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1
00:00:01,000 --> 00:00:02,399
My vision for this country...
2
00:00:02,400 --> 00:00:04,479
- Roads, rail.
- Right across Australia.
3
00:00:04,480 --> 00:00:07,359
- We are in the age of infrastructure.
- The dawn of a new era.
4
00:00:07,360 --> 00:00:08,999
Take this country to the 21st century.
5
00:00:09,000 --> 00:00:11,239
- Bucketloads of bitumen and bricks.
- Building a stronger country.
6
00:00:11,240 --> 00:00:12,359
Record spending...
7
00:00:12,360 --> 00:00:14,279
We're spending more than any
government has ever spent.
8
00:00:14,280 --> 00:00:16,319
- $44 billion.
- $75 billion.
9
00:00:16,320 --> 00:00:19,199
- $100 billion.
- It's big money in anyone's language.
10
00:00:19,200 --> 00:00:20,879
- This is a nation-building...
- Nation-building.
11
00:00:20,880 --> 00:00:22,399
- Nation-building.
- Nation-building.
12
00:00:22,400 --> 00:00:23,679
- Nation-building.
- Nation-building.
13
00:00:23,680 --> 00:00:25,120
Nation-building.
14
00:00:31,000 --> 00:00:35,319
2050, 2080, and future asset
allocation, and that's just a guide.
15
00:00:35,320 --> 00:00:36,479
So, there you have it.
16
00:00:41,280 --> 00:00:43,159
- Outstanding.
- Thanks, Jim.
17
00:00:43,160 --> 00:00:47,759
Now, I have a confession to make.
I've misled you just a little bit.
18
00:00:47,760 --> 00:00:49,559
Rhonda, I can see you smiling.
19
00:00:49,560 --> 00:00:52,039
Hardest secret I've ever kept.
20
00:00:52,040 --> 00:00:54,639
This announcement will not
be for next year's budget.
21
00:00:54,640 --> 00:00:57,639
The PM has it earmarked
for what he's calling
22
00:00:57,640 --> 00:00:59,839
'a Christmas surprise'.
23
00:00:59,840 --> 00:01:03,119
A visionary project.
A gift to the nation.
24
00:01:03,120 --> 00:01:05,439
And if the reaction in this
room is anything to go on...
25
00:01:05,440 --> 00:01:07,239
- Very positive.
- Wow!
26
00:01:07,240 --> 00:01:09,800
Although, Tony, we
haven't heard from you.
27
00:01:11,240 --> 00:01:13,559
You're a Grinch. That's what you are.
28
00:01:13,560 --> 00:01:16,079
The Grinch who stole the PM's Christmas.
29
00:01:16,080 --> 00:01:18,199
I am simply trying to point
out that schemes like these...
30
00:01:18,200 --> 00:01:23,079
Ebenezer Scrooge. Too mean to let
in a little bit of yuletide cheer.
31
00:01:23,080 --> 00:01:25,119
$50 billion, Rhonda.
It's not a little bit.
32
00:01:25,120 --> 00:01:26,640
Oh! I've had enough.
33
00:01:27,840 --> 00:01:29,079
Judas!
34
00:01:29,080 --> 00:01:30,559
That's Easter.
35
00:01:30,560 --> 00:01:33,759
Seriously, an
infrastructure Future Fund?
36
00:01:33,760 --> 00:01:36,039
I must admit, I loved it
the first time I heard it.
37
00:01:36,040 --> 00:01:39,239
- And to be announced at Christmas.
- But what is it really?
38
00:01:39,240 --> 00:01:40,679
- It's a future fund.
- Yeah...
39
00:01:40,680 --> 00:01:41,919
To fund for the future!
40
00:01:41,920 --> 00:01:44,519
What's the point in taking money that
could be spent on infrastructure now
41
00:01:44,520 --> 00:01:45,799
and stashing it away?
42
00:01:45,800 --> 00:01:47,359
For the future.
43
00:01:47,360 --> 00:01:49,039
These things get announced
with a blaze of glory,
44
00:01:49,040 --> 00:01:51,159
then you'll move on and we're left
trying to make sense of it all.
45
00:01:51,160 --> 00:01:53,239
It's like that
Investment Australia fund.
46
00:01:53,240 --> 00:01:54,359
The what?
47
00:01:54,360 --> 00:01:57,479
$3.7 billion. Green and
gold Akubras at the launch.
48
00:01:57,480 --> 00:01:58,559
Not ringing a bell.
49
00:01:58,560 --> 00:01:59,959
Yeah, the Prime Minister was on a horse.
50
00:01:59,960 --> 00:02:02,479
- Oh! Whatever happened to that?
- I-I'll tell you what happened to that.
51
00:02:02,480 --> 00:02:04,439
But you know who'll be at
the centre of this, Tony.
52
00:02:04,440 --> 00:02:06,159
- Jim...
- Big expansion, new offices.
53
00:02:06,160 --> 00:02:07,799
- Uh, excuse me, Mr Woodford?
- Yes?
54
00:02:07,800 --> 00:02:09,599
You've had a last-minute seat change.
55
00:02:09,600 --> 00:02:12,439
- Really?
- The lady over there requested it.
56
00:02:12,440 --> 00:02:14,240
Seriously?
57
00:02:17,960 --> 00:02:21,359
Yeah, no, we'll hop onto that.
And the deadline for that is...
58
00:02:21,360 --> 00:02:22,919
I can't quite read this.
59
00:02:22,920 --> 00:02:25,519
- Is yours any better?
- I think it's the 3rd.
60
00:02:25,520 --> 00:02:27,079
3rd. I thought we were
getting a new printer.
61
00:02:27,080 --> 00:02:28,359
- We got it.
- So...
62
00:02:28,360 --> 00:02:31,119
It's amazing. It can sort
and collate, staple...
63
00:02:31,120 --> 00:02:32,799
- But not print.
- Gary's coming back in.
64
00:02:32,800 --> 00:02:34,519
- Who's Gary?
- The printer technician.
65
00:02:34,520 --> 00:02:36,119
He's due in today at...
66
00:02:36,120 --> 00:02:38,159
Is that a 3 or is that a...
67
00:02:38,160 --> 00:02:39,439
Is there anything else?
68
00:02:39,440 --> 00:02:41,279
- A speaker for the PD workshop.
- Already?
69
00:02:41,280 --> 00:02:43,159
If you want someone good, you
need to lock them in early.
70
00:02:43,160 --> 00:02:44,239
And have we...
71
00:02:44,240 --> 00:02:45,999
Have you heard of Colonel Toby Hartford?
72
00:02:46,000 --> 00:02:47,839
- No.
- Ex-SAS, served in Afghanistan.
73
00:02:47,840 --> 00:02:49,079
Sounds great.
74
00:02:49,080 --> 00:02:51,279
He'll talk about his battle with PTSD.
75
00:02:51,280 --> 00:02:53,679
- Not his battle with the enemy?
- I can ask.
76
00:02:53,680 --> 00:02:55,919
- What about Bronte Lewis?
- Mm-hm.
77
00:02:55,920 --> 00:02:57,759
She climbed Everest at the age of 16.
78
00:02:57,760 --> 00:02:59,919
- Wow. She'll talk about the climb?
- No.
79
00:02:59,920 --> 00:03:01,559
Her battles with anxiety and depression.
80
00:03:01,560 --> 00:03:02,959
- Yeah.
- Twin battles.
81
00:03:02,960 --> 00:03:04,559
Yeah. Maybe someone
a bit more uplifting.
