Stephen Mayne

It should have taken a 25% stake in all iron ore mines, bring in the miners to actually do it, because if you try and do it yourself, you have blowouts, you have CFMEU, Rorts, North East Link, you have all that sort of stuff.

But the Norwegians were smart in maintaining majority ownership of the resources as they were developed, and that has allowed them to

to have one of the world's biggest sovereign funds.

But then again, they haven't got our compulsory super system.

Our $4.5 trillion in super is world-unique, and the Norwegians would be jealous of that, that we've got a truckload more super than they've got in their sovereign funds.

So there's always overs and unders with these things.

Are you a fan of the Norway system, Alan?

Now, before we wrap up, Alan, I should say our colleague, James Thompson, I saw him interview Leah Weckett at the Australian Shareholder Association conference on Monday.

Gee, he's a good interviewer.

He also did a panel of regulators.

But his Leah Weckett interview was fabulous.

The Coles CEO.

So he was grilling her on everything from...

AI and, you know, Leah Weckett reckons they're saving $2.50 million a year in costs through tech out.

And they had the big debate about, are you ripping us all off?

You know, Leah Weckett trotted out the old 2.4% profit margin.

We're getting attacked from all quarters on competition.

Bunnings is moving into cleaning products and pets.

Chemist Warehouse is moving into vitamins.

We've got three of the world's 10 biggest retailers, Audi, Costco and Amazon.