Gentlemen, i want to pivot the conversation to hear from our australian counterparts. Workingitment to together beyond this dialogue is critical to the growth and development of our state of economies. Increasingly, across our two countries, we have seen hurdles and opportunities to Economic Growth created by new innovation. Today with my fellow governors andthe australian premiers chief ministers, we are hoping to learn from our peers on different approaches to these shared challenges and what has been developed in the face of fastpaced changes. So now, i want to turn to the hadnsland premier, who i the pleasure of meeting during my travels to australia. She will tell us about what is innovationenslands a, in what role you see the United States playing in that. Good morning. Good morning. It is a pleasure to be here with all of our counterparts and lovely to hear from our Prime Minister. We have a lot of opportunities to work cleverly together and share ideas. This is my fourth visit to the United States as premier, and every time i tried to visit a new state and a lot of the ideas i pick up i take back to queensland. We have a very diversified economy and we have a program called advanced queens land, which is a fund in which we are investing and business development, industry attraction , in scholarships, especially for women, to allow women to , and ivolved in research am also proud that in my cabinet we have 50 women as well. It is a world first. [applause] know that we need to continue to diversify from some of the traditional areas of ever cultural of agricultural sources. The premise was talking about being export driven. We have increased our exports the last year by 20 . Being so close to asia, we believe there is a great opportunity for u. S. Companies to use us as a foot in the door to get into some of those economies being so close and in the shared time zone. In termsy believe that of our renewable energy, theres great opportunity for us to share our latest technologies. To prepare people for the jobs of the future, you need to look at your Education Systems as well, and i would be interested to hear from other governments. We have coding and robotics starting in all of our schools. I believe that gives us the opportunity to prepare our children for the future. We also have great educational institutions, and im very happy that we will be signing a sister state relationship later today, looking at allowing an exchange of students from your state to my state, but also to look at where that innovation is happening in other areas that we can promote. Our advance Queensland Fund has created 9000 jobs already, it has only been operating a couple of years. Throughy believe that innovation you can create the jobs of the future, but you have , i am verymy state handson. I meet people, i look at opportunities, i connect with people. Cleverlyf you Work Together, it can work two great outcomes. Thank you very much for the opportunity to share those thoughts today. [applause] gov. Sandoval thank you. I would like to introduce the premier of australias most populous state. New south wales premier. Your state has taken an innovative approach to investment. New south wales is not for leveraging a unique and for structure financing model, and now you have become a leader in social impact investment. If you would please elaborate on both of those, and welcome. Thank you. It is my pleasure to be here and share some of the Different Things we have been doing in New South Wales. Our innovative approach to Financial Management has really put our budget position and our economy is growing faster than about 30 nations. A policy called asset recycling, we looked at what the government had and could we involve the private sector more in managing and leasing those assets over a long. Time . A long period of time . It is strengthening our budget position and we have been able to invest in our infrastructure pipeline. We have no Government Debt on our books, a growing Balance Sheet of 40 for the next three years and an a for structure pipeline of 80 billion worth in the next four years alone. We are building a new metro in sydney, major roads, schools, hospitals because of our innovative Financial Management approach. Are seeing, we innovative for approaches to infrastructure because we are building so much at one time. We are learning how to manage that growth. I would be interested to share experiences with other states because i know him the structure is very topical at the moment it we would be really happy to share that. In relation to social impact investment, we have been able to collaborate with the nongovernment sector, Community Organizations and private investors in areas in child protection, in areas like dealing with recidivism for people who leave prison, allowing for cooperation with the three sectors, the private sector gets return on investment, the government gets a return on social cohesion, and we have seen as a government, the more we involve the private sector and the community sector, weve been able to improve our service. Improving the customer experience, we have a shot from her you can do it hundred 50 transactions online person, ranging from getting a license, government information or other information. Shop and