82
00:03:04,560 --> 00:03:05,959
Shall we put together some more options?
83
00:03:05,960 --> 00:03:07,599
Sure. OK. Shall we get back to work?
84
00:03:07,600 --> 00:03:09,479
Oh, Tony, is it true?
85
00:03:09,480 --> 00:03:11,199
- The rumours?
- What rumours?
86
00:03:11,200 --> 00:03:13,359
That we might be expanding?
87
00:03:13,360 --> 00:03:14,479
- Nope.
- We heard new office.
88
00:03:14,480 --> 00:03:16,239
- No.
- Oh. Maybe I heard new printer.
89
00:03:16,240 --> 00:03:18,599
- I don't know what you heard.
- Apparently Jim was speaking to...
90
00:03:18,600 --> 00:03:20,759
No, he wasn't. No. Just
Canberra scuttlebutt.
91
00:03:20,760 --> 00:03:22,199
- Yep.
- Just ignore it.
92
00:03:22,200 --> 00:03:23,559
What did you hear?
93
00:03:23,560 --> 00:03:24,880
New office.
94
00:03:28,800 --> 00:03:30,879
So, you've... had a look?
95
00:03:30,880 --> 00:03:33,199
- It's very impressive, Minister.
- Reads well, doesn't it?
96
00:03:33,200 --> 00:03:35,079
- Actually, mine's a little faded.
- Not now.
97
00:03:35,080 --> 00:03:38,959
A nationwide $300 billion
congestion-busting master plan.
98
00:03:38,960 --> 00:03:40,839
- Boom.
- We think it's a game-changer.
99
00:03:40,840 --> 00:03:42,999
- Sure.
- Question is, what's our next step?
100
00:03:43,000 --> 00:03:45,599
Well, we could do a cost-benefit
analysis of the indivi...
101
00:03:45,600 --> 00:03:48,519
- No.
- Or an independent assessment of...
102
00:03:48,520 --> 00:03:50,199
- You don't see it.
- She doesn't see it.
103
00:03:50,200 --> 00:03:51,559
How do we launch this?
104
00:03:51,560 --> 00:03:53,719
- It's not for the budget.
- We're bringing things early.
105
00:03:53,720 --> 00:03:55,839
I mean, I can stick on a
hard hat and a hi-vis vest
106
00:03:55,840 --> 00:03:57,839
and stand out the front
of some construction site,
107
00:03:57,840 --> 00:03:59,279
but who's gonna be impressed by that?
108
00:03:59,280 --> 00:04:01,559
We'd be lucky to make one news cycle.
109
00:04:01,560 --> 00:04:03,279
This plan deserves better.
110
00:04:03,280 --> 00:04:05,279
So, what did you have in mind?
111
00:04:05,280 --> 00:04:06,999
I want to be data-driven.
112
00:04:07,000 --> 00:04:09,599
I was at a conference a
few months ago in Denmark
113
00:04:09,600 --> 00:04:10,959
and there was this one presenter
114
00:04:10,960 --> 00:04:12,959
who used this amazing
computer graphics display.
115
00:04:12,960 --> 00:04:14,359
It was...
116
00:04:14,360 --> 00:04:15,879
- Oh, it was...
- Simulation modelling?
117
00:04:15,880 --> 00:04:18,199
- That's it. It was excellent.
- Outstanding.
118
00:04:18,200 --> 00:04:20,079
And got picked up on by the local news.
119
00:04:20,080 --> 00:04:22,359
A million-plus views
online. Real cut-through.
120
00:04:22,360 --> 00:04:25,039
- So you want traffic modelling?
- In a sim.
121
00:04:25,040 --> 00:04:26,599
OK.
122
00:04:26,600 --> 00:04:28,999
We've got the Smarter Cities Forum
coming up in a few weeks in Brisbane.
123
00:04:29,000 --> 00:04:30,079
Keynote speaker.
124
00:04:30,080 --> 00:04:32,719
Feels like the perfect opportunity
to unveil our master plan.
125
00:04:32,720 --> 00:04:35,840
- Sure.
- I see myself on stage with the...
126
00:04:37,200 --> 00:04:38,999
- What did I say before?
- Turtleneck?
127
00:04:39,000 --> 00:04:42,399
- No, no, no. The screen thing
- Rear-screen projector.
128
00:04:42,400 --> 00:04:45,359
Lights lower. Dramatic music.
129
00:04:45,360 --> 00:04:48,399
I turn. What are we looking at?
130
00:04:48,400 --> 00:04:49,639
The latest mobile phone?
131
00:04:49,640 --> 00:04:52,759
A congestion-busting master plan.
132
00:04:52,760 --> 00:04:53,960
Boom!
133
00:05:00,920 --> 00:05:03,439
Yep. There you go.
134
00:05:03,440 --> 00:05:05,440
- Yeah.
- Ah.
135
00:05:06,640 --> 00:05:09,399
Gee, that's weird. I've
adjusted the toner levels.
136
00:05:09,400 --> 00:05:11,839
Well, it's happening to
everyone. Across the board.
137
00:05:11,840 --> 00:05:14,479
OK, let's see if we can't work
out what you're all doing wrong.
138
00:05:14,480 --> 00:05:16,759
Can you open up 'Print
Preferences' for me?
139
00:05:16,760 --> 00:05:18,479
- Yes.
- Yeah, he's done that.
140
00:05:18,480 --> 00:05:20,159
- Now select 'Choose Driver'.
- Uh-huh.
141
00:05:20,160 --> 00:05:21,279
Yep.
142
00:05:21,280 --> 00:05:24,079
Should be saying code number YT4110.
143
00:05:24,080 --> 00:05:25,399
- No.
- No, he's not.
144
00:05:25,400 --> 00:05:26,799
- Nothing there, Gary.
- You should.
145
00:05:26,800 --> 00:05:28,279
Yeah, well, I'm not. I'm not seeing it.
146
00:05:28,280 --> 00:05:29,679
OK, what have you done?
147
00:05:29,680 --> 00:05:32,039
I haven't done anything,
Gary, I don't think.
148
00:05:32,040 --> 00:05:33,919
- Could be a pairing issue.
- Good call.
149
00:05:33,920 --> 00:05:35,199
Sounds like a pairing issue.
150
00:05:35,200 --> 00:05:36,919
How about you get closer to the printer?
151
00:05:36,920 --> 00:05:38,439
Well, I'd actually be
sitting on it, but, yes.
152
00:05:38,440 --> 00:05:39,559
- Tony?
- Yes?
153
00:05:39,560 --> 00:05:40,639
- Jim's here.
- OK, in the pod.
154
00:05:40,640 --> 00:05:43,239
- Can I leave you guys to sort it out?
- Leave it to us.
155
00:05:43,240 --> 00:05:45,079
- OK.
- Bit of work to do, Gary.
156
00:05:45,080 --> 00:05:46,559
Hey, Jim.
157
00:05:46,560 --> 00:05:49,119
- Rhonda's not coming?
- Er, yeah. She's not talking to you.
158
00:05:49,120 --> 00:05:50,679
- Still?
- Ever, apparently.
159
00:05:50,680 --> 00:05:52,359
Mind you, it's bought you some time
160
00:05:52,360 --> 00:05:54,039
to get your head around
what a great scheme this is.
161
00:05:54,040 --> 00:05:55,719
Well, I had a good think
about it last night.
162
00:05:55,720 --> 00:05:56,799
Great. I'll let her know.
163
00:05:56,800 --> 00:05:58,719
I'm doubling down. I think
it's a really bad idea.
