I said earlier that this bill is about pipes in the ground. The single-biggest issue underlying our challenges in local government is around sustainable funding and financing. The projects require secure funding in order to deliver those services well into the future and they need substantial, upfront investment when the benefits may flow over future years, and I want to talk about two elements in regards to that. We've heard the easiest way to fund infrastructure is through economies of scale, and that's pretty reasonable, but when you look at the entities and how this is formed in this bill, that completely falls apart. The only example you need to look at is entity C, which spans from the top of the East Coast in the North Island to Nelson at the top of the South Island. Any claims about benefits, when you realise that Gisborne and Nelson are in the same entity—despite being in different islands in this country. 