But there is one thing we don't have, one thing that we have not managed to crack over the years, and that is a high level of both labour and capital productivity or multi-factor productivity that other small advanced economies have. We have, over the years, overvalued capital and undervalued labour. Instead of investing in plant and machinery to drive productivity, to proactively increase investment in innovation, that will drive and create world-leading companies, we have based our growth on labour. In fact former finance Minister Bill English stated that our global competitive advantage was our cheap labour. No more. Our global competitive advantage will not and cannot be built on the back of working New Zealanders earning low wages under poor conditions. Bill English's vision was almost 19th century in its ambition and is the reason why economic growth under the previous Government was based on immigration, not innovation.