164
00:05:58,720 --> 00:06:00,319
- Have you got a death wish?
- No.
165
00:06:00,320 --> 00:06:02,079
This is an Infrastructure Future Fund!
166
00:06:02,080 --> 00:06:03,719
It's just something that sounds good.
167
00:06:03,720 --> 00:06:05,519
- Exactly.
- It's like a dream, an aspiration.
168
00:06:05,520 --> 00:06:06,959
- Then where are we disagreeing?
- On this.
169
00:06:06,960 --> 00:06:09,479
We were gonna take money from people
in order to build infrastructure,
170
00:06:09,480 --> 00:06:12,399
but instead, we're gonna
hang on to it for 20 years
171
00:06:12,400 --> 00:06:13,839
in order to build infrastructure.
172
00:06:13,840 --> 00:06:15,879
Again, I don't see
where we're disagreeing.
173
00:06:15,880 --> 00:06:18,079
- Why don't we spend it now?
- Then you won't have a future fund.
174
00:06:18,080 --> 00:06:19,199
- You've blown it.
- Jim...
175
00:06:19,200 --> 00:06:21,839
Tony, we're talking a
major expansion here.
176
00:06:21,840 --> 00:06:25,879
Staff, budgets, new board,
new building. Sky's the limit.
177
00:06:25,880 --> 00:06:28,119
I thought the NBA was set up
to stop this sort of thing.
178
00:06:28,120 --> 00:06:29,839
- What sort of thing?
- Unfounded ideas.
179
00:06:29,840 --> 00:06:31,319
Say somebody dreams up, I don't know,
180
00:06:31,320 --> 00:06:33,519
a water pipeline from
Darwin to Melbourne.
181
00:06:33,520 --> 00:06:34,959
Surely our job is to ask questions.
182
00:06:34,960 --> 00:06:36,199
- Is that something?
- No.
183
00:06:36,200 --> 00:06:37,879
Just asking questions.
Could it be something?
184
00:06:37,880 --> 00:06:38,999
No, no. No more questions.
185
00:06:39,000 --> 00:06:41,439
We're supposed to be the
gatekeepers. Keep out the crazy.
186
00:06:41,440 --> 00:06:42,799
What's crazy about a future fund?
187
00:06:42,800 --> 00:06:45,759
You are living in the present, Tony.
We are thinking about the future.
188
00:06:45,760 --> 00:06:47,919
But thinking about the
present fixes the future.
189
00:06:47,920 --> 00:06:50,199
No, it doesn't. When we get to the
future, you're still in the past!
190
00:06:50,200 --> 00:06:51,320
What?
191
00:06:58,640 --> 00:07:00,120
Hi. Good to see you.
192
00:07:05,960 --> 00:07:08,999
We started by ingesting the 12
months' worth of data you sent.
193
00:07:09,000 --> 00:07:10,679
That's about two terabytes' worth.
194
00:07:10,680 --> 00:07:11,759
Wow.
195
00:07:11,760 --> 00:07:14,519
What you're looking at now is
a typical midweek traffic flow.
196
00:07:14,520 --> 00:07:17,759
Green is good. Orange indicates
slower than average. Red is heavy.
197
00:07:17,760 --> 00:07:20,439
Now we can manually input
a range of external factors.
198
00:07:20,440 --> 00:07:21,719
Wet weather.
199
00:07:21,720 --> 00:07:23,319
Public holidays.
200
00:07:23,320 --> 00:07:25,599
RDOs for the industrial sector.
201
00:07:25,600 --> 00:07:28,039
- Breakdown on a major arterial.
- That's pretty impressive.
202
00:07:28,040 --> 00:07:29,639
So, we've taken your project...
203
00:07:29,640 --> 00:07:32,959
The road upgrade, extra lanes,
on- and off-ramp lengthening.
204
00:07:32,960 --> 00:07:34,879
We've factored in all
those improvements.
205
00:07:34,880 --> 00:07:37,479
So, starting with current
flow during peak...
206
00:07:37,480 --> 00:07:39,759
..then during construction,
some problems...
207
00:07:39,760 --> 00:07:40,879
Of course.
208
00:07:40,880 --> 00:07:42,959
- ..and then when it opens.
- Oh, that's brilliant!
209
00:07:42,960 --> 00:07:44,159
Amazing.
210
00:07:44,160 --> 00:07:46,079
And with the machine
learning, we can keep it going.
211
00:07:46,080 --> 00:07:48,879
Year two... year three... year four...
212
00:07:48,880 --> 00:07:50,199
Wait, wait, what's going on?
213
00:07:50,200 --> 00:07:51,679
- What happened?
- Where'd the green go?
214
00:07:52,760 --> 00:07:55,559
- Sandy Alcott.
- Yeah? Why does she have purple hair?
215
00:07:55,560 --> 00:07:57,279
- Oh, that's from the printer.
- And what does she do?
216
00:07:57,280 --> 00:08:00,799
Sandy ran 52 marathons in 52 weeks
on seven different continents.
217
00:08:00,800 --> 00:08:03,479
- Wow! What drove her to do that?
- Her marriage breakdown.
218
00:08:03,480 --> 00:08:05,959
Sandy has lived experience with
grief and substance abuse...
219
00:08:05,960 --> 00:08:08,119
I reckon we get someone a
little bit more motivational.
220
00:08:08,120 --> 00:08:11,079
- She also performs her own songs.
- Yeah, yeah. What about sport?
221
00:08:11,080 --> 00:08:13,119
Yes, we can get two of
the Oarsome Foursome.
222
00:08:13,120 --> 00:08:14,559
- To talk about?
- Teamwork.
223
00:08:14,560 --> 00:08:16,759
- And not all four?
- I think there's friction.
224
00:08:16,760 --> 00:08:18,199
Right, yeah.
225
00:08:18,200 --> 00:08:19,999
- What about Eliza Smart, swimmer?
- Yeah?
226
00:08:20,000 --> 00:08:21,439
- Synchronised?
- Hmm...
227
00:08:21,440 --> 00:08:22,759
- Medallist.
- Yeah?
228
00:08:22,760 --> 00:08:24,479
- Bronze.
- Hmm. At?
229
00:08:24,480 --> 00:08:25,919
The Commonwealth Games.
230
00:08:25,920 --> 00:08:27,519
- Maybe we keep looking, you know?
- Yep.
231
00:08:27,520 --> 00:08:29,279
But thank you. Good suggestions.
232
00:08:29,280 --> 00:08:30,280
Rhonda rang.
233
00:08:30,281 --> 00:08:31,799
She still doesn't want to talk to you
234
00:08:31,800 --> 00:08:33,519
and she said stop sending her emails,
235
00:08:33,520 --> 00:08:34,719
she's not going to read them.
236
00:08:34,720 --> 00:08:36,719
Well, how am I gonna explain my reasons?
237
00:08:36,720 --> 00:08:38,519
She's very angry. She
called you 'Krampus'.
238
00:08:38,520 --> 00:08:39,679
Who's Krampus?
239
00:08:39,680 --> 00:08:41,280
Santa Claus's enemy.
Half goat, half demon.
240
00:08:42,840 --> 00:08:44,679
Katie, can I run something past you?
241
00:08:44,680 --> 00:08:47,679
- Sure. Is this about the expansion?
- No, there is no expansion.
242
00:08:47,680 --> 00:08:48,799
Sure.
243
00:08:48,800 --> 00:08:50,519
- Katie...
- I'll keep it under my hat.
