CAPTIONS BY FAITH HAMBLYN AND ALEX WALKER. CAPTIONS WERE MADE WITH THE SUPPORT OF NZ ON AIR. COPYRIGHT ABLE 2017. MORENA, GOOD MORNING AND WELCOME TO Q+A. I'M GREG BOYED. TODAY, THE HEAD OF OUR SUPERANNUATION FUND, ADRIAN ORR ` WHY IT'S CRITICAL FOR THE GOVERNMENT TO START PUTTING MONEY BACK INTO THE FUND. IT IS A LEGAL NECESSITY. IT IS IN THE ACT. SO EITHER STEP UP AND ACT WITHIN THE LAW, OR CHANGE THE LAW. THEN CORIN WILL INTERVIEW UK TRADE SECRETARY DR LIAM FOX, WHO'S IN NEW ZEALAND TO TALK TRADE. BUT ANY NEW DEALS HAVE TO WAIT UNTIL HIS GOVERNMENT CAN FINALISE ITS DIVORCE WITH THE EU. WE'RE GOING TO ASK HOW THAT IS PROGRESSING. AND QUEENSLAND VOTED YESTERDAY WITH THE RESULT UNDECIDED. WHENA OWEN SPENT TIME IN THE SUNSHINE STATE THIS WEEK, LOOKING AT THE RISE OF PAULINE HANSON'S ONE NATION PARTY. THIS LADY'S FROM NEW ZEALAND. SHE'S COME OVER TO ASK YOU A FEW QUESTIONS. OH, HAVE YOU? HELLO. HELLO. CAPTIONS BY FAITH HAMBLYN AND ALEX WALKER. CAPTIONS WERE MADE WITH THE SUPPORT OF NZ ON AIR. COPYRIGHT ABLE 2017 AND WE'LL HAVE ANALYSIS FROM OUR PANEL ` POLITICAL SCIENTIST DR JENNIFER CURTIN FROM AUCKLAND UNIVERSITY, EFESO COLLINS, AUCKLAND COUNCILLOR, LABOUR PARTY MEMBER, AND FRAN O'SULLIVAN, HEAD OF BUSINESS FOR NZME. BUT FIRST, HERE'S CORIN. THANKS, GREG. I SAT DOWN WITH NEW ZEALAND SUPERANNUATION FUND HEAD ADRIAN ORR AT THE END OF LAST WEEK. THE FUND WAS SET UP UNDER THE LAST LABOUR GOVERNMENT TO HELP MEET THE FUTURE COST OF UNIVERSAL SUPERANNUATION. IT'S NOW WORTH AROUND $37B AND RECORDED A RETURN OF 22.27% IN THE YEAR TO OCTOBER. WITH AN AVERAGE YEARLY RETURN OF AROUND 10%, IT'S ONE OF THE BEST PERFORMING SOVEREIGN FUNDS IN THE WORLD. ADRIAN ORR IS CAUTIOUSLY UPBEAT ABOUT THE OUTLOOK FOR THE ECONOMY BUT ADMITS FINDING INVESTMENTS WITH GOOD RETURNS IS HARDER WHEN MARKETS ARE SO HOT. THE FUND HAS ALREADY INVESTED IN KIWIBANK AND Z-ENERGY; I ASKED WHETHER HE'D LIKE MORE NEW ZEALAND INVESTMENTS. OH, I VERY MUCH HOPE SO. WE'VE HAD OUR SHINGLE OUT NOW OH, I VERY MUCH HOPE SO. WE'VE HAD OUR SHINGLE OUT NOW FOR A LONG TIME SAYING, 'SHOW US GOOD OPPORTUNITIES,' AND WE'RE BEING VERY PROACTIVE. WE HAVE LOOKED` I MEAN, TIMBER ` OUR KAIKORAI FOREST HAS JUST BEEN A STUNNING PERFORMER FOR US. WE'RE EARLY DAYS WITH KIWIBANK. WE'VE HAD DATACOM PRODUCING VERY WELL ` AND THE FARMING SECTOR. WE'RE ALWAYS ON THE LOOKOUT FOR ASSETS WHERE OUR MONEY CAN MAKE A REAL DIFFERENCE. INFRASTRUCTURE. I MEAN, I KNOW AUCKLAND COUNCIL'S CERTAINLY SHORT OF SOME INFRASTRUCTURE MONEY. IS THAT SOMETHING YOU'D LOOK AT? YEAH. THE WORLD IS` IT'S AN AMAZING PHENOMENON. THE WORLD IS SHORT OF INFRASTRUCTURE ` THERE'S A MASSIVE DEFICIT ` AND THE WORLD IS AWASH WITH GLOBAL CAPITAL. THE TWO CAN'T MEET, AND THIS IS JUST INFURIATING. I WAS IN THE WORLD BANK JUST RECENTLY, AND THEY WERE TALKING ` 'WHY CAN'T THIS HAPPEN?' AND THE ANSWER IS THE SAME ACROSS THE WORLD. WE NEED TO BE INVITED IN AS THIRD-PARTY CAPITAL; WE NEED TO HAVE A VERY CLEAR PROCUREMENT PROCESS AND A LINEUP; AND WE NEED TO HAVE SOME CONFIDENCE AROUND PROPERTY RIGHTS. THAT DOESN'T EXIST. THAT'S INTERESTING. SO YOU'RE SAYING THAT IF THE REGULATORS CAN GET IT RIGHT, THAT IF AUCKLAND COUNCIL WAS TO COME TO YOU, YOU WOULD BE OPEN TO INVESTING IN INFRASTRUCTURE TO HELP WITH, SAY, BUILDING NEW DEVELOPMENTS? VERY MUCH SO. IN FACT, WE ARE. AT THE MOMENT, WE'RE AT HOBSONVILLE. WE'RE FLAT-OUT BUILDING OUT THERE. WE'RE LOOKING AT LOTS OF OTHER PROPERTY AROUND THE COUNTRY. WE'RE CONTINUOUSLY LOOKING, AND WE'RE DOING THAT, SO THE ANSWER IS YES. AND THAT WOULD BE NOT JUST OUR CAPITAL BUT GLOBAL CAPITAL WILL COME IN. AUSTRALIA AND THE UK HAVE HAD MORE THAN THEIR FAIR SHARE OF GLOBAL INFRASTRUCTURE CAPITAL BECAUSE THEY WERE OPEN FOR BUSINESS. THERE'S NOWHERE ELSE. THE US... HERE'S A QUESTION. DO WE NEED, AS A COUNTRY, TO BE CALLING ON FOREIGN CAPITAL, OR HAVE WE GOT ENOUGH HERE? I MEAN, A LOT HAS BEEN MADE OF A NEW GOVERNMENT AND CLAIMS THAT THERE'S GOING TO BE SCARE OFF FOREIGN INVESTORS, FOREIGN BUYERS, BANS ` THESE SORTS OF THINGS THAT'LL SCARE OFF FOREIGN INVESTORS. BUT, ACTUALLY, DO WE NEED IT? OR DO WE HAVE THE CAPITAL HERE? ALL COUNTRIES NEED TO HAVE AN OPEN CAPITAL MARKET, BECAUSE THAT ALLOWS YOU TO RISK-SHARE AND DIVERSIFY ACROSS PROJECTS. IF YOU'VE GOT ALL OF YOUR MONEY, ALL OF THE COUNCIL'S MONEY IN ONE ASSET, FOR EXAMPLE, AND ONLY PAID FOR THROUGH DEBT, I.E. RATES AND/OR BONDS, THEN THAT'S NOT A SAFE PLACE TO BE. YOU WANT TO BE DIVERSIFYING. THERE IS LOCAL CAPITAL THAT COULD GO IN. LIKEWISE, THERE'S GLOBAL EXPERTISE THAT CAN ASSIST. SO WE DON'T WANT TO SCARE OFF FOREIGN INVESTORS? NO, NOT AT ALL. NOT AT ALL. AND, YOU KNOW, I DON'T BELIEVE WE ARE. THE CHALLENGE IS A GENERIC ONE AROUND THE WORLD AT THE MOMENT ` HOW CAN YOU GET INSTITUTIONAL CAPITAL TO FLOW INTO INFRASTRUCTURE INVESTMENT? WE'RE DOING A LOT OF WORK IN THE BACKGROUND. WE'VE HELPED CREATE AND WORKED WITH IWI TO CREATE A COLLECTIVE INVESTMENT VEHICLE WHERE THEY CAN CO-INVEST BESIDE US. AND THAT'S HOPEFULLY UP AND GOING BY CALENDAR-YEAR END. HAVE YOU GOT ANY BIG PROJECTS LINED UP? WE WILL BE` I CAN'T TALK ABOUT FUTURE PROJECTS, BUT NO MASSIVE INFRASTRUCTURE PROJECTS. WE'VE GOT PLENTY OF THAT WE'RE THINKING ABOUT ` HARD. WHAT SORT OF SCALE ARE YOU TALKING ABOUT WITH IWI? FOR THIS GROUP, SITTING IN THAT FUND, WILL BE AROUND... OVER 100 MILLION FOR THAT, BUT WE CAN ALSO DIRECT INVEST WITH THE NGAI TAHUS AND THE TAINUIS, ETC. BUT THEY CAN BE A CO-INVESTMENT PARTNER WITH US. AND THE REAL CHALLENGE THERE IS TO SAY, 'CAN WE GET ACCESS TO RESOURCE WE WOULDN'T OTHERWISE? 