned. Julie, as you know, there was a temporary spike that we saw in inflation here in Australia, but that was only temporary off the back of free childcare and lower petrol prices and a few other factors which were one-offs in the context of the pandemic response. But in terms of the broader inflation rate, we've been well below that 2-3% target range that the RBA has had. And the RBA has been pretty outspoken in saying they're not expecting to lift the interest rates anytime soon, the cash rates at a record low of 0.1% of a percent. And so I'm not overly concerned right now as to where the global and where the Australian inflation rate is at given that it's been below the band for some time. But we'll continue to closely watch, particularly that the impact that the easing of monetary policy globally has had on the overall debt burden, because particularly some of the developing countries I think could be more vulnerable to external shocks in that regard. Sure. Now Josh, you spoke a lot about Australia's outstanding export performance. You will recall of course at pre-COVID, two of our most significant export earners were in education, international students, and in tourism, the number of tourists we had coming to Australia. So I think education was in the top three, export earners and tourism in perhaps the top five. The loss of international students has impacted all universities in Australia, including Australian National University. Does the government have a timeline for when students once again can travel to Australia? And is the government prepared to work with universities like ANU who have pilot programs in place that could be implemented in a COVID safe way? Well of course it's a critically important issue at a number of levels. Obviously it means a lot to our economy. It means a lot to our universities and more foreign students that can come to Australia, the greater their experience and understanding of Australia is. Julie, I remember you bringing in the reverse Colombo plan, if you liked it, and giving Australians the opportunity to work overseas in businesses or work in foreign affairs departments or the like, or universities was all about giving Australians the opportunity to better understand our region and our world. Likewise, the reason why the initial Colombo plan brought in by Mendes was so successful was because leaders in our region got to experience Australia. So I'm a big supporter at a number of levels, foreign students coming to our country, contributing here and hopefully also becoming long-term residents and citizens is our hope as well. Look the international student market is worth about $30 billion a year to Australia and I referenced that $7.6 billion in terms of the Chinese market. It's nearly about a quarter of the overall market. I do want to point out that the Chinese students to Australian market has actually been pretty resilient. It was only down about 6% in 2020 compared to the year prior and that is a lot less than the fall for example with Indian or Nepalese students and so it is quite interesting because they've obviously moved to online education and Australia is still an important destination and an valued one for international students. With respect to borders and bringing cohorts of students, of course we're happy to have that conversation with the ANU. In the plan that sees vaccination targets, Julia is 70 or 80%. We see in that period when we move from 70 to 80%, the opportunity to bring in student cohorts within the caps. The caps sort of move back to where they were at 70%. And as long as they can remain within the quarantine caps, and we're going to see more vaccinated Australians coming back as well within those numbers, but as long as they can remain within the caps, there is opportunities for international students to come. Once you get to that 80% vaccination target, you can even start to see more international students coming. And I know that New South Wales, for example, is looking very closely at this particular issue. So having pilot programs, cohorts of students to come as those vaccination targets go up, I think is a real opportunity. And of course, once we reopen those international borders, hopefully you'll see a lot more international students, vaccinated ones, of course, coming to Australia. How's that timeline looking? Well, it's highly dependent on reaching those higher vaccination rates. But as I say, from 70% to 80% in that period, I think there's going to be an opportunity for some international students to be coming to Australia within those caps. Josh, we've now got a number of questions coming in there, two terrific questions I'd like to ask and I'll ask them. The first is from Gareth Evans, of course, my predecessor here and a distinguished foreign minister. Gareth asks, in meeting the economic challenge posed by China's retaliation against Australia, are we getting sufficient support from our great and powerful ally? Recent reports have suggested, for example, that US producers haven't hesitated to take over our previously leading position in the Chinese beef market. How hard is your government pushing this in Washington? Well, nice to hear from you, Gareth. Well, the first thing is, trade, as Gareth knows and you know, Julie, from both as foreign ministers, it's a pretty competitive space. So when one exporter vacates the market for whatever reason, another can quickly fill it. We are cooperating with the United States, but at the same time, we're looking for other markets for our goods. And our goods are high quality, whether it's barley, whether it's wine, obviously the coal that we export cotton. A number of these products that Australia has been targeted by China have been able to be diverted to other export markets. So the Americans as well as others are fully aware that Australia has been targeted. They're fully aware of the 14 grievances that China has issued. And of course, those 14 grievances are unacceptable to us and no doubt unacceptable to other like-minded democracies as well. We are cooperating with the United States in one other particularly important area, and that is around critical minerals and ensuring that we have secure supply chains. And Australia obviously has a great advantage in this area. But if we can ensure that we're not just supplying these materials, but that we can be part of a value added supply chain. And for example, in the United States, they're using our critical minerals to help develop some quite sensitive technologies and equipment as critical minerals are used to do. Then that can be a very important development and help build that supply chain resilience that we need. So we are cooperating with America. Their exporters, no doubt, will look to secure new markets. But with respect to Australia's exporters, we've been pretty successful in diversifying ours. Josh, there's a question from Gordon De Brua. He says, Treasurer, thank you for your comprehensive speech. Can I ask about how you see Australia working with other countries, especially in the region, on strengthening rules in areas like digital and data, and the use of informal processes like G20 and APEC to build ideas and lead domestic reform in countries that matter to Australia economically? Well, thanks, Gordon. Well, the whole digital space is very exciting and it's moving very quickly. I can only give you a good example that I was involved in with respect to the digital giants and what we were doing with Google and Facebook and how we were managing that relationship and getting them to pay for original content. And there was a great deal of interest globally with respect to what Australia was doing and the cooperation has been occurring there and the EU was very interested in it. And so there are some developments there. We've also developed bilateral relationships with Singapore with respect to digital transformation and the broader digital agenda. So there is some good partnerships. Germany is another country we continue to work with. And we're moving into this whole new world of cyber warfare, cyber security, and therefore cooperation is very important. Another issue, obviously, is the posting online of material, terrorism-related content, material and others, and getting global cooperation about how that material online is being managed is important. And you may remember Scott Morrison raised this in the context of the G20 following the horrific events at Christchurch a couple years ago. And when that happened, the Prime Minister raised it. He got a lot of traction and there was some movement globally. So there's a lot of work, Gordon, happening at a number of different levels with respect to the digital transformation and what it means for our economy, what it means for data security and overall cyber security as well. On that note, we must bring this session to an end, Treasurer. Thank you so much for your participation. It's been a highlight so far and I know that the participants greatly appreciate your involvement in the Crawford Leadership Forum this year. You covered such a wide range of topics, as always, so forthright and knowledgeable and insightful in your answers. And you really have been such a stable, calm influence on the public throughout this rather traumatic time of the COVID-19 response and restrictions. So thank you for taking the time to be here. We wish you all the best as you continue to battle with the challenges that we face, but we know we're in good hands. So I will now hand back to Richard Moore to conclude this session. Thank you. Well, I think our link is going to end. So I'm just going to say, thanks again, Treasurer. Really appreciate it. And thanks to all our audience who were listening in today and so being so actively engaged.