244
00:08:50,520 --> 00:08:54,319
Say we came up with something called
the Infrastructure Future Fund.
245
00:08:54,320 --> 00:08:56,799
- Oh, wow. That sounds amazing.
- Yeah, but I haven't explained it yet.
246
00:08:56,800 --> 00:08:58,519
- But I think I'm gonna like it.
- Well, maybe not.
247
00:08:58,520 --> 00:09:02,959
I mean, because I'm gonna take $1,000
in tax off you to build a freeway
248
00:09:02,960 --> 00:09:04,359
but it doesn't get built.
249
00:09:04,360 --> 00:09:05,599
- Is it the greenies again?
- No, no.
250
00:09:05,600 --> 00:09:07,679
- No, I save it.
- That sounds smart.
251
00:09:07,680 --> 00:09:09,879
Well, it's not smart yet, because
the freeway doesn't get built.
252
00:09:09,880 --> 00:09:11,359
- I'm saving money.
- That's always good.
253
00:09:11,360 --> 00:09:13,479
Well, not always, because
we eventually build a freeway
254
00:09:13,480 --> 00:09:14,839
but in the future.
255
00:09:14,840 --> 00:09:17,519
Oh, I see. Long-term thinking.
256
00:09:17,520 --> 00:09:20,159
- But it's the same freeway.
- Yeah. So smart.
257
00:09:20,160 --> 00:09:21,519
Yeah. Yeah.
258
00:09:21,520 --> 00:09:23,240
So, why is Rhonda angry at you?
259
00:09:24,240 --> 00:09:26,359
What happened? Why
does the traffic get worse?
260
00:09:26,360 --> 00:09:28,319
Have you heard of the Jevons paradox?
261
00:09:28,320 --> 00:09:29,959
I'm hoping they're a death metal band.
262
00:09:29,960 --> 00:09:32,279
It basically states that the better
you make something, like a road,
263
00:09:32,280 --> 00:09:33,599
the more people will use it.
264
00:09:33,600 --> 00:09:35,079
- Isn't that a good thing?
- No.
265
00:09:35,080 --> 00:09:37,679
It means you spend a lot of money
now for a very short-term benefit.
266
00:09:37,680 --> 00:09:39,559
- So there is some benefit?
- Oh, sure.
267
00:09:39,560 --> 00:09:41,119
Average travel times crossing the city
268
00:09:41,120 --> 00:09:43,999
will be cut by two and a half
minutes... or a little less.
269
00:09:44,000 --> 00:09:45,639
- Call it two.
- Really?
270
00:09:45,640 --> 00:09:49,439
- And that lasts for 14, 15 months.
- Then declines?
271
00:09:49,440 --> 00:09:51,959
- Ah, no. Stays flat.
- Then declines.
272
00:09:51,960 --> 00:09:53,679
Well, for $300 billion,
273
00:09:53,680 --> 00:09:56,279
I guess we were hoping for
something a little more dramatic.
274
00:09:56,280 --> 00:09:57,879
- Two and a half minutes.
- Call it two.
275
00:09:57,880 --> 00:09:59,400
You don't look happy.
276
00:10:00,560 --> 00:10:02,759
- The printing is getting worse.
- But look. Double-sided.
277
00:10:02,760 --> 00:10:03,919
Yeah, doubly worse.
278
00:10:03,920 --> 00:10:06,199
I rang Gary. He thinks he might
have installed the wrong driver.
279
00:10:06,200 --> 00:10:08,159
- Who's Ves Gorman?
- Wes.
280
00:10:08,160 --> 00:10:09,879
Courtney thought he
might be a good speaker.
281
00:10:09,880 --> 00:10:13,519
- What's that thing around his neck?
- It's a snake. He's a survivalist.
282
00:10:13,520 --> 00:10:15,359
"Wes talks about coping with extremes."
283
00:10:15,360 --> 00:10:16,399
That's interesting.
284
00:10:16,400 --> 00:10:18,679
"From dyslexia to
childhood bullying and..."
285
00:10:18,680 --> 00:10:21,839
I can't tell if that's
"disorder" or "dysmorphia".
286
00:10:21,840 --> 00:10:23,879
I want you to take this
down to Officeworks.
287
00:10:23,880 --> 00:10:25,239
Tony, once it's fixed...
288
00:10:25,240 --> 00:10:27,279
And buy me the cheapest,
shittiest printer you can find.
289
00:10:27,280 --> 00:10:30,079
- Shall I get Gary to install it?
- No, I can put in a plug.
290
00:10:30,080 --> 00:10:32,119
- I'll get you a coffee while I'm out.
- That'd be great.
291
00:10:32,120 --> 00:10:35,599
Is it true we might be getting our
own coffee shop in the new building?
292
00:10:35,600 --> 00:10:38,359
- Katie.
- I know. Just Canberra scuttlebutt.
293
00:10:38,360 --> 00:10:40,479
Alright. Good news.
294
00:10:40,480 --> 00:10:42,439
- Rhonda's calmed down?
- No, not that.
295
00:10:42,440 --> 00:10:44,599
- Hey, who's Hans Gruber?
- The evil guy from Die Hard.
296
00:10:44,600 --> 00:10:46,719
Oh, the guy who ruins
everyone's Christmas.
297
00:10:46,720 --> 00:10:47,959
Yeah.
298
00:10:47,960 --> 00:10:50,199
Anyway, we are getting some serious
heat on this future fund thing.
299
00:10:50,200 --> 00:10:52,039
- Talk about positive feedback.
- From?
300
00:10:52,040 --> 00:10:53,559
- Everyone.
- Such as?
301
00:10:53,560 --> 00:10:55,279
Banks, share traders,
investment brokers.
302
00:10:55,280 --> 00:10:56,759
- Jim, they're the same people.
- What?
303
00:10:56,760 --> 00:10:58,839
Of course they love it. They've
got $50 billion to play with.
304
00:10:58,840 --> 00:11:00,199
- 60.
- It's gonna up?
305
00:11:00,200 --> 00:11:01,439
Why put a ceiling on the future?
306
00:11:01,440 --> 00:11:03,399
All we're doing is taking
vast amounts of public money
307
00:11:03,400 --> 00:11:05,319
and then parking it in the
financial services sector.
308
00:11:05,320 --> 00:11:06,559
Sounds prudent.
309
00:11:06,560 --> 00:11:07,999
We're better off spending the money now.
310
00:11:08,000 --> 00:11:10,879
Ah, no! This is where we're
all a little bit ahead of you
311
00:11:10,880 --> 00:11:13,319
with a thing called outperformance.
312
00:11:13,320 --> 00:11:14,839
- Oh, Jim!
- Hear me out.
313
00:11:14,840 --> 00:11:17,239
The guys in Finance are huge
on this outperformance thing.
314
00:11:17,240 --> 00:11:19,759
So, you take a large tranche of funds.
315
00:11:19,760 --> 00:11:21,919
Good word, that, 'tranche'.
316
00:11:21,920 --> 00:11:23,119
- 'Tranche'.
- Jim.
317
00:11:23,120 --> 00:11:24,439
Sorry. Put it in a hedge fund.
318
00:11:24,440 --> 00:11:26,199
- 'Hedge'. Another good word.
- Yep.
319
00:11:26,200 --> 00:11:28,839
Then with a compound annual growth rate
320
00:11:28,840 --> 00:11:30,479
and diversified portfolio management,
321
00:11:30,480 --> 00:11:34,719
you have multipliers that
deliver above-market returns.
322
00:11:34,720 --> 00:11:37,439
Merry Christmas. Shall I
tell Rhonda you've apologised?