'CAN WE BRING THE CAPABILITY IN THAT WE BETWEEN OURSELVES DON'T HAVE 'AND THEN LET THE CAPITAL FLOW?' AND SO THAT'S AN OPPORTUNITY TO DO THAT. WE'RE ALSO WORKING VERY HARD ACROSS A WIDE RANGE OF DIRECT INVESTMENT OPPORTUNITIES IN NEW ZEALAND ON A CONTINUOUS BASIS. KNOCKING ON DOORS, SAYING, 'WE'RE OPEN FOR BUSINESS.' YOUR FUND HAS A HAD A VERY GOOD PERFORMANCE ` AS I SAID BEFORE, $20B THIS YEAR. THE LONG-TERM IS GOOD. IS IT FRUSTRATING FOR YOU THAT CIVIL` THE STATE SECTOR AND THE LAST GOVERNMENT CRITICISED YOU ABOUT YOUR SALARY? IS THAT FRUSTRATING? AT A PERSONAL LEVEL, IT'S VERY AWKWARD, BUT THAT COMES WITH THE TERRITORY. IT'S THE BOARD WHO DECIDE WHAT THEY NEED TO PAY TO ATTRACT AND RETAIN THE PEOPLE THEY WANT AT THE FUND, AND THAT'S JUST HOW IT OPERATES, SO I'M VERY PROUD THAT THEY HAVE... BECAUSE THE BOARD'S BEEN VERY STRONG IN BACKING YOU. YEAH, WELL, I THINK BACKING THE INSTITUTION ON THAT SIDE. SO THEY'VE DONE AN ENORMOUS AMOUNT OF BACKGROUND WORK AROUND... WHAT ARE THESE ROLES AND WHAT` BECAUSE YOUR SALARY PACKAGE ` AND I'M NOT GOING TO DWELL ON THIS ` OVER A MILLION DOLLARS OR SO, RELATIVE TO A FUND GLOBALLY, IT'S NOT OUT OF THE ORDINARY, IF NOT... AT ALL. IT'S VERY INDUSTRY-STANDARD FOR THE PUBLIC SECTOR-TYPE FUND THAT WE ARE. SO I GUESS THE FOLLOW-UP QUESTION IS ` IS THERE AN ARGUMENT THAT THE SUPER FUND ` MAYBE ACC AS WELL, GIVEN IT'S ALSO MANAGING A PORTFOLIO OF A SIMILAR SIZE ` $35B-ODD, LIKE YOURS ` SHOULD BE SEPARATE FROM THE STATE SECTOR? YOU KNOW, IN TERMS OF HOW IT'S PERCEIVED IN SALARIES. I'M NOT AN EXPERT IN THAT SIDE. I DO KNOW THAT THE STATE-OWNED ENTERPRISES ARE QUITE SEPARATE IN THE WAY IN WHICH` YOU KNOW, NOW WITH THE MIXED-OWNERSHIP MODELS, WAY THAT THE PAY IS DONE. THEY ARE VERY MARKET-DRIVEN. I THINK OUR FUNDS HAVE GROWN FROM SOMETHING VERY SMALL AND NOT REALLY NOTICED TO NOW SOMETHING VERY IMPORTANT OVER THE LAST 10 YEARS, AND WE'RE JUST AT THAT STAGE NOW. OUR FUND WILL CONTINUE TO BE GROWING VERY RAPIDLY. WE ARE THE BEST-PERFORMING SOVEREIGN WEALTH FUND IN THE WORLD, AND WE CONTINUE TO WIN ACCOLADES AND NOTE FOR THAT, SO... YOU TALK ABOUT GROWING; THIS CURRENT GOVERNMENT HAS SIGNALLED IT WILL PUT MONEY BACK IN, RESTART CONTRIBUTIONS WHICH WERE FROZE BY THE LAST GOVERNMENT. HOW IMPORTANT IS THAT, THAT THEY FOLLOW THROUGH ON THAT PROMISE? I THINK FOR THE FUND AND FOR THE PURPOSE OF THE ACT, ONE, IT'S A LEGAL NECESSITY; IT IS IN THE ACT. SO EITHER STEP UP AND ACT WITHIN THE LAW OR CHANGE THE LAW. AND SO IT'S AS SIMPLE AS THAT, AND I'VE SPOKEN VERY PUBLICLY ABOUT THAT, BECAUSE IT JUST SITS IN OUR LEGISLATION. THERE IS A FUNDING FORMULA THAT IS THERE TO BE MET TO SMOOTH THE FUTURE TAX BURDEN, AND IF WE DON'T SMOOTH THAT FUTURE TAX BURDEN, IT'S GOING TO BE HARDER TO ATTRACT AND RETAIN PEOPLE TO WORK HERE, BECAUSE TAX RATES WILL BE INCREDIBLY HIGH. SO THEY'RE STARTING WITH HALF A BILLION AS THE FIRST COMMITMENT, AND THEN IT GOES UP STEADILY. WOULD YOU LIKE TO SEE IT GET BACK TO WHERE IT WAS SUPPOSED TO BE, WHICH IS AT 2 BILLION? I WOULD JUST LIKE TO SEE THE LEGISLATION PROPERLY ACKNOWLEDGED FOR WHAT IT IS OR CHANGED, BECAUSE THE LEGISLATION OPERATES ON A 40-YEAR FORWARD-LOOKING FORMULA. THAT GENERALLY BACKS OUT TO AROUND $2B A YEAR THAT COMES INTO THE FUND. AN IMPORTANT PART OF THAT IS WHEN IT'S WORKING, WHATEVER TAX WE'VE PAID IN THAT YEAR ACTUALLY GETS PUT BACK INTO THE FUND, SO IT BECOMES A NOTIONAL ENTRY RATHER THAN A TAX DRAIN, AND JUST SEE THE LEGISLATION WORK AS IT IS. IF WE HAVE FUNDING THAT IS CYCLICALLY DRIVEN, I.E. WHEN WE FEEL WE CAN AFFORD IT, WE'LL ALWAYS BE GETTING FUNDED AT THE PEAK OF MARKETS, BY DEFINITION. SO, YEAH, IT'S INTERESTING, BECAUSE IN YOUR SPEECH YOU GAVE RECENTLY, YOU TALKED ABOUT HOW ONE OF THE SUCCESSES OF YOUR FUND WAS THAT, BASICALLY, GOVERNMENTS HADN'T MEDDLED, THAT YOU HADN'T TRIED TO TAKE MONEY WHEN THEY NEEDED IT OFF YOU OR ANYTHING. HOW IMPORTANT IS THAT, THAT YOU CAN JUST OPERATE SEPARATELY? ABSOLUTELY CRITICAL. YOU WOULD NOT HAVE THE TEAM THAT YOU HAVE THERE IF WE DIDN'T HAVE THAT CERTAINTY AROUND OUR OPERATIONAL INDEPENDENCE, BECAUSE YOU CAN'T COMMIT CAPITAL FOR FIVE, 10, 20-PLUS YEARS IF YOU'RE UNSURE THAT IT'S GOING TO BE CALLED. ARE YOU WORRIED THAT A NEW GOVERNMENT THAT WANTS TO SEE MORE INVESTMENT IN NEW ZEALAND MIGHT PUSH YOU A BIT TOO FAR INTO INVESTMENTS THAT YOU'RE NOT THAT COMFORTABLE WITH? AGAIN, NOT AT ALL. I MEAN, THE LEGISLATION IS VERY CLEAR AROUND WHAT GOVERNMENTS CAN AND CAN'T DO WITH REGARD TO DIRECTING INVESTMENT, AND I'VE GOT NO REASON TO BELIEVE ANYTHING WOULD CHANGE THERE. A GOVERNMENT CAN TALK ABOUT AN OVERALL LEVEL OF RISK THEY ARE PREPARED TO ACCEPT, BUT THEY CAN'T TALK ABOUT WHERE TO INVEST. WE DID GET ONE FROM THE NATIONAL GOVERNMENT WHEN IT WAS FIRST ELECTED. THAT'S THE ONLY DIRECTIVE WE RECEIVED, WHICH TURNED OUT TO BE TO ACTIVELY SEEK AND CONSIDER INVESTMENTS IN NEW ZEALAND SUBJECT TO BEST PRACTICE, YOU KNOW, GLOBAL PORTFOLIO. SO IT WAS A SUBJECT TO` AND YOU'D BE COMFORTABLE WITH A SIMILAR SORT OF THING THIS TIME ROUND? I MEAN, I CAN'T SEE WHY THEY WOULD NEED TO REMOVE THAT OR ALTER IT. WE REPORT VERY CLEARLY ON HOW WE'VE` WHAT ABOUT THE KIWIBANK MODEL, THOUGH? I MEAN... IT'S A VERY, SORT OF, CONVENIENT MECHANISM TO KEEP THAT IN NEW ZEALAND OWNERSHIP FOR A