 Thanks very much, John, for the introduction. Thank you also for pointing out that I was once Australian Ambassador to Greece. I like to follow that up by saying it was in fine shape when I left. But now I'm, of course, in Hong Kong. I'm not sure how closely associated most of this audience is with Hong Kong, so I thought I might start by giving you just a very brief and probably overly generalised description of Hong Kong and its relationship with Australia as it currently stands. Most of you will know that Hong Kong for a long time was a British territory. That was through until 1997 when sovereignty of Hong Kong switched back to China. At that time there was introduced a document called the Basic Law, which is essentially Hong Kong's mini constitution and it establishes the framework of, which is described as a one country, two systems framework. That frameworks to apply nominally at least until 2047, which of course is 50 years after 1997. That one country, two systems framework gives Hong Kong a very high degree of autonomy over a number of policy areas. It has an independent executive, independent legislative and judicial powers, and in particular a lot of sovereignty over its economic policy. It does not have autonomy over its own foreign policy or defence policy. So in terms of international relations, for example, Hong Kong's not a member of the United Nations, but it is a member of the key economic and trade forums such as the World Trade Organisation and APEC. Now we're roughly a third of the way through that 50 year period of the Basic Law and I think it's pretty safe to say that the Hong Kong is now quite heavily integrated already into the Chinese economy and the economic relationship I think between Hong Kong and China is quite symbiotic. China already is far and away Hong Kong's largest trading partner. It holds up in many respects Hong Kong's retail sector when I'll give you some statistics later on on the number of mainland visitors there are to China and their role in the retail sector in Hong Kong. Hong Kong, of course, is still a major entrepot and serves as an entrepot for a lot of trade going into China. The manufacturing sector in Hong Kong has largely now shifted. It's gone offshore out of Hong Kong, most of it now in the Pearl River Delta in mainland China. So again, there's a very, very strong and in my sense quite symbiotic relationship between the two. Hong Kong is also the number one source of foreign direct investment into China and it's the most important fundraising market for Chinese companies. There are something like 3,000 Chinese companies now registered in Hong Kong, one former and other many of them listed on the Hong Kong Stock Exchange. Hong Kong has also been designated in the most recent Chinese five-year plan as the prime offshore trading centre for the Chinese currency, the Renminbi. So it's a very important source of investment funds for Chinese companies going abroad and as I mentioned before the Hong Kong Stock Exchange is the premier market for Chinese companies listing overseas and seeking access to overseas markets. One of the reasons for this is that Hong Kong, of course, developed a role and maintains a role as a major financial centre. It developed that role over many years now. It's also among the most open economies in the world when the groups that do these sorts of ratings rank which is the most open economy in the world. The top three are invariably Hong Kong, Singapore and Australia and I think Hong Kong's led that list for probably the best part of 15 years or so now. But more particularly, Hong Kong has a large, sophisticated and very credible capital market. It's got a highly skilled workforce particularly in the financial services area and importantly it's got a very transparent regulatory regime and most importantly of all I think the rule of law. It's essentially British law which applies in Hong Kong given the heritage of Hong Kong there which makes that a very easy thing for international capital markets to deal with because many people are dealing in that area are fairly familiar with that style of law and it's applied rigorously in Hong Kong. So that makes Hong Kong as John mentioned before a very important two-way portal for companies seeking to do business with China and it's not only foreign companies going into China but it's also these days increasingly Chinese companies going out of China into the rest of the world. So it really is an invaluable part I think now of China's economic infrastructure. Specifically with respect to Australia, Hong Kong's an important partner for Australia in its own right. We've had an official presence in Hong Kong for more than 40 years, began as a trade officer around about 50 years ago and has been a fully fledged consulate for the last 40 odd years. There are very strong commercial and social and personal links between Hong Kong and Australia. Two-way bilateral trade between Hong Kong and Australia is around $7 to $8 billion annually. It's not a large amount but when you consider that Hong Kong is only a touch over 7 million people it's still a significant amount of trade. More importantly, the investment relationship is much more substantial. When you add up the stock of Hong Kong investment in Australia to Australian investment in China it's the best part of $70 billion Australian dollars and I think last year Hong Kong was something like the sixth or seventh largest source of foreign investment into Australia so it's quite significant. In the last Australian census it reported that there are around about 80,000 people born in Hong Kong who are now resident in Australia. That reflects a bit of a peak in migration from Hong Kong to Australia before 1997 before they hand over back to China but a lot of those people have stayed in Australia or maintained their links with Australia. Many still have property here or children here or have sent their children to university in Australia even if they returned to Hong Kong after 1997. There are around about 100,000 alumni of Australian