323
00:11:37,440 --> 00:11:38,440
No.
324
00:11:38,441 --> 00:11:40,319
Well, shall I tell her that
you now support the fund?
325
00:11:40,320 --> 00:11:41,639
Who says you get above-market returns?
326
00:11:41,640 --> 00:11:42,759
They do! The whiz kids!
327
00:11:42,760 --> 00:11:46,199
They've got algorithms and arbitrage
thingos and it's all guaranteed.
328
00:11:46,200 --> 00:11:47,719
- Is it?
- I think so.
329
00:11:47,720 --> 00:11:50,279
"Past performance is no
guarantee of future outcomes."
330
00:11:50,280 --> 00:11:51,959
- Sounds technical.
- It's the opposite.
331
00:11:51,960 --> 00:11:53,119
Why don't you have a chat with them?
332
00:11:53,120 --> 00:11:55,199
I've set up a meeting.
Then you'll agree.
333
00:11:55,200 --> 00:11:57,359
- Alright, we'll see.
- Good man.
334
00:11:57,360 --> 00:11:59,559
- Two and a half minutes?
- Hmm, more likely two.
335
00:11:59,560 --> 00:12:01,559
That's not congestion busting.
336
00:12:01,560 --> 00:12:03,839
And even that doesn't last.
It's a temporary decongestion.
337
00:12:03,840 --> 00:12:06,159
- I can get that from cough syrup!
- It's all in here.
338
00:12:06,160 --> 00:12:09,719
As you can see, it starts off
green, then pretty quickly turns red.
339
00:12:09,720 --> 00:12:12,599
- Well, this is all purple.
- That's our printer.
340
00:12:12,600 --> 00:12:14,959
- The results simply don't add up.
- What's this computer doing?
341
00:12:14,960 --> 00:12:16,119
It runs multiple scenarios.
342
00:12:16,120 --> 00:12:18,079
Can they reboot it? A software update?
343
00:12:18,080 --> 00:12:19,799
There's nothing wrong with the computer.
344
00:12:19,800 --> 00:12:21,399
Turn it off and on again
at the wall. Something.
345
00:12:21,400 --> 00:12:22,759
It's a supercomputer, Rhonda.
346
00:12:22,760 --> 00:12:25,479
It predicts outcomes
with 99.95% accuracy.
347
00:12:25,480 --> 00:12:27,119
So there is a margin for error?
348
00:12:27,120 --> 00:12:29,359
The fact is you just can't
build your way out of congestion.
349
00:12:29,360 --> 00:12:31,679
- Says who?
- Some guy called Jevons.
350
00:12:31,680 --> 00:12:33,519
Honestly, who do these
people think they are?
351
00:12:33,520 --> 00:12:34,799
Experts.
352
00:12:34,800 --> 00:12:37,439
They actually mentioned we should
look into more mass transit options.
353
00:12:37,440 --> 00:12:39,759
I knew AI would turn out
to be a bunch of greenies.
354
00:12:39,760 --> 00:12:42,919
Tell them to get back in the real
world, where people like roads.
355
00:12:42,920 --> 00:12:45,119
The other option could
be a congestion tax.
356
00:12:45,120 --> 00:12:47,359
For God's sake! Do I have
to go down there myself?
357
00:12:47,360 --> 00:12:49,639
- We thought you were gonna be there.
- I got stuck in traffic.
358
00:12:49,640 --> 00:12:51,399
- But I've got a good mind...
- Oh, Nat, can you go to...
359
00:12:51,400 --> 00:12:53,040
Oh, sorry. Hi, Rhonda.
360
00:12:54,400 --> 00:12:56,000
Let me know when he's left.
361
00:12:57,440 --> 00:12:58,680
Yep, OK.
362
00:13:00,640 --> 00:13:02,119
- Hey, Tony.
- Hmm?
363
00:13:02,120 --> 00:13:03,679
Heard the whisper?
364
00:13:03,680 --> 00:13:05,639
- See that building over there?
- Yep.
365
00:13:05,640 --> 00:13:07,839
They reckon the top five
floors might be ours.
366
00:13:07,840 --> 00:13:09,279
Be good to have a view.
367
00:13:09,280 --> 00:13:11,440
- Gentlemen?
- Oh, yeah. Thank you.
368
00:13:17,600 --> 00:13:19,079
Thank you. Thank you very much.
369
00:13:19,080 --> 00:13:20,520
- Coffees?
- Oh, that'd be great.
370
00:13:24,520 --> 00:13:25,919
Tony.
371
00:13:25,920 --> 00:13:27,799
- Tony.
- Brendan.
372
00:13:27,800 --> 00:13:30,639
Firstly, can I say, we're very
excited by the opportunity.
373
00:13:30,640 --> 00:13:33,439
Needless to say, we see enormous upside.
374
00:13:33,440 --> 00:13:35,039
Out of interest, what is that upside?
375
00:13:35,040 --> 00:13:38,719
Our target rate of return is
the 10-year bond rate plus 4.5%.
376
00:13:38,720 --> 00:13:40,839
- Wow!
- He said target rate.
377
00:13:40,840 --> 00:13:42,479
It's not the actual... Yeah.
378
00:13:42,480 --> 00:13:44,359
And how will you achieve that rate?
379
00:13:44,360 --> 00:13:46,399
The best way to achieve
your investment objectives
380
00:13:46,400 --> 00:13:47,999
of either growth or income
381
00:13:48,000 --> 00:13:49,559
is to have a defined strategy
382
00:13:49,560 --> 00:13:52,919
that allows access to a
diversified, proactive portfolio
383
00:13:52,920 --> 00:13:56,039
that's aligned with your stated
objectives or risk tolerance.
384
00:13:56,040 --> 00:13:57,639
- Or both.
- Exactly.
385
00:13:57,640 --> 00:13:59,440
- Makes pretty good sense.
- What?
386
00:14:00,560 --> 00:14:03,399
Um... can I ask you about some
of your recent investments?
387
00:14:03,400 --> 00:14:05,199
- Sure.
- Have you got the list there?
388
00:14:05,200 --> 00:14:08,039
- Yeah.
- 'Cause going through it, I was, um...
389
00:14:08,040 --> 00:14:09,959
- I, uh, can't read that.
- Oh, shit.
390
00:14:09,960 --> 00:14:12,279
- Hang on. I've got it on my phone.
- No, no, it's OK.
391
00:14:12,280 --> 00:14:14,719
Quite a few of them failed
to reach that target rate.
392
00:14:14,720 --> 00:14:16,479
- I'm not sure I'd say failed.
- What would you say?
393
00:14:16,480 --> 00:14:18,119
- Underperformed.
- Due to?
394
00:14:18,120 --> 00:14:19,479
A cyclical correction.
395
00:14:19,480 --> 00:14:21,600
- Plus headwinds.
- Headwinds. Yeah.
396
00:14:23,720 --> 00:14:28,559
So the key is, we can be overweight
on illiquid securities and assets
397
00:14:28,560 --> 00:14:30,039
because of the time frame.
398
00:14:30,040 --> 00:14:31,679
Yeah, can I ask you a simple question?
399
00:14:31,680 --> 00:14:34,839
Do you think now is a good time
to be launching a fund like this?
400
00:14:34,840 --> 00:14:37,399
We'd be comfortable with a
combination of long-term yield plays
401
00:14:37,400 --> 00:14:39,879
plus hedged emerging-market
equity components.
402
00:14:39,880 --> 00:14:42,079
- Interesting.