COMPANY THAT, YOU KNOW, HAD STRUCTURAL ISSUES. HAS THAT WORKED FOR YOU? WELL, ABSOLUTELY. AND IT WASN'T A POLITICAL DEAL; IT WAS A COMMERCIAL DEAL FROM OUR SIDE. AND YOU DROVE A PRETTY HARD BARGAIN, BY THE SOUNDS OF IT. YEAH. WELL, IT HAD TO STAND ON ITS OWN FEET. AND I THINK IT WAS GREAT. THE ORIGINAL OWNERS JUST DIDN'T HAVE THE CAPITAL BASE TO PROPERLY CAPITALISE IT. WE DID. AND BECAUSE OF THE UNIQUE OWNERSHIP STRUCTURE OF IT, WE'RE ONE OF THE FEW PEOPLE ` US AND ACC` ARE THERE ANY OTHER GOVERNMENT ASSETS THAT YOU'RE LOOKING AT THAT COULD BE POTENTIALLY IN THAT SAME...? NOTHING ON THE HORIZON AT THE MOMENT, BECAUSE WE'VE HAD NO COMMUNICATION AROUND WHAT IT IS. BUT WE TALK VERY OPENLY AROUND DESIRES FOR INFRASTRUCTURE, PORTS ` YOU KNOW, OPPORTUNITY OFF LONG-TERM CAPITAL ` GET THE DIVERSIFICATION WE NEED. AND IF IT'S IN NEW ZEALAND, THAT'S FANTASTIC. PORTS IS INTERESTING, ISN'T IT, BECAUSE THERE'S A LOT OF DEBATE ABOUT AUCKLAND PORT AND ALL PORTS, REALLY. BUT THAT'S ANOTHER MECHANISM` THE BENEFIT IS THAT IT KEEPS IT IN NEW ZEALAND OWNERSHIP, RIGHT? YEAH, THAT'S RIGHT. SO ARE YOU SAYING THAT YOU'D BE OPEN TO THOSE SORTS OF DEALS WITH PORTS IF IT WAS STACKED UP? I THINK YOU HAVE TO` THEY HAVE TO STACK UP COMMERCIALLY, REGULATORY, LEGAL FRAMEWORKS-WISE, AND WHY WOULDN'T WE HAVE A LOOK AT INVESTMENTS THAT WE THINK SUIT OUR PORTFOLIO WELL? PORT OF AUCKLAND? WHY NOT? CAN WE DO IT? I THINK, GIVEN THE OWNERSHIP STRUCTURES OF A LOT OF THESE ASSETS, WHETHER IT'S THE RED-MEAT INDUSTRY, THE PORT INDUSTRY, THE FISHING INDUSTRY ` WE'RE WORKING WITH THEM ALL ` THE OWNERSHIP STRUCTURES ARE VERY COMPLEX; YOU HAVE TO COME IN WITH ALMOST AN END-TO-END INVESTMENT SOLUTION. I'VE GOT TO ASK ` WHO ARE YOU LOOKING AT WITH THE RED-MEAT INDUSTRY? NO, I WON'T COMMENT. YEAH. FAIR ENOUGH. ONE MORE QUESTION. THIS IS DESKTOP WORK. FAIR ENOUGH. ONE MORE QUESTION. BEING DOWN IN WELLINGTON IN POLITICAL CIRCLES, YOUR NAME IS OFTEN MENTIONED AS SOMEONE WHO COULD BE A POTENTIAL RESERVE BANK GOVERNOR IN THE FUTURE. OH, THAT'S VERY KIND OF THEM. IS THAT A ROLE THAT YOU WOULD BE OPEN TO? I DON'T COMMENT ON PERSONAL ISSUES. YOU'VE TAKEN ME INTO THE SALARY. I'M NOT AN ELECTED OFFICIAL, SO I'M SORRY, I JUST DON'T COMMENT. THAT'S FINE. WE'LL LEAVE IT THERE. ADRIAN ORR, THANK YOU VERY MUCH FOR YOUR TIME. WE APPRECIATE IT. YEAH, THANK YOU. CHEERS. CHEERS. SEND US YOUR THOUGHTS. WE'RE ON TWITTER @NZQANDA. YOU CAN EMAIL US AT Q+A@TVNZ.CO.NZ. OR TEXT YOUR THOUGHTS AND FIRST NAME TO 2211. KEEP THEM BRIEF ` EACH TEXT COSTS 50C. THE PANEL'S HERE AFTER THE BREAK. POLITICAL SCIENTIST DR JENNIFER CURTIN FROM AUCKLAND UNIVERSITY; EFESO COLLINS, AUCKLAND COUNCILLOR LABOUR PARTY MEMBER AND FRAN O'SULLIVAN, HEAD OF BUSINESS FOR NZME. The superfund is really into long-term investments. Adrian orr got the ability to change and get a diversified portfolio. Risk is very much part of it and long-term strategies part of it. It is also part of shadowing where the economy is going to need to grow, aat the same time, it needs to fit the parameters. $35 billion sitting there ` I was really encouraged that he talked about Auckland Council. We had the mayor, who has been talking about the 7 to $10 billion shortfall over the next 10 years for infrastructure. I was really encouraged that he said they want the New Zealand super fund money to make a real difference. In the Pacific, some people might see it as foreign investment, if they are working alongside the New Zealand super fund, could make a real big difference. We have to get beyond the fiscal measurements or metrics of how investment is going to give some return to us. We have to look at the social good. People are going to say it is not just about the return on money. It is about making sure there is social good involved. The 10% return up to 22% ` you are not going to get that on a lot of investments though. I think there are real possibilities that if you do enter into investment and you think long-term that you could still get an average of 10%, clearly he has demonstrated the management of this fund is going well for New Zealand. There perhaps has to be ` and the OECD talked about this ` a little bit more financial education to voters that people can think about superannuation. In one of them is the New Zealand superfund. We have to understand that this is a very long-term fund that needs to provide us with security for our grandchildren. We know what is going to be happening with the 65+ in the numbers of those that are blowing out. He explains it really well about what is necessary. It is not about picking winners. It is about investing in secure assets over time. On the subject of the 65 age for super, with that doing so well and being there, Will that be held at 65. Not over time. Even with that doing so well? It is not going to be enough still. If it continues to do well, thethe government puts money into it. It is still not going to be enough. It is going to mitigate some potentially big tax rises later. People are living so much longer, that is the point. The average age when people die continues to grow. Quite clearly at some stage will have to go up. They are going to hold that on the cycle. The contributions ` a news flash to me that there is legislation they should have been paid anyway. What will that look like? Grant Robertson was asked this week and indicated $3 billion in the next three