we are to increase the platform through technology. From new southe wales as we are excited about our Infrastructure Investment of 80 billion in the next four years, and Many American companies are helping us build the infrastructure, and we are thrilled that is the case and would invite more u. S. Global firms to invest in New South Wales. [applause] gov. Sandoval thank you, and congratulations on your success. I am pleased to introduce the premier of New South Wales neightboring state. I had the pleasure of meeting with premier andrews. Would you please describe how you have developed these sectors and what Role International engagement has played . Is a great honor and privilege for us to be here and hear from our Prime Minister and also to share some thoughts, and i think some learning from the experience. Night at the him a seat a lot about the fact we had shared expense ina shared terms of sacrifice, but also shared positivity and hope about the way in which our partnership and relationship can become stronger and stronger for the Mutual Benefit of both citizens and [indiscernible] part of that is not taking the relationship for granted, so it is great to see us doing a new things and committing ourselves to does you have prompted me to talk about infrastructure. You have prompted me to talk about infrastructure. The tour you has a good example of that. Victoria has a good example of that. Selling one of our biggest public assets. Price on theord investor data in the biggest Road Infrastructure Program that is unfolding, and that is driving jobs, economic opportunities, schools attainment. We couldnt be doing that without u. S. Partners and friends. Beyond that, in terms of ,ublicprivate partnerships i know it is part of the conversation around infrastructure. Lot to offer there. Always things to learn, too. We have some 31 of those partnerships from parcels of of to toll roads up to toll roads. There is a lot we can share and a lot of opportunities from professional services preview. And victoria have been known for good science. Our partnerships with so many institutes of research and learning in the United States, and that value in terms of taking products to market is very important and valued by us. Notre pivoting to becoming just a hub to the region or launching pad to our ,siapacific region increasingly in the tech sector and particularly the Cyber Security sector we are becoming a leader. Partners inty for now oldestvors and and trusted friends, which are the people and our representatives in the United States. It is a great honor for us to be here. Also to learn and commit ourselves to an Even Stronger partnership as we look to the future. Thank you so much, governor. [applause] thank you,al premier andrus. Now we would love to hear from premier mcallen from Western Australia. Please share a few words. Thank you, governor. Western australia is 35 of the nations land, which means it is the same size as texas, alaska, and california put together. Strong history and relationship of the United States of america because in the second world war, the largest Submarine Base in the Southern Hemisphere was in our capital the perth. In our capital, perth. Senator john mccains father was based in fremantle for a number of years during the second world war. His family has a strong memory of our city. Our city is also our state is also the place of origin of his ledger and sam were thinking. Hugh jackman trained his acting training in Western Australia. One longstanding connection between the United States and Western Australia is your president herbert hoover, the 31st president , he worked as a mining engineer in our fields in the late 1800s for around three years. We ran gold mines out there. One of the hotels is now called the white house as a consequence. Australia in torrid circumstances following the relationship with obama, actually, and headed back to the a consequenceas to that. Our state is a strong mining province. Chevron has invested in oil and gas in Western Australia. Around 80 billion australian dollars. We are the largest iron ore expert location in the world. Export location in the world. We are more than that. The thing that i think is most appealing to the United States apart from our shared history is the fact that we are located in the same time zone is 60 of the worlds population to the north, china, japan, the countries of asia. That is ideal for headquarters for American Companies that want to interact with the region to the north. Location for ideal Industries Like defense and u. S. Ship repair and maintenance. Of companiesge headquartered in Western Australia. It is an ideal place to do business. It is that strong shared connection and history between Western Australia and the United States. Thanks very much for having me here. I look forward to todays event. [applause] thank you,al premier my for your insights. That is a lot of land. [laughter] gov. Sandoval continuing this conversation, we would love to hear from premier chief minister bar. As you put as you represent your countrys capital, we would love to hear a about the engagement strategy. Nationaltralias capital, we take our responsibility to reflect the best of our nation to the world, and through our international engagements, we seek