- Yeah, but not an answer.
403
00:14:42,080 --> 00:14:44,799
Alright, simpler question. What's
your outlook for global markets?
404
00:14:44,800 --> 00:14:47,319
- We see volatility.
- And then?
405
00:14:47,320 --> 00:14:49,559
- Headwinds?
- Possibly.
406
00:14:49,560 --> 00:14:51,839
So what you're saying
is returns could go up...
407
00:14:51,840 --> 00:14:53,319
- Yes.
- ..or down?
408
00:14:53,320 --> 00:14:54,559
Yes.
409
00:14:54,560 --> 00:14:57,679
- Or remain flat?
- If pushed.
410
00:14:57,680 --> 00:14:59,480
Mmm. Interesting.
411
00:15:00,600 --> 00:15:02,199
- Brian.
- Scott.
412
00:15:02,200 --> 00:15:03,960
- Brian.
- Tony.
413
00:15:05,160 --> 00:15:07,799
Tony, do you mind if
I have a quiet word?
414
00:15:07,800 --> 00:15:09,799
Yeah, yeah. I'll see
you up there, Scotty.
415
00:15:09,800 --> 00:15:11,839
I just wanted to let you know,
416
00:15:11,840 --> 00:15:13,959
Christine and I are expecting our third.
417
00:15:13,960 --> 00:15:17,159
- Oh! Congratulations, Brian.
- Thank you.
418
00:15:17,160 --> 00:15:19,039
Just thought you should be
one of the first to know.
419
00:15:19,040 --> 00:15:20,759
Oh, it's just wonderful news.
420
00:15:20,760 --> 00:15:22,879
Yeah, it's gonna be a bit
of a stretch financially,
421
00:15:22,880 --> 00:15:26,519
but, what, with the expansion and
all the new opportunity coming,
422
00:15:26,520 --> 00:15:28,119
it's very exciting.
423
00:15:28,120 --> 00:15:30,999
Yeah, what... Great news.
424
00:15:31,000 --> 00:15:32,319
Alright.
425
00:15:32,320 --> 00:15:35,999
I've spoken to some real experts
and they suggest the following.
426
00:15:36,000 --> 00:15:38,039
We start by revising a few assumptions.
427
00:15:38,040 --> 00:15:42,039
'Traffic' no longer includes
slow vehicles, trucks, buses...
428
00:15:42,040 --> 00:15:43,439
My parents.
429
00:15:43,440 --> 00:15:47,079
Morning peak hour is
now 5:30am till 10:30am.
430
00:15:47,080 --> 00:15:49,879
That's the entire morning. You
might as well redefine an 'hour'.
431
00:15:49,880 --> 00:15:52,799
An 'hour' is anything
between 60 and 119 minutes.
432
00:15:52,800 --> 00:15:54,719
Did they account for
driverless vehicles?
433
00:15:54,720 --> 00:15:57,079
- No.
- Factor them in. Add another lane.
434
00:15:57,080 --> 00:15:58,839
I thought we were gonna be data-driven.
435
00:15:58,840 --> 00:16:00,439
The data doesn't know what it's doing.
436
00:16:00,440 --> 00:16:02,039
I can barely program my phone,
437
00:16:02,040 --> 00:16:04,519
I'm already running rings
around this supercomputer!
438
00:16:04,520 --> 00:16:08,040
- I don't think we can make them...
- Just give it another pass.
439
00:16:10,760 --> 00:16:12,479
Straight out of the
box. How simple is that?
440
00:16:12,480 --> 00:16:14,919
Well, why would Rhonda
call you Macaulay Culkin?
441
00:16:14,920 --> 00:16:17,399
Home Alone? They left
him behind at Christmas?
442
00:16:17,400 --> 00:16:20,479
- Oh! She wants to leave you behind!
- Yeah. Yeah.
443
00:16:20,480 --> 00:16:23,679
- Perfect!
- At last, I can read the thing.
444
00:16:23,680 --> 00:16:25,679
"Gordon has more than
20 years' experience
445
00:16:25,680 --> 00:16:27,159
"in the banking and finance sec..."
446
00:16:27,160 --> 00:16:28,759
Really? For a motivational speaker?
447
00:16:28,760 --> 00:16:31,319
Well, no, that's a list of names
from Jim for the future fund board.
448
00:16:31,320 --> 00:16:32,519
Seriously?
449
00:16:32,520 --> 00:16:34,279
He said they're just thought-starters.
450
00:16:34,280 --> 00:16:35,879
Hmm, I notice that Gordon's seven years
451
00:16:35,880 --> 00:16:37,599
on the board of the
National Australia Bank
452
00:16:37,600 --> 00:16:38,999
is missing from his CV.
453
00:16:39,000 --> 00:16:41,199
- No, not this printer too?
- No, no, it was deliberately...
454
00:16:41,200 --> 00:16:42,879
- How's it going?
- Fine. Yeah.
455
00:16:42,880 --> 00:16:44,719
So, you got the list.
Some savvy minds there.
456
00:16:44,720 --> 00:16:47,079
You want these people to be
in charge of public funds?
457
00:16:47,080 --> 00:16:49,159
- Yeah, do you know them?
- Only from the royal commission.
458
00:16:49,160 --> 00:16:50,599
Oh, just thought-starters.
459
00:16:50,600 --> 00:16:52,599
Sorry, Tony, do you mind
if we use your printer?
460
00:16:52,600 --> 00:16:54,559
- Yep, no, sure. Go ahead. Yeah.
- Oh, thanks.
461
00:16:54,560 --> 00:16:55,919
- Big day yesterday.
- Huh?
462
00:16:55,920 --> 00:16:57,799
Had the heavy-hitters
from the future fund in.
463
00:16:57,800 --> 00:16:59,399
They think it's a great idea.
464
00:16:59,400 --> 00:17:00,919
- Well, of course they do.
- Get this.
465
00:17:00,920 --> 00:17:05,439
We start with $20 billion from
the sale of the... you know.
466
00:17:05,440 --> 00:17:06,759
No, I don't know.
467
00:17:06,760 --> 00:17:09,039
Oh. That might not be announced yet.
468
00:17:09,040 --> 00:17:10,479
Anyway, there's $20 billion,
469
00:17:10,480 --> 00:17:13,319
plus $10 billion per year
for 10 years compounded.
470
00:17:13,320 --> 00:17:15,399
That's $200 billion, Jim. Jesus!
471
00:17:15,400 --> 00:17:17,599
Yeah! That's what everyone says.
472
00:17:17,600 --> 00:17:19,359
So, how'd you go with the whiz kids?
473
00:17:19,360 --> 00:17:21,039
They've got no idea what
they're talking about.
474
00:17:21,040 --> 00:17:23,119
What? You really are the Grinch!
475
00:17:23,120 --> 00:17:24,999
They just gave me a laundry
list of investments terms.
476
00:17:25,000 --> 00:17:26,559
- They mention outperformance?
- Several times.
477
00:17:26,560 --> 00:17:27,799
- Cyclicals?
- Yeah.
478
00:17:27,800 --> 00:17:28,999
They're good, aren't they?
479
00:17:29,000 --> 00:17:30,400
- Sorry.
- Yep, go ahead.
480
00:17:31,600 --> 00:17:33,119
So, where are we at?
481
00:17:33,120 --> 00:17:34,719
Well, I still think it's a crazy idea.
482
00:17:34,720 --> 00:17:37,839
Ah. Speaking of which, the
Northern Water Pipeline.