years. I'm not sure whether it comes in the next budget or not. It's hard to know at what point point he will make the allocation. They could tip 500 million and now. I have to ask about the salary. That's the thing that everyone is going to say. $1 million ` but the return that it is getting and he is doing a very good job ` is it that much money? I have commented quite widely on how public servants should be getting that kind of money. Publicly it is very uncomfortable for people. You are seen as someone who is serving the community. I think people are uneasy about it. He is not a social worker ` the public are saying they are uneasy about it. I accept that he is out there building a big fund. But you have to get the balance right between someone who is being seen as a public servant and someone who is building a fund. You clearly don't agree Fran? What this fund is ` it is a sophisticated multi asset strategic manager. Very different. They have come through the period of the sub-prime crisis. The kind of job that they are operating on private-sector disciplines with a certain amount of public sector strategising around Kiwi bank but they also have to invest globally. Not all the growth is coming from New Zealand. They have to diversify risk. He probably deserves 2 million as a salary. Most New Zealanders don't know, but do they care where this money is being invested offshore? Kiwi Saver ` everyone invests offshore. You are nuts if you don't. We don't have the listed companies here. We are all as New Zealand is going to have to be a bit more financially knowledgeable about what is happening elsewhere in the world because that is where our own super funds are going to be going. You look at the Canadian funds coming in ` People take global risk, and that is exactly what we should be doing. To the education side of things ` does that come into what we are talking about with salary, that people need to know more about this? Whether it is justified? The salary in his case comes in two parts ` it's a 2.7% increase on the base salary, which is quite reasonable in this environment, and then the rest is performance. Whether perception is come meaning around the performance. The question is ` it's about the transparency and getting the financial education about what these jobs entail. And this idea that it's not just about investing like mum and dad would. It is about something much bigger and much more global. And it's about our money. This is a just private money. It is the future of New Zealand's money and government money. How performance is measured ` it's clearly a serious measure and it works, but I'm not sure that voters understand how the bonuses get worked out to take it to 1.2. He made it clear that the government doesn't meddle. Should he have some say and where the money goes? I think they shouldn't be involved in it. One of the selling points for it to work and to educate the public a lot of their policies around investment are in line to the UN responsible investment policies. You need to spend some time on their website, and people will start to understand that it might be a little bit different. There is the question of how much involvement should the government have. As people understand that as a whole, you will get a bigger picture. The great thing about it was that it was set up to be independent. It was given a charter. And guardians were appointed to the funds. They have a statutory responsibility to push the politicians out of it. You don't want it to be turning into a private slush fund. Is he the next reserve bank governor? He has to be in with a very big chance. CORIN'S BACK WITH THE UK TRADE SECRETARY, DR LIAM FOX. HIS JOB IS TO FORGE NEW TRADE DEALS, BUT HE MUST WAIT UNTIL THE UK CAN REACH ITS BREXIT DEAL. WE'LL TALK ABOUT NEW ZEALAND'S PLACE IN ALL THAT NEXT. WELCOME BACK, AND GOOD MORNING TO DR LIAM FOX, THE UK'S INTERNATIONAL TRADE SECRETARY. Your government has entered into hard negotiations. There is a possibility that if no deal is done, how realistic is that? In the UK, you get every possible scenario played out in the media. We want there to be a deal with the European Union. It is in our mutual interest to do so. If there is no deal, that is not anything that would come as a surprise, but we need to get into the discussions aboutthe European Union for Britain and Europe and for trading partners around the world and for investors around the world who want to get certainty about what the European market will look like in a world where we are trying to turn back the tide of protectionism. To see Europe introduce impediment to trade that do not exist. The problem you've got is that you may have to pay them �40 billion in a divorce settlement. Is that palatable to the public? There cannot be a divorce settlement until we see what the full package is light. To UK voters, you're going to have to pay to get into the negotiations that we have a right to have under article 50 that wouldn't be a acceptible. It will deep dependent on that final solution. It would be unacceptable to expect taxpayers to stump up money. There are applications for New Zealand. We have a quota with the EU in terms of our agricultural products, in particular meat. The EU in the UK are dividing that up. Our meat producers and Australia's are not happy with that arrangement. Can you give an assurance