Woods MeganHon Dr MEGAN WOODS (Minister of Research Science and Innovation): Thank you Madam Chair. It's my pleasure to take a call on this Vote Business Science and Innovation which covers off nine portfolios. There are a number of Ministers that are working very hard within this cluster of portfolios to come up with a plan to transform New Zealand's economy—a plan that will take us into the 21st century and is future looking and is making sure that we are putting in place a plan to make sure that we are well set up for the future. I'd like to address some of the issues that were brought up by the chair of the Economic Development Science and Innovation Committee and I would like to mention the members of that select committee and the hard work that they did put in over the course of the hearings. I remember how much work goes in for some members who are preparing for those Estimates hearings so I'd like to congratulate those members for that. The chair of the select committee brought up some concerns that were canvassed at select committee around the oil and gas decision. For example he brought up the questions that we discussed about the security of supply—one of the three central tenets of any energy system that a responsible Minister has to be looking out for along with sustainability and affordability. I was able to reassure members of the committee that with 100000 square kilometres of New Zealand's offshore area under exploration permit and able to be converted into mining permits we certainly have enough there for this very long-term transition we are about to undertake. It was also brought up at select committee the—I think it was described as a chilling of confidence and investment in New Zealand through the decision. Well I'd like to reassure some of the Opposition members of that committee who were a bit worried that over the last couple of weeks we've seen some substantive decisions around investment in New Zealand that show that industry understands what a long-term transition we are undertaking. We have of course seen Methanex renew its gas contract out to 2029 and significantly we've seen Todd Energy invest $100 million in a peaking plant which shows that they understand this is a multi-decade transition—one that this Government has the courage to face. We understand that fossil fuels are not our long-term future and we have to be putting in place the plan to ensure that our people and our communities are looked after. And that's where my work here intersects with that of my colleague who has also been discussed in this debate the Hon Shane Jones.Minister Jones is in charge of a once-in-a-generation effort to get some things moving in our regions. This is a Government that has committed a billion dollars a year of investment in neglected parts of New Zealand and part of that ties in with the work that we are doing in Taranaki with the Just Transitions Summit plan. This is a Government that is not content to let communities squander and in 20 30 40 years' time wake up one morning and realise they're living in a Welsh mining town. It is our Government's responsibility to make sure that we are planning for the long-term future. And it is exactly that premise that is driving Minister Jones' work as he goes around the country. I would never presume to speak for Minister Jones. I'm nowhere near as erudite or as loquacious as my colleague; so I will leave it for him to talk more about the regional development fund.What I would like to stress is that these portfolios that come under this vote all come together with a group of Ministers who are putting together a plan to transform New Zealand—a plan where we can have a future where people have opportunities where there are jobs where we don't have neglect where we have investment. And that brings me to another of the portfolio responsibilities that I have under this appropriation which is research science and innovation. And I was very pleased to be able to speak to members of the committee about the very substantial billion-dollar commitment that this Government has made to research science and innovation. We have seen just in the last couple of days that under the last Government's settings we slipped down the innovation rankings globally. That is not something that we as a Government are content to do. We know that innovation lies at the heart of the transformations that we want to see for this country and that is why we have made a substantial investment in this area. We need to be making sure that we have well-paid jobs all around our country in our regions for the betterment of our country.