to attract new capital and investment into our city. Our city is home to australias best educated, wealthiest, healthiest, longest living and happiest australians. [laughter] capital, we are australianome to the government. One in three of my constituents works for the Prime Minister. That brings considerable benefits in our relationship with the United States. Exemplified through partnerships in the space industry, for example. The world saw Neil Armstrong walk on the moon courtesy of the ineysuckle tracking center the city. Those first images were beamed around the world from our city, reflecting a strong space industry and partnerships with nasa. Wifi technology was developed in australia. By thedeveloped commonwealth scientific and Industrial Resource organization. It is home to five universities. We are australias education capital. We are a small city of 420,000 people. Advantage, andat my role as both governor and ther of the city, to be most innovative government in australia, to be able to quickly implement new Public Policy, and we have done so through many different programs and projects, including Infrastructure Investment, partnerships, financing, land value capture, all the best examples of Public Policy that we have heard around the table today. It canimplement it be implemented and we seek to lead our nation to the good implementation of Public Policy. Thank you for the opportunity to say those words today. [applause] thank you, chief minister bar. We appreciate your attendance today. Lastly, chief minister, we you close up his remarks by discussing how the Northern Territory is using new innovations to revitalize its economy, workforce, and Defense Systems . Good morning. Thank you. Most americans will know the homeern territory is the of a national park, the crocodile dundee movies. [laughter] i want to start with a thank you. I called darwin the capital Northern Territory home. This week, we commemorated the bombing of the city. The same fleet that bombed pearl harbor bombed us. 235 people died that day. Nearly half were americans. I called darwin home still. Because of the sacrifices of Young Australians and young say onns, and i want to behalf of the people in the Northern Territory, thank you for defending our country in world war ii. [applause] just as america realize the Strategic Value of darwin then, we have the and u. S. Marine rotations through the Northern Territory, and we have enhanced their cooperation that is existing between our countries. Top ofis right at the australia. It is easier for us to get to indonesia, vietnam, the and it iss, singapore to travel to our nations capital. We are engaged with asia. We are a huge landmines with twice the size of texas, but only 1 of the population of texas. We have a huge landmass with twice the size of texas, but only 1 of the population of texas. A constant message i receive is that people want it to be easier to invest across state boundaries. They want greater certainty of how we Work Together within australia. Im not sure if you get the same message here in america. Ever joint the first Cabinet Meeting in australia. My government sat down with another cabinet and we sorted out issues across state borders. So we can sell our country properly and the Investment Opportunities are easier for companies. I think that is an Important Message for us to take on board. That is what i am hearing. We are trying to innovate in how we do government to make it even easier for people to invest. Thank you. [applause] gov. Sandoval thank you, chief minister goner. Now, it is the opportunity for the governors to have an exchange and dialogue with the premiers. To askask my vice chair the first question. Each of you, thank you for being here. This is both significant and i recognize it is historical to have the Prime Minister here. For any of you, as we talk about the opportunities that we have at a subnational level, certainly that we have 50 , but alltates opportunities for enhanced relationships with each of you. In addition to, as we signed a memorandum of agreement between ,ur respective organizations what suggestions do you have to further enhance either the state or subnational relationships between where you govern and where we govern . I might chime in. Of really terms deepening our relationship, if there is a particular policy idea or initiative, i would like to have a buddy system where we can spend time in each others to restrictions and deep dive into a particular area of policy or particular delivery method which we think we can apply to our jurisdictions. I think today is the start of deepening that relationship and having to partnerships in the future. From a west Australian Point of view, we have a sister state relationship with provinces in japan, china, italy, and indonesia. Amazingly, and i didnt know this, we dont have any sister state relationship with any state in the United States. Arrangements enhance that cooperation and exchangeof ideas and of cultural and social activity and educational corporation. Educational cooperation. I have had a comfort station with the governor of texas about texas, which is one third the size of Western Australia about joining australia in a sister state relationship. They are very beneficial. Organizingns land