that we will not be worse off should Mark yes. We have a process that is being played out in Geneva, we have to set ourselves out from the European Union. There is an EU quota. We want to be fair to those who are exporting to the UK including New Zealand and to our own producers and consumers. The best way to do that is to make keep the market stable. This is a two-way process. We want to get stability as we leave the EU. And we have the possibility for a new free trade agreement. We said let's look at what has happened in the UK market for a range of commodities and countries. How much are they sold into the UK over the last three years which Mark if that is a last proportion, we will all back quota. Will New Zealand producers get to choose where their product goes? If the demand is stronger in Europe and our quota isn't willed by the UK, we are at a disadvantage. That is a question that the EU have to do answer. After countries joined after UK, why should we get less of a quota after Britain leaves? We have said we will share our methodology with the union because we want it to be fair. Is there a danger here ` there is a possibility that you are in a dispute over these rules. It would be difficult to it into a dispute with the UK on the basis that harm has been caused, because if the access is what has been enjoyed, the UK produces a getting the same entry into market as before, it is hard to say that people have been harmed. From the U.K.'S point of view, it is beginning of a two-stage process. We want to get our own established trading relationships with countries outside the EU when we leave. There is basis for further discussion. Between New Zealand and the EU union when Britain leaves as a separate discussion. Let's go to that issue of a free trade agreement. We won't be any worse off; how would we be better under a free trade agreement given that your agricultural sector is already hostile to New Zealand lamb? One of the things we have to do is learn from New Zealand And how you take an agricultural economyand turn it into an ability to feed more. I have been focused at looking at UK farmers getting better access to markets abroad. That is where prosperity will lie. The big emerging economies and middle classes in places like China and India are going to have to have a big increase in the protein that they import to feed the people. The UK has enormous potential to do that. There is a lot that we can learn from New Zealand. We don't have a great market for you here. What can we offer you in terms of market? UK or exports to New Zealand up. What we have in common is that we both believe in free and open globin trade. People may say why you spending so much time with New Zealand? It is because we have greater significance in the global economy. New Zealand happen leading the charge for free trade. There are things that we can learn on how trade agreements were done. We got help from New Zealand when we were setting up a new department for international trade. How are things operator? How did the can exactly work? That has been helpful to us. The British government wants to champion global free trade. We have set a billion to pull free from poverty because we believed in free trade. We owe it to future generations to cabbie those games with us. New Zealand will be a key strategic partner in that battle for global free trade. Would you do a deal with Australia? You have talked about it being the next two countries after the US are on the list. There are all sorts of possibilities that are open in terms of where we might want to do our future trade agreements. The geometry of all of that is moving at the moment. We don't know where TPP will end up. We will wait to see as we leave the EU what freedom we have and what timescale to make agreements. What is clear is the direction of travel. We see a number of countries around the world as being good partners for the UK and trade, globally in terms of how we see that trade environment develop. It is key for all of us that we stand up to some of the voices of protectionism and we are making that case for free and open trade. We have not just that trading relationship. We share those values and ties of parentage. We have a defence relationship. We have strategic votes in Asia-Pacific. Australia and New Zealand are countries that are key to getting the development. One of the big concerns is the movement of people. It is a big issue in the UK with Brexit. As the UK likely to keep those doors open to New Zealanders going on? Would that be part of the negotiations? It would be one of the elements we would look at. There are 50% more of New Zealand and Australia is in Britain. We have always had a distortion in our immigration. We have compulsory free movement within the European Union. That is not going to happen post Brexit. That is one of the reasons that the British people voted to leave the European Union. To get control, we can make sure there is a better balance between the EU and the rest of the world. One of the key reasons to vote for the exit is for control. Is that more less from countries like New Zealand? We want to make sure there is certainly not less access than there is today. The IS DS controversial clause in terms of the TPP ` Will you have that clause there or gone? How we protect investors as key. If we are in a global trading