Our three waters are some of the most important infrastructure we have in Aotearoa. They're worth $55 billion in terms of their replacement value, but study after study has shown that the 67 local authorities which are largely responsible for providing three waters have, for a long time, been under-investing in maintaining and improving the infrastructure, particularly with the rapid population growth we're having in Aotearoa New Zealand. So there is a big gap. It's been shown there's about $120 billion investment required—$120 billion to $180 billion—and yet at the moment, in their long-term plans, local authorities are proposing to invest between $42 billion and $81 billion over the next 30-year period. 