is one, so that is the sort of thing west australia thinks would help. Thank you. Were there any other report any other premiers with thoughts . We have a significant and market presence with markets with boston, new york, washington, and san francisco. I might have missed one, but is a significant in market presence. That is geared towards relationships to clean providers, investors, businesstobusiness. Maybe there is an opportunity for us to have better government to government relationships through those simply in market. Rade staff maybe we can make some policy exchanges through that. We would be pleased to do that. Im intrigued by the comments that some of you have made about the hybridization of certain public assets. About the privatization of certain public assets. There has not been much progress made on this front. We could learn a lot from you. If either one of you could a couple of you in particular spoke about it. Perhaps all of you have experience. Any of you that could give us insight, when did this process begin . Who were the strongest advocates, greatest opponents, and more critically, are there any restrictions as it would relate to the acquirers of certain assets might be . Any advice or insight would be humble. Certainly. And New South Wales, we started the prices about five or six years ago. We started the process about five or six years ago. What we said to the community was, instead of owning a telegraph pole, you can own a school or hospital my new road. It was explaining to the community about having an asset. We would be better off taking that capital upfront and investing in think the community needed. That was our way of winning. We had a mandate to do that. We managed to recycle assets in relation to our Electricity Distribution network to land titles office, ports, pension fund. What we did is make sure government is a strong regulator. The Community Needs to know the government has responsibility for making sure all of our essential services and infrastructure run properly. Services in infrastructure run properly. This investment, the capital you are reaping from longterm aases, we set the Community Lease depending on the asset. Off using are better that capital upfront to invest in things you need. Aat has allowed us to deliver pipeline of 80 billion worth of infrastructure. Our economy is growing fast. See are starting to benefits. They are excited they get a new school, new hospital, new road, as opposed to lack of visibility on asset. Word there was a resultingned that the proceeds would be plowed back into with infrastructure . Absolutely. It wasnt done legislatively, but we took it to an election. We used to hear in other jurisdictions around the world where people used to recycle athlete recycle assets. If that doesnt work. You need to reinvested into the community and Balance Sheet. Worth as a state is going to grow by 40 because of the investment in infrastructure has triggered private investment. The Business Community is excited. They are also investing. To havelowing our state the biggest boom in infrastructure we have ever had. Our experiences very similar. You own an asset that has a significant Capital Value and there is no good Public Policy reason for it to be in public hands, then that money is being wasted. It can be repurposed. You can put that money to better use. This is a little bit like borrowing as well. Capital is mobile and there is an impatience in the citizen to get things built. People want progress, development. That done isto get borrow more. We do that in a mature way. There are limits to how much you can borrow. If you have assets that dont need to be on the books, we have a public debate. We took this policy to the and received the coming to government mandate to do it at a good price. We were very clear about where the proceeds were go. It is part of infrastructure agenda that has 65,000 victorians in work. If you leave a case out, are clear about what your intentions are, you can bring the community with you. Is there ifp, the government of china wanted to buy wood of your ports, what would occur then . [laughter] i should talk about that. Good example. We did sell our port. A Chinese Company bought it. Our port was least. But we have done to provide confidence in that asset and how it was used is the company carries 100 of the cost and profit. We have a 20 stake back in the port. We have direct say of the appointment of the ceo, cfo, coo. If they make any changes, we get a say in the board makeup, so we have greater say in the decision making. That provides also the utilities commissioner and the regulatory side. We have more confidence in how the board is being managed. You have to retain some level of stake as the government. You have got to have that level. Australia, the state is responsible for managing the assets and building infrastructure, the Foreign National review board has a to tickc responsibility any asset. It has to go through the review board. Some assets are australianbased. Local moms and dads are investing in these roads. If it is a strategic asset, the National Government has it. That gives the Community Confidence that it has the framework in place. To end on a positive note, fund isereign wealth the busiest container port. It is run at