Stephen Mayne

That certainly looks to be... Very sensible of you, Stephen.

Okay, so there's lots of talk about Norway versus Australia.

Have we gone a different path?

Our super sector is much bigger than the famous Norwegian sovereign wealth fund, albeit we have a much larger population.

Also, would Australians want the government as part of their lives in a greater capacity, such as the case in Norway?

Now, I did a little bit of looking at Norway.

Their corporate tax rate's 22%, which is lower than ours, which is 30%.

But they have a flat 22% income tax rate from the very first dollar you earn.

Whereas in Australia, you get $18,200 tax-free.

So the Norwegians, they certainly hit you harder and earlier on the income tax side.

And with that, they do things like universal childcare.

It's capped at $300 a month nationally.

The government funds about 85% of it.

They spend 1.4% of their GDP on childcare compared to 0.4% in the US.

So, you know, the Norway scheme.

I mean, the other point is that you can't nationalise a resources industry after you've already invited the foreigners in.

I mean, the Norwegians had their state-owned oil company, Statoil, I think it was,

or Norges, that was the sovereign fund.

So you need to do it at the start.

So the West Australians should have had the West Australian Iron Ore Company.