483
00:17:37,840 --> 00:17:39,999
I mentioned it to the
Minister for Rural Affairs.
484
00:17:40,000 --> 00:17:41,359
He wants a working party.
485
00:17:41,360 --> 00:17:43,639
- Who's crazy now?
- Well, it's...
486
00:17:43,640 --> 00:17:46,120
- Last one.
- Yep. OK.
487
00:17:47,480 --> 00:17:48,919
OK, now add a fourth lane.
488
00:17:48,920 --> 00:17:50,319
I thought it was only gonna be three.
489
00:17:50,320 --> 00:17:51,640
Just try.
490
00:17:52,880 --> 00:17:54,799
Now, what would it look like at 2:00?
491
00:17:54,800 --> 00:17:56,360
- In the afternoon?
- Try morning.
492
00:17:57,440 --> 00:17:58,679
Getting there.
493
00:17:58,680 --> 00:18:00,719
- What year is that?
- Uh, year one.
494
00:18:00,720 --> 00:18:02,359
And year two.
495
00:18:02,360 --> 00:18:04,400
And year three...
496
00:18:06,600 --> 00:18:09,719
So, there I was in the
middle of the Southern Ocean,
497
00:18:09,720 --> 00:18:14,799
60-foot waves, competing against
the greatest sailors in the world,
498
00:18:14,800 --> 00:18:18,239
and all I could think about was
Caroline and the hurt I've caused.
499
00:18:18,240 --> 00:18:20,359
Does he actually talk
about the yacht race?
500
00:18:20,360 --> 00:18:22,239
Sort of. Mostly cheating on Caroline.
501
00:18:22,240 --> 00:18:24,519
I'm not sure that he's that
inspirational for what...
502
00:18:24,520 --> 00:18:26,199
Katie, are you crying?
503
00:18:26,200 --> 00:18:28,239
Oh, I just hope they
get back together. Yeah.
504
00:18:28,240 --> 00:18:29,639
So it's a no to the sailor?
505
00:18:29,640 --> 00:18:31,319
Yeah, I just think you've
got to be better than that
506
00:18:31,320 --> 00:18:32,719
if you're gonna get up on stage.
507
00:18:32,720 --> 00:18:34,479
Ladies and gentlemen,
508
00:18:34,480 --> 00:18:37,679
the Right Honourable
Minister Brad Harper.
509
00:18:40,240 --> 00:18:42,039
Good afternoon.
510
00:18:42,040 --> 00:18:43,999
Oh, sorry, I've done
it again, haven't I?
511
00:18:44,000 --> 00:18:46,679
- I think this is your mark here.
- Yeah, it's a little dark.
512
00:18:46,680 --> 00:18:49,079
Minister, you don't need
to hold the microphone.
513
00:18:49,080 --> 00:18:51,559
Oh, quite right, Rhonda.
Sorry, I keep forgetting.
514
00:18:51,560 --> 00:18:52,959
It's hot in here, yeah?
515
00:18:52,960 --> 00:18:54,239
Let's go again.
516
00:18:54,240 --> 00:18:56,719
Ladies and gentlemen...
517
00:19:05,960 --> 00:19:08,079
- Ta.
- No worries.
518
00:19:08,080 --> 00:19:10,079
- Yeah?
- Bad news.
519
00:19:10,080 --> 00:19:12,479
- That speaker? Not available.
- The life coach?
520
00:19:12,480 --> 00:19:14,039
He said it's a really busy time of year
521
00:19:14,040 --> 00:19:15,799
and he'd have to take
two connecting flights.
522
00:19:15,800 --> 00:19:18,519
- What was he gonna talk about?
- Resilience, overcoming obstacles.
523
00:19:18,520 --> 00:19:19,839
Right. OK.
524
00:19:19,840 --> 00:19:22,399
- Tony, can I ask you a question?
- Oh, sure.
525
00:19:22,400 --> 00:19:25,719
Sorry, can you finish that
later? I just, um... Thanks, guys.
526
00:19:25,720 --> 00:19:27,759
Is now a really good
time to take out a loan?
527
00:19:27,760 --> 00:19:30,599
I'm thinking of getting an
apartment, what with the...
528
00:19:30,600 --> 00:19:31,919
Yeah, maybe not right now.
529
00:19:31,920 --> 00:19:34,119
Scott said something about
headwinds and volatility.
530
00:19:34,120 --> 00:19:36,039
- Did he?
- Yeah. Which is worse?
531
00:19:36,040 --> 00:19:38,479
- Uh... can I get back to you on that?
- Sure.
532
00:19:38,480 --> 00:19:40,599
Yeah. OK. How'd you go?
533
00:19:40,600 --> 00:19:42,479
I took the figures the
Finance guys sent us.
534
00:19:42,480 --> 00:19:46,559
They've assumed the target
rate of inflation plus 5.5%.
535
00:19:46,560 --> 00:19:48,279
- I thought it was 4.5%.
- Revised assumption.
536
00:19:48,280 --> 00:19:50,199
How do you just change your assumptions?
537
00:19:50,200 --> 00:19:52,359
Anyway, it's pretty impressive.
Some serious yields there.
538
00:19:52,360 --> 00:19:54,039
But you can't just
assume outperformance.
539
00:19:54,040 --> 00:19:55,359
- Can't you?
- No...
540
00:19:55,360 --> 00:19:57,840
Can you show me the actual
future fund performance?
541
00:20:00,040 --> 00:20:01,479
Very impressive.
542
00:20:01,480 --> 00:20:03,599
What if you just invested in
an off-the-shelf index fund
543
00:20:03,600 --> 00:20:04,799
the whole way along?
544
00:20:04,800 --> 00:20:06,639
- I can do that.
- Can you?
545
00:20:06,640 --> 00:20:10,360
Well, S&P 500. Biggest,
lowest-cost index fund in the world.
546
00:20:13,840 --> 00:20:15,959
- That can't be right.
- Pretty similar.
547
00:20:15,960 --> 00:20:17,799
I've done something wrong.
548
00:20:17,800 --> 00:20:19,319
- Maybe I hedged.
- No.
549
00:20:19,320 --> 00:20:21,279
Katie, can you give Rhonda a call?
550
00:20:21,280 --> 00:20:22,879
She's still not speaking to you.
551
00:20:22,880 --> 00:20:25,359
Tell her I've got an
idea for a future fund.
552
00:20:25,360 --> 00:20:28,439
Road congestion is
currently costing this country
553
00:20:28,440 --> 00:20:31,719
$16 billion a year.
554
00:20:31,720 --> 00:20:35,959
But we have a plan for the
people of insert city here...
555
00:20:35,960 --> 00:20:38,239
Brisbane... Minister.
556
00:20:38,240 --> 00:20:39,959
My mistake.
557
00:20:39,960 --> 00:20:43,319
But we have a plan for
the people of Brisbane
558
00:20:43,320 --> 00:20:47,599
to spend less time on the roads
and more time with loved ones.
559
00:20:47,600 --> 00:20:51,159
But will it work? Don't
just take my word for it.
560
00:20:51,160 --> 00:20:54,119
Take the word of the most
powerful supercomputer
561
00:20:54,120 --> 00:20:55,760
in the world!
562
00:20:57,280 --> 00:20:58,679
Looking good, Minister.
563
00:20:58,680 --> 00:21:00,199
Thanks, Rhonda. It feels good...
564
00:21:00,200 --> 00:21:02,480
Hang on. What now?
565
00:21:06,000 --> 00:21:07,639
I reckon start.
566
00:21:07,640 --> 00:21:10,599
OK. You really want a future fund?