education institutions in Hong Kong that includes people who study onshore here in Australia but also those who have done courses with Australian institutions in Hong Kong. I'm going to dwell for a moment on the number of Australians we estimate to be in Hong Kong. I do this for a reason that will become obvious as I speak. I should say it's difficult to estimate this because it's not actually compulsory for Australians to register with an embassy or a high commission or a consulate when they're overseas. So it's not always the case that we have a very accurate idea of how many Australians there are there. The one thing that we do know very accurately however is the number of passports we issue every year and in Hong Kong last year it was nine and a half thousand. The rule of thumb that we use is if you multiply that number by ten you get a pretty good estimate of how many Australian citizens are resident in the territory in which you're involved. So that gives us a figure of somewhere around at least 80,000 probably 90 closer to 100,000 Australians up there. It's a very large number. The other thing we know quite accurately is the number of Australians that vote through the Australian consulate in a federal election. And I can tell you my favourite statistic about Hong Kong is in the entire Australian electoral system. The two individual places that get the most number of votes in a federal election are the Australian High Commission in London and the Australian Consulate in Hong Kong. More Australians vote in Hong Kong than at any individual polling booth anywhere in mainland Australia, Melbourne, Sydney, United, which means we're going to have a long queue there on September 14th. But it really is a sign of just how substantially Australian community in Hong Kong is. Within that community there's a lot of different professional associations. The Australian Chamber of Commerce in Hong Kong claims, and I believe them, to be the largest Australian Chamber offshore, even bigger than London or New York or Tokyo or Singapore or anywhere else. I know the chapter of the CPA Australia Charter Practicing Accounts in Hong Kong is their largest offshore chapter, as is the Hong Kong chapter of Engineers Australia. A number of the Australian alumni groups have their largest chapters in Hong Kong as well. So I think that's an important reflection of just how substantially Australian presence is in Hong Kong, particularly in the commercial area. And you will have noticed when I read off those statistics, it's especially in professional services. So in terms of merchandise trade, as I mentioned before, Australia has a significant surplus with Hong Kong around about $2 million. But the thing that's important, I think, about our trade profile there, is that our major exports tend to be high-value products, high-quality products. They're things like premium seafood, premium beef, premium wine. The value of the Australian wine exports to Hong Kong, the average value per litre, is five times higher than our global average, which is an indicator that Hong Kong buyers are buying at the top end of the Australian wine range rather than towards the bottom end. We also sell lots of cosmetic products into Hong Kong and products such as pearls and gems. Education is an important Australian export to Hong Kong, although it's suffered, I have to say, a little bit over the last couple of years, in particular the value of the Australian dollar, but still quite significant. Hong Kong generally has a small surplus in the services trade between Hong Kong and Australia, and that largely reflects the balance on transport services trade, which as you might expect is heavily in Hong Kong's favor, given its own entrepreneur role. The investment relationship, as I mentioned before, Hong Kong's the seventh-largest foreign investor into Australia last year. It's got a stock of investment in Australia and now around about $40 billion. The Australian stock of investment in Hong Kong is about $25 billion, so total figure gets up close to about $70 billion, as I mentioned earlier. Hong Kong is the tenth-largest destination for Australian investment going offshore, so very, very important. There's a number of interesting examples of the investment. Those of you from Melbourne, who I guess most are many of you, I always hesitate to say this because you never know what reaction you're going to get, but part of your metro system is managed or was managed out of Hong Kong. They tell me it works better now than it did before, but I might pass judgement on that. And a lot of your electricity generation and distribution is actually done by Hong Kong companies. Hong Kong companies are very heavily involved in utilities and infrastructure throughout Australia, so they're the focus of it in South Australia and Victoria in particular. They're also heavily involved in biotechnology, telecommunications, examples of some of the Hong Kong-invested companies here are Energy Australia, City Power, PowerCorp, Investor Metro Trans Melbourne, as I mentioned, and AIA is also a Hong Kong-invested company. In terms of the Australian investment in Hong Kong, there's all four of the major Australian banks, plus the Macquarie Group, QBE, a number of legal and accounting firms, Telstra, Layton's, and investments in areas like logistics, fashion, health and medical products, education and training, etc. Again, I've sort of dwelt on that a little bit because I want to try and paint a picture of the relationship, the commercial relationship between Hong Kong and Australia, one of being one that's quite substantial and mature, but notably it's not one that's typical of many of Australia's major trading partners in that it's not based in any significant way on trading of commodities, the sorts of commodities like coal and iron ore that dominate our trade relationships with a lot of other countries. That's not really a feature of the relationship with Hong Kong. More so, the relationship with Hong Kong has built much more on services and investment partnership rather