environment we want investment to move from one country to another, funds to move into countries to provide capital for infra structure, it is reasonable that investors want protection. How we do that is the question, not if. That is a big debate that we will be having in Argentina at the trade ministers meeting next month. Hopefully we will get a chance to get some of our UK New Zealand line straight for that debate. AFTER THE BREAK ` WE'LL LOOK AT THIS WEEKEND'S QUEENSLAND ELECTION. WHENA OWEN MET UP WITH PAULINE HANSON ON THE CAMPAIGN TRAIL THIS WEEK AND ASKED HER WHAT SHE THOUGHT OF OUR GOVERNMENT'S OFFER TO TAKE MANUS ISLAND REFUGEES. THAT'S NEXT. QUEENSLANDERS WENT TO THE POLLS YESTERDAY AFTER A VOLATILE ELECTION CAMPAIGN. EARLY RESULTS SHOW LABOUR HAS HELD ON TO THE STATE, BUT WITH NO CLEAR RESULT. WHAT THIS ELECTION DID SHOW IS THAT ONE NATION IS BACK. IS THIS THE START OF ANOTHER SWING TO POPULIST POLITICS ACROSS THE DITCH, LIKE THOSE SEEN IN THE US AND THE UK OVER BREXIT? WE SENT OUR REPORTER WHENA OWEN TO QUEENSLAND TO FIND OUT. (AC/DC'S 'BACK IN BLACK) IN IPSWICH, ONE NATION SUPPORTERS ARE WAITING FOR THEIR MATRIARCH AND PREACHING TO THE CONVERTED. THE COUNTRY IS GOING BACKWARDS, AND WE NEED TO CHANGE. AND THAT CHANGE IS COMING WITH ONE NATION. ONE NATION'S GONNA GET YOUR VOTE THIS TIME? OH, THEY'VE ALREADY GOT IT. THEY'RE GATHERING OUTSIDE A FISH AND CHIP SHOP, WHICH HAS GREAT SYMBOLISM FOR THEM, THAT WAS ONCE OWNED BY PAULINE HANSON. SHE KNOWS WHAT IT'S LIKE TO STRUGGLE AND ALL THOSE THINGS, SO PEOPLE CAN RELATE TO THAT. IF YOU MAKE ANY SORT OF STAND, YOU'RE IMMEDIATELY BRANDED AS A BIGOT, A RACIST ` ALL THIS RUBBISH. I BELIEVE WE ARE IN DANGER OF BEING SWAMPED BY ASIANS. I'M NOT THERE TO KEEP THE BASTARDS HONEST; I'M THERE TO GET RID OF THE BASTARDS. PAULINE HANSON BURST ON TO THE AUSTRALIAN POLITICAL SCENE 20 YEARS AGO. SHE WAS A DIVISIVE FIGURE. YOU WON'T GET RID OF ME! NOT YOU! IN 2002, SHE WAS FOUND GUILTY OF ELECTORAL FRAUD. SHE SERVED TIME IN JAIL BEFORE HER CONVICTION WAS OVERTURNED. AUSTRALIA THOUGHT THAT WAS THE LAST THEY'D SEE OF HER. BUT IN LAST YEAR'S FEDERAL ELECTION, SHE WON TWO SEATS IN THE SENATE. AND NOW SENATOR PAULINE HANSON'S BATTLER BUS IS ROLLING INTO IPSWICH. HELLO. GIDDAY, PAULINE. HANSON IS LIKE A SAINT TO THE AUSSIE BATTLERS WHO SHARE HER VIEWS. LIKE OTHER POPULIST PARTIES, ONE NATION HAS A STRAINED RELATIONSHIP WITH THE LOCAL MEDIA. THERE ARE ADVANTAGES TO BEING A KIWI IN AUSTRALIA. THIS LADY'S FROM NEW ZEALAND. SHE'S COME OVER TO ASK YOU A FEW QUESTIONS. OH, HAVE YOU? HELLO. HI. NEW ZEALAND HAS BEEN IN THE NEWS HERE. I KNEW HANSON WOULD HAVE AN OPINION. CAN I ASK YOU WHAT YOU THINK OF OUR PRIME MINISTER JACINDA ARDERN'S OFFER TO RESETTLE 150 REFUGEES FROM MANUS? AUSTRALIA AND NEW ZEALAND HAVE THIS, LIKE, THERE'S NO SORT OF BORDER PROTECTION AGAINST ANY NEW ZEALANDERS COMING INTO AUSTRALIA. SO WHAT HAS HAPPENED OVER THERE IS THAT PEOPLE HAVE USED NEW ZEALAND AS A BACKDOOR WAY OF GETTING INTO AUSTRALIA. AND I SAID THAT 20 YEARS AGO. SO BY TAKING THE REFUGEES, IT'S GOING TO SEND A CLEAR MESSAGE TO THESE PEOPLE SMUGGLERS AND EVERYONE ELSE, 'GOOD, 'COME OUT THERE, YOU'LL END UP IN NEW ZEALAND. 'YOU CAN ACTUALLY THEN COME ACROSS TO AUSTRALIA.' AND THAT'S NOT WHAT WE WANT. BUT FOR THIS CAMPAIGN, ONE NATION IS TRYING TO MOVE THE FOCUS OFF IMMIGRATION AND ON TO EMPLOYMENT AND PROTECTING TRADE. THERE'S NO JOB OPPORTUNITIES HERE IN IPSWICH. WE'VE SEEN THE RAILWAY WORKSHOP'S SHUT DOWN. THE COST OF LIVING'S GONE THROUGH THE ROOF. MY ELECTRICITY BILL'S JUST GONE UP 60% SINCE JUNE. ONE NATION'S THE TALK OF THE TOWN, REALLY, FOR THIS ELECTION. THAT'S RIGHT. THEY'RE ALL SCARED TO DEATH OF ONE NATION. (CHUCKLES) THEY'RE ON THE RUN. IT HAS SURGED. IT'S COME OUT OF NOWHERE IN THE PAST 18 MONTHS. THIS IS DR PAUL WILLIAMS AT GRIFFITHS UNIVERSITY, NEAR BRISBANE. HE'S BEEN TRACKING ONE NATION'S RISE. WHAT THEY DON'T LIKE IS THE NEW AUSTRALIA. THEY DON'T LIKE THE FACT THAT AUSTRALIA HAS BEEN OBSESSED WITH SAME-SEX MARRIAGE. THEY DON'T LIKE THE FACT THAT AUSTRALIA TALKS ABOUT IMMIGRATION OR MULTICULTURALISM. THEY'RE LOOKING FOR AN OLD AUSTRALIA. ONE NATION HAS DONE WELL BEFORE IN QUEENSLAND. THIS IS THE LOCKYER ELECTORATE WEST OF BRISBANE. AND THIS ELECTORATE HAS BEEN DESCRIBED AS A ONE NATION HEARTLAND. ONE NATION TOOK THE SEAT IN 1998, AGAIN IN 2001. AND LAST ELECTION PAULINE HANSON STOOD HERE, SHE LOST TO THE LIBERAL NATIONAL PARTY BY JUST 114 VOTES. DOWN THE ROAD, LOCKYER'S ONE NATION CANDIDATE, JIM SAVAGE, IS OUT CAMPAIGNING. HE'S BEEN WITH THE PARTY SINCE THE BEGINNING. WE HAVE BEEN BOUNCING ON THE BOTTOM FOR QUITE SOME YEARS. AND NOW FINALLY, PEOPLE ARE STARTING TO REALISE THAT, YOU KNOW, OUR POLICIES WERE RIGHT ALL ALONG. AND SUDDENLY, PEOPLE ARE SAYING, YOU KNOW WHAT? ONE NATION WERE RIGHT. LOCAL CAFE OWNER DEBBIE WELLS IS A PAULINE HANSON DEVOTEE. SHE WAS SENT TO JAIL WRONGLY. THEY TRIED TO GET HER OUT OF THE WAY. AND I THINK FOR US, THAT JUST MADE US MORE TENACIOUS. HERE IN LOGAN, SOUTH OF BRISBANE, FORMER PROFESSIONAL FIGHTER SCOTT BANNAN IS THE LOCAL ONE NATION CANDIDATE. EARLY VOTING HAS OPENED, AND VOTERS HAVE BEEN GRAPPLING WITH A NEW PREFERENCE VOTING SYSTEM, WHERE PARTIES SUGGEST ON A VOTE CARD HOW VOTERS CAN RANK THE CANDIDATES. YOU NUMBER THE BOXES ` THAT'S HOW THE PREFERENCE WORKS? EVERY BOX WILL BE NUMBERED THIS TIME. BUT WITH ONE NATION, IT IS DEFINITELY