567
00:21:10,600 --> 00:21:12,719
- Hallelujah!
- Apology accepted.
568
00:21:12,720 --> 00:21:14,319
I'll let the PM know.
569
00:21:14,320 --> 00:21:15,759
But there needs to be
a few modifications.
570
00:21:15,760 --> 00:21:17,479
For a start, we don't
need a new building.
571
00:21:17,480 --> 00:21:19,239
Where are we gonna house everyone?
572
00:21:19,240 --> 00:21:21,239
There is no everyone. We're
gonna run it out of this office.
573
00:21:21,240 --> 00:21:23,839
- You'll be on top of each other.
- Where will you put the coffee shop?
574
00:21:23,840 --> 00:21:26,199
You've rung the Office
of Prime Minister and Cabinet.
575
00:21:26,200 --> 00:21:28,119
So that we may direct your call...
576
00:21:28,120 --> 00:21:29,879
Point two, we don't need
a heap of new people.
577
00:21:29,880 --> 00:21:31,679
- How many?
- Three to set it up.
578
00:21:31,680 --> 00:21:33,039
- Moving forward?
- One.
579
00:21:33,040 --> 00:21:34,959
That's moving backwards.
How's that expansion?
580
00:21:34,960 --> 00:21:36,879
A future fund could be run
with one person and a laptop.
581
00:21:36,880 --> 00:21:38,039
Possibly part-time.
582
00:21:38,040 --> 00:21:39,759
Were you mistreated as a child?
583
00:21:39,760 --> 00:21:41,279
The PM wants a proper fund.
584
00:21:41,280 --> 00:21:42,879
I'm trying to get him value for money.
585
00:21:42,880 --> 00:21:45,439
- Yeah, by taking away his toys.
- We can invest the funds ourselves.
586
00:21:45,440 --> 00:21:47,559
Pick an appropriate portfolio of ETFs.
587
00:21:47,560 --> 00:21:49,799
Save hundreds of millions
of dollars in costs and fees.
588
00:21:49,800 --> 00:21:51,799
What about outperformance?
Tranches? The board?
589
00:21:51,800 --> 00:21:53,839
I've got a self-managed super
fund and I don't have a board.
590
00:21:53,840 --> 00:21:56,239
- Do you want one?
- That's my final word, final offer.
591
00:21:56,240 --> 00:21:57,799
Rhonda?
592
00:21:57,800 --> 00:21:59,119
Ask him to leave.
593
00:21:59,120 --> 00:22:00,519
It's my office.
594
00:22:00,520 --> 00:22:01,840
I reckon...
595
00:22:06,720 --> 00:22:08,280
This is ridiculous.
596
00:22:12,400 --> 00:22:15,959
- There's been a few challenges...
- Well, there always will be, Nat.
597
00:22:15,960 --> 00:22:17,199
That's why we've got to be bold.
598
00:22:17,200 --> 00:22:18,559
Not wanting to speak out of school,
599
00:22:18,560 --> 00:22:20,159
but I was saying to
Cabinet the other day,
600
00:22:20,160 --> 00:22:22,079
big data is here, you can't fight it.
601
00:22:22,080 --> 00:22:24,759
These boxes contain
1,000 terabytes each.
602
00:22:24,760 --> 00:22:26,559
This is great. Write that down.
603
00:22:26,560 --> 00:22:28,359
They use supercomputer
modelling from Stanford.
604
00:22:28,360 --> 00:22:30,119
We've come a long way from
politicians in hard hats.
605
00:22:30,120 --> 00:22:31,719
- How do you spell 'terabyte'?
- With a Y.
606
00:22:31,720 --> 00:22:33,359
But the actual results
have been a little mixed.
607
00:22:33,360 --> 00:22:34,719
I wish I was on stage now.
608
00:22:34,720 --> 00:22:36,799
You see, over the three- or four-year...
609
00:22:36,800 --> 00:22:40,239
You know what? Natalie, enough
talk. Let the algorithms speak.
610
00:22:40,240 --> 00:22:42,959
Lights, action...
611
00:22:42,960 --> 00:22:44,320
..showtime.
612
00:22:45,600 --> 00:22:46,880
OK.
613
00:22:48,760 --> 00:22:51,559
Based on data,
future projections are clear.
614
00:22:51,560 --> 00:22:53,639
Once the project is complete,
615
00:22:53,640 --> 00:22:56,679
traffic flow is impacted immediately.
616
00:22:56,680 --> 00:22:58,040
Then, after one year...
617
00:22:59,240 --> 00:23:01,120
..then two years...
618
00:23:02,760 --> 00:23:04,000
..three years...
619
00:23:05,080 --> 00:23:09,719
By year four, travel times
have returned to original state,
620
00:23:09,720 --> 00:23:12,959
while traffic flows continue
to decrease to levels that...
621
00:23:12,960 --> 00:23:15,599
..after another volcanic eruption
622
00:23:15,600 --> 00:23:17,759
sent plumes of ash into the air.
623
00:23:17,760 --> 00:23:20,559
And big plans for Brisbane roads.
624
00:23:20,560 --> 00:23:23,119
People say you can't build
your way out of congestion.
625
00:23:23,120 --> 00:23:25,479
Well, we say you're wrong.
626
00:23:30,720 --> 00:23:32,759
Merry Christmas!
627
00:23:32,760 --> 00:23:34,440
Santa!
628
00:23:41,480 --> 00:23:43,399
Folks, if I can just, um...
629
00:23:43,400 --> 00:23:44,999
If I could just... Sorry, Scotty?
630
00:23:45,000 --> 00:23:46,319
Scotty, the music.
631
00:23:48,840 --> 00:23:50,679
No, not up! Down! Down!
632
00:23:50,680 --> 00:23:52,959
Off. Down. Off. Yeah, that'd be good.
633
00:23:52,960 --> 00:23:54,719
Sorry, guys, everyone.
634
00:23:54,720 --> 00:23:57,919
Sorry to talk shop, but I just got
off a conference call with Canberra.
635
00:23:57,920 --> 00:24:00,519
As you know, one of our
roles is to stop the crazy.
636
00:24:00,520 --> 00:24:03,279
- Oh, is this the Darwin pipeline?
- I heard that's going ahead.
637
00:24:03,280 --> 00:24:05,879
No, no, no, this is about next year,
the rumours you've all been hearing.
638
00:24:05,880 --> 00:24:10,159
What I can tell you is that the
Infrastructure Future Fund...
639
00:24:13,120 --> 00:24:14,560
..will not be going ahead.
640
00:24:17,200 --> 00:24:18,999
Anyway, merry Christmas.
641
00:24:19,000 --> 00:24:21,359
- Music?
- I think so. Yeah.
642
00:24:28,430 --> 00:24:34,048
- Synced & Corrected by Dragoniod -
www.addic7ed.com
643
00:24:47,760 --> 00:24:49,679
- How are they?
- They're not great.
644
00:24:49,680 --> 00:24:51,920
Because we need a motivational speaker.
645
00:24:59,440 --> 00:25:03,239
Well, so, there I am, right?
I've won the Gold Logie.
646
00:25:03,240 --> 00:25:05,600
OK? World at my feet.
647
00:25:06,880 --> 00:25:08,360
But inside...
648
00:25:09,480 --> 00:25:10,800
..nothing.
649
00:25:11,880 --> 00:25:14,119
Just... nothing.
650
00:25:14,120 --> 00:25:18,840
You know, just an overwhelming
sense of, "What's the point?"
51478
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