a national level, as it should be. It does deliver good outcomes. There are others who have different views, but we get the job done. Do you have a stake in it . No. We would be consulted, but not more than that. Otherrun against imperatives that have to operate at a national level. Any other questions from governors for our premiers . I will ask one. I have been impressed with the fact that australia has enjoyed 25 plus years of prosperity without a recession. Curious as to what you attribute that to end what is your biggest that to and what is your biggest challenge in your states . Thank you, governor. The biggest challenge for us is sustaining our growth and preparing future employees with job skills and training. Our infrastructure pipeline, asset recycling, strong budget position allows us to be in a position to continue to grow. Our biggest challenge is making sure we have the skills and we have the jobs of the future. Euros wills and 13 be working in jobs we havent thought about yet. Education,sed on jobs development. That has been able to sustain our economy. Being early adopters of technology. State is focusing on jobs and skills and attracting that investment to continue to grow our economy. Taxes, so to reduce we have allowed the Business Community to flourish. Challenge is jobs and skills and education. To tribute are nations success, what happened in the 1980s as we had a reformist , and it government removed the trade barriers that australia had built up. Range of sectors, particularly the banking sector. From that point forward, our wenomy boomed in areas that are essentially good at. In Western Australia, the Mining Industry did well. Now we have some very successful minors on a world scare ners on a world scale. One of the biggest issues for me is the flipside of that is that our state economy is focused on one industry. We need to make sure we diversify our economy. I am talking to people about tourism, defense investment, or other sectors of the economy. Skills base for, and we would like to see a broadening of our states economy. If you have investment you would you want to put in a successful place with a nice them to Western Australia and you will be able to create a business in a welcoming and decent place to live. I would observe the success in the australian economy has been to a large degree of bipartisanship on key economic issues. Where there has been consistency for australia has been in pursuit of free trade, establishing consistent , andatory policy settings in spite of Competitive Federalism you have seen around the table today, it has mostly been in good humor. We are able to Work Together effectively. The challenge is that most of us are facing now the pains of growth. They say economics is a dismal fine. There is always a downside to where your economy is that. Is telling us, it jews of near full employment, skill shortages for many of neart is challenges of full employment, skill shortages. We have no national resources. We are entirely a service abased economy. While we are only at 1. 7 of australias population, we generate nearly 3 of our Nations Service exports. An export that an export that open approach and export focused approaches generating jobs. That is a wonderful boost for us. I want to thank all of the premiers for being here. Honor andgreat privilege of serving as chairman at an australianbased Software Company, which had the distinction of being the Fastest Growing Software Company in australia and holds the record of being the most successful ipo on nasdaq of any australian company, started by two mates from the university. My question for the premiers, because it was alluded to about the importance of skills and workforce and the digital importance of skills and workforce and the digital transformation, maybe you want to go deeper on ideas in terms theow you are building out appropriate skills and recruiting and retaining talent because i know when we were building the company, we were challenged by having the right senior skill sets and also i want to say congrats to your university systems. Right out of university decided to start this company. What an amazing job theyve done. We love your company. They are making great contributions. What we have done is we have put in funding to adopt premises to encourage collaboration between the i. T. Sector and incubator hubs. We set one up in New South Wales and we are seeing a lot of Startup Community members adopt that place and essentially any person in the state to has an idea makes the pitch to a global brand. Microsoft chose sydney as the eighth place in the world to set up in this habit because of the innovative way we have done that. That is one way. We are using the intellectual property to reduce the backoffice cost. We have consolidated a lot of , weations to invest money are leveraging off of these great people to help us drive down costs and provide services as well. Thank you. Any other questions for our governors . Ladies and gentlemen, please join me in thanking them for joining us. [applause] now, more from the National Governors association, with a discussion on the food and agriculture industry. Speakers include the head of the american form bureau federation
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