than in the area of merchandise trade. It's largely in high end products, high value added products. In many ways then, the relationship we have in Hong Kong is a bit of an exemplar of what I think Australia should be trying to achieve as we move into the Asian century. It's a relationship that's sustainable well beyond the end of the mining boom. The future of the relationship looks reasonably bright to me. As I say, Australia's developed a reputation for providing high quality, safe food and beverages products in Hong Kong and there's a large market for that. Also a large market for that in Macau where the economy is much more driven by the gaming sector but that includes a large chunk of tourism and people that want to be entertained when they're in Macau and are participating in the gaming activities up there. The Hong Kong market's sophisticated. Hong Kong people, as I say, many of them have a direct connection themselves with Australia. If they don't have a direct connection, they may well have travelled here from time to time and have a reasonably good understanding of Australia. I think again that's reflected, for example, in the profile of our wine exports to Hong Kong which are at the higher end because Hong Kong purchases understand that Australia can produce those sorts of wines. We're in fact the second largest provider of wines into Hong Kong, second only to the French. So there's also developing a bit of a market for high-end consumer goods being purchased in Hong Kong by mainland shoppers. There is something like 50 million, I think it is, visitors from outside of Hong Kong into Hong Kong every year and fully two-thirds to around about 70% of those come from the mainland. So they see their Hong Kong experience as being providing something of a sort of shop window if you like to Western products. Very often the mainland visitors to Hong Kong are travelling overseas for the first time. So it provides them with an opportunity to have a look at what sophisticated, Western savvy, Western educated people are buying so they will very often see Australian products in the shops in Hong Kong. A good example I can give you is Paspali pearls with a very high-end Australian product now well-established in Hong Kong but many of the purchases that are being made in Hong Kong are indeed being made by mainland Chinese. So for those of you that are in business and looking at the Chinese market, I think it's often worth thinking about having Hong Kong as your first step into the market because it's a relatively small market. You might get overwhelmed by the demand you might create but it also gives you a bit of an entree into the pot of gold at the end of the rainbow which is the mainland Chinese market. There's also a bit of a multiplier effect I think from trading with Hong Kong as well as I mentioned because it generates an awareness of the quality of Australian products which then filters through into other mainland areas. There are ongoing opportunities in Hong Kong for Australian providers of professional services. This is associated in particular with Hong Kong's ongoing infrastructure development. Again, if many of you've been to Hong Kong you'll be aware of the development of the West Kowloon Cultural Centre which is going to be a massive construction project over the next decade or so. The redevelopment of the old Kai Tak Airport which any of you that have flown into won't have forgotten but it of course is being redeveloped into a passenger shipping terminal and tourism and sports area. So plenty of opportunities there for engineers, architects, people involved in green building that's now an increasingly important priority for the Hong Kong government is to do something about the environment in Hong Kong and in particular air quality. Plenty of opportunities as well in terms of what we describe as the software associated with these developments in the cultural area for example. People experienced in project management, facilities management, training of those that will end up being the administrators in what's now quite quickly growing arts and culture scene in Hong Kong. There are probably also opportunities coming up in areas like aged care and senior living Hong Kong's population like many others these days is aging but it's a relatively prosperous population of people looking for a higher quality of life as they get into their more senior years. All of this of course is supported by Hong Kong having a dependable legal and financial system and as I mentioned before very open markets. Hong Kong also has a bilateral free trade agreement with China. It's called the closer economic partnership agreement that gives Hong Kong based companies privileged access into the mainland Chinese market. The local content requirements in that arrangement are relatively generous so it's quite conceivable for Australian companies to think about registering some sort of presence in Hong Kong which might give them depending on the sector and precisely how they do it it may give them privileged access into the mainland Chinese market as well. So from where I stand I think Hong Kong will continue to serve as a principal investment hub into China and a principal point of access for Chinese business looking to invest overseas or looking to access international capital markets. There's a sizable base as I mentioned before of Chinese businesses already located in Hong Kong about 3,000 we estimate the Hong Kong financial sector is highly competitive and very well capitalised also provides for a high degree of currency flexibility which is sort of services you don't always get in the mainland cities these days in Shanghai, Guangzhou, Shenzhen or Beijing. So I think a bright future there for those of you interested in particular investment relationships with China and I'd encourage you to look very seriously at it. Now I think I've been talking for about 20 minutes before that I would not go on for any longer than that. So I'll keep quiet and very happily take some questions if people have some. Thank you.