NO. QUEENSLAND'S LABOR PREMIER, ANASTASIA PALASZCZUK, IS UP AGAINST QUEENSLAND'S LIBERAL NATIONAL PARTY LEADER, TIM NICHOLS. STEVE DIXON IS THE ONE NATION QUEENSLAND LEADER. AND DURING THE CAMPAIGN, HIS PARTY WAS POLLING BETWEEN 17% AND 20%, WITH POTENTIAL TO BE THE KINGMAKER. WHAT WINSTON PETERS HAS ACHIEVED OVER THERE IS EXACTLY WHAT'S HAPPENING HERE. OUR POLICIES ` YOU KNOW, THE MAJOR PARTIES SAY OUR POLICIES ARE LOOPY. THEY WILL NEVER SAY WHICH ONE'S LOOPY, AND THEN THEY GO AND ADOPT THEM ALL AS THEIR OWN. YOU CAN CALL IT A PROTEST VOTE, YOU CAN CALL IT A REFERENDUM ` YOU CAN CALL IT WHAT YOU WANT, BUT THIS IS THE PEOPLE GAINING POWER AND GAINING CONTROL OF THE GOVERNMENT ONCE AGAIN. WHETHER IT BE BRITAIN AND BREXIT OR WHETHER IT BE TRUMP, WHETHER IT BE PAULINE HANSON'S ONE NATION PARTY RESURGENCE, WHETHER IT BE WINSTON PETERS. EVEN MERKEL'S LOST A BIT OF SUPPORT IN GERMANY; YOU'VE SEEN BRITAIN, YOU'VE SEEN AMERICA ` AND IT'S DEFINITELY HAPPENING HERE IN AUSTRALIA. ONE NATION SUPPORTERS ARE DEFENSIVE ABOUT THE RACIST LABEL. HOW DO YOU SAY, 'KEEP AUSTRALIA AUSTRALIA?' IT'S THE MEDIA, RIGHT? IT'S THE MEDIA ATTACKING US. BECAUSE THEY CAN'T ATTACK OUR IDEAS. THERE'S NOT A RACIST BONE IN PAULINE HANSON'S BODY, BUT THAT'S THE WAY THEY'VE TRIED TO TARNISH HER. CRITICISM IS NOT RACISM. TO BE UPFRONT AND HONEST WITH THE PEOPLE IS WHAT THE PEOPLE WANT. AND THEY HAVE SEEN THE WAY THE COUNTRY HAS GONE. CERTAINLY, ANY CRITICISM THAT PAULINE HANSON MIGHT HAVE HAD FOR THE ASIAN COMMUNITY IS COMPLETELY GONE NOW. BUT CERTAINLY, IT HAS BEEN REPLACED BY CRITICISM OF ELEMENTS OF THE ISLAMIC COMMUNITY. BUT THE ONE NATION FOUNDER CAN'T LEAVE IPSWICH WITHOUT TRYING THE FISH AND CHIPS FROM HER OLD SHOP, NOW OWNED BY A VIETNAMESE FAMILY. HE PUTS YOU ON HIS PROFILE PICTURE. BRAD LOVES YOU. HERE WE GO. THE BATTLER BUS IS ABOUT TO HIT THE ROAD AGAIN AND HEAD NORTH. IN BUNDABERG, A CROWD OF ONE NATION SUPPORTERS IS WAITING FOR THE ARRIVAL OF THEIR LEADER, DELIVERING, THEY HOPE, THE OLD AUSTRALIA. Jennifer, I will start with you. A surprising result, a disappointing result? They will be disappointed. We haven't finished counselling and there are no preferences countered today So we won't know the results till next week, but she will have hoped for at least three seats. It looks like she will get maybe one. What we know is that Steve Dixon, the leader of the party in Queensland, used to be with the libsm Jump parties. It stayed with the Liberal party. In Central Queensland, they have one close to 22% support. That hasn't translated into seats. That is because of the preference system that they have their. Having said that, one nation and Pauling Hansen seems dead in the water a couple of years back. To quote the great lady, please explain how that happened. She never really went away. We have to understand Queensland politics. There has been residual support for one nation for 20 years. That hasn't gone away. She has a presence in the Senate. She has used that in all sorts of ways. She turned up wearing a burger to ensure that the focus remained on her. It is a brand party. It is not a party of ideas or policies. It is populist. It is all about being a non-politician and a politician's environment. That is what she runs on. That is what people are reacting to. Winston Peters was mentioned by one nation supporters as Pauline Hanson. What do you make of that? It's overblown. Peters is a populist and he says controversial and xenophobic things in the past. It is for a political means. He never quite follow through when he is in power. We have seen that with this coalition agreement. There is little talk of immigration. The deal itself is basically labours policy. There is no target on immigration. New Zealand first and labour have backed away from that hard target on immigration. That illustrates that point. We have seen with Brexit on trumpet and to a smaller extent with Pauline Hanson, can you see that type of politics from disaffected people ever coming here? It would be a stretch to say we have started to see that. When the vote went with a just and return, we started to get that sentiment where people wanted to be involved. Comparing Winston, we wouldn't see Winston as a populist as Pauline Hanson. sshe seems crazy. There is a popular sentiment but it hasn't reached hare. Iit got here 21 years ago or more when is Winston Peters had his populism. He has tapped rich veins ofdistrusting foreigners. New Zealand's assets owned, that sort of thing. Some of it has influence policies of governments. A sentiment has been reached. Same with the feeling for all people, putting them on a pedestal. What Pauline Hanson said about Manus Island, she is not the first person to say that about Jacinda returned stand. This is the line that has been taken for some years. This is where her position is strongest. Although she might be talking about Electricity Board prices and so on, it is the imagratian issue for Australia and the boats. She is constantly which that. That has been her issue. Even if the demographic of the people has changed. She is parroting what we have seen other mainstream politicians talk about. The thing about Manus Island is that in Australia, labour and liberal support offshore detention. This isn't going to go away as a policy. She talks about it in ways that are much more flowery, but it is government policy. Would they come here? because if he opens the door to allowing some, even for human rights reasons, it will give his opposition inside Australia leveraged to keep pushing to allow more to go to third-party countries. Billing which has warned about this, she is pushing Turnbull to hard. She has taken a principled stance. There is an issue here. Australia has the ability to stop those refugees going on through the backdoor. They could block them coming from New Zealand. Jacinda said in Asia that it was up to Australia. It is their policy. The suggestion was that John Key was uncomfortable with that. You are consigning those people as second-class citizens because they can't travel to Australia. If they took that position, it would let New Zealand take the refugees. That is one option. Are we pushing it too hard to Malcolm Turnbull's government? We are. It plays bleakly to Jacinda's base. CORRECTION: brilliantly. The coalition or wind back on those policies. On this one, it is OK but she has to watch out she doesn't look preachy or whiny. She is trying to push Australia where it doesn't want to go. We saw it there where Pauline Hanson said we don't have all the protection against New Zealanders. That seems strong, but that is the point. If we divide our own populace up into class a or B citizens, no one will like it. We have to let it play out. It is the US and Australia thing. The rationale behind that is that the US takes refugees from Australia, neither is getting they want. Professor, would you agree with that? Yeah, iit could be dangerous. Jacinda has done the right thing for her political base. She has said we wants to do the right thing. We are pushing per Turnbull too hard. You have to let it play out. It is a good move to make those office. WE'LL WRAP UP THE WEEK WITH OUR PANEL AFTER THE BREAK ` THEIR PICKS FOR THE HITS AND MISSES IN THE POLITICAL WORLD, NEXT. YOUR FEEDBACK NOW. YOUR FEEDBACK NOW. LOTS ON THE SUPERFUND INTERVIEW, YOUR FEEDBACK NOW. LOTS ON THE SUPERFUND INTERVIEW, Corin, yyou didn't get time to get on to it, but the turmoil in Germany I imagine is going to play out and Brexit, because they still don't have a government. The uncertainty that creates and throws into the mix. It is interesting to hear Liam Fox saying we could end up with no deal, causing Europe to say that is just a bluff. It's a really hard negotiation going on. You can imagine how difficult it is for British politicians to tell the population 40 billion just believing. A really hard year. That is what they are worried about. The terms of this exit and being tough for the Europeans are so important. They need to make it look clear to the other members that if you are going to leave, it is gonna be easy. *isn't gonna be easy. You were nodding vigourously. It is and it isn't. It will play out, and ultimately they have the opportunity to engage with the WTO. It is showing yet again the cost of bringing it to an end, an agreement which has served all of Europe very well. Listening to Liam Fox, there will be some issues ` getting their own farmers to learn how to compete in the outside world, driving into new export markets. That is a long haul change. If it is indicative of where they want to go, it has to be good in the long run. Just to change the subject completely ` Tony Seba is pushing this idea of driverless electric cars. Oil prices will fall. He thinks that by 2030, half the fleet will be electric vehicles. FOLKS ARE GOING TO STOP OWNING CARS. CARS ARE OUR SECOND BIGGEST CAPITAL EXPENDITURE AFTER A HOUSE, BUT WE ONLY USE THEM 4% OF THE TIME. THEY'RE PARKED 96% OF THE TIME. IF YOU TAKE A FLEET LIKE UBER OR LIFT OR GOOGLE, AND THEY'RE AUTONOMOUS, THEY CAN DRIVE 40% OF THE TIME, SO 10 TIMES MORE. SO THEY'RE GONNA BE RUNNING AROUND MORE THAN A PERSONAL CAR WOULD BE, AND THAT MEANS PARKING IS GONNA GO AWAY, FOR INSTANCE. Hits and misses of the political week. Both of mine are Australian. The Liberal National party result is really bad actually for Turnbull, and the fact they didn't want Turnbull anywhere near that campaign says something about the state of the Liberal National government. Victoria passed the assisted dying law. It is looking like a world first in the sense that this is a government led bill for assisted dying, and it is giving David Seymour some hope. Very progressive. My hit as the public advocacy that resulted in Tony Veitch not taking up the role at sky. I think labour is in a place where they are trying to force their way into a honeymoon period and this may have been an unnecessary distraction. I guess the hit is seeing the government get down to work. There are been a lot of distractions, including Manus Island. And all the issues over the Prime Minister's indiscreet gossiping. It is nice to see Grant Robertson in particular getting the machinery in place, getting the mini budget and so forth. I think it's great. My miss comes down to grant Dalton and Team New Zealand. Public statements have been made by the council and David Parker about what should happen on the waterfront. Rather than throwing threats around. They stepped up. MARAE IS NEXT. REMEMBER, Q+A REPEATS TONIGHT AT 11.35PM. THANKS FOR WATCHING AND THANKS FOR YOUR CONTRIBUTIONS. THAT'S Q+A. SEE YOU NEXT SUNDAY MORNING AT 9. CAPTIONS BY FAITH HAMBLYN AND ALEX WALKER. CAPTIONS WERE MADE WITH THE SUPPORT OF NZ ON AIR. COPYRIGHT ABLE 2017