1
00:00:00,280 --> 00:00:02,880
Speaker 1: The information provided in this program is of a general nature.

2
00:00:02,920 --> 00:00:05,440
Speaker 1: It is not intended to be personalized financial advice. We

3
00:00:05,559 --> 00:00:08,240
Speaker 1: encourage you to seek appropriate advice from a qualified professional

4
00:00:08,320 --> 00:00:12,600
Speaker 1: to suit your individual circumstances. This is the country's largest gateway,

5
00:00:12,920 --> 00:00:17,120
Speaker 1: Auckland International Airport. Where I'm standing is what will be

6
00:00:17,200 --> 00:00:20,280
Speaker 1: it's new domestic a jet terminal. How much of an

7
00:00:20,280 --> 00:00:23,880
Speaker 1: economic boost could this infrastructure investment provide?

8
00:00:24,520 --> 00:00:27,520
Speaker 2: You need the right infrastructure to enable growth. Well, you

9
00:00:27,520 --> 00:00:28,760
Speaker 2: know what they say, build.

10
00:00:28,480 --> 00:00:29,160
Speaker 1: That and they will come.

11
00:00:30,480 --> 00:00:32,360
Speaker 2: Yes, there was a movie out that, I'm pretty sure.

12
00:00:33,080 --> 00:00:35,400
Speaker 1: So why do you think airlines are kicking up such

13
00:00:35,400 --> 00:00:36,680
Speaker 1: a fuss? Because they are?

14
00:00:36,960 --> 00:00:37,200
Speaker 2: Yeah.

15
00:00:37,400 --> 00:00:39,320
Speaker 3: I mean, if you look back over time and my

16
00:00:39,400 --> 00:00:42,839
Speaker 3: career has been an aviation, airline and airport side, it's

17
00:00:42,880 --> 00:00:45,600
Speaker 3: a long standing tension point.

18
00:00:55,600 --> 00:00:58,440
Speaker 1: I feel very oddly dressed to be in the airport

19
00:00:58,520 --> 00:01:02,080
Speaker 1: chicken area behind the scenes of one of the country's

20
00:01:02,160 --> 00:01:08,119
Speaker 1: biggest infrastructure projects. Madison reading Auckland Airport's six point six

21
00:01:08,240 --> 00:01:12,520
Speaker 1: billion dollar upgrade. Wow, they got that deep into the ground.

22
00:01:13,200 --> 00:01:16,400
Speaker 1: Our tour guides are the airport's chief executives carry her

23
00:01:16,440 --> 00:01:21,240
Speaker 1: to Hananui, her project managers, and the Hawkins construction team.

24
00:01:21,520 --> 00:01:22,800
Speaker 2: So this is that the stitch.

25
00:01:23,160 --> 00:01:24,920
Speaker 3: Yeah, so they if you go right back, you can

26
00:01:24,959 --> 00:01:27,760
Speaker 3: see the plant of the old building. So and in

27
00:01:27,840 --> 00:01:30,600
Speaker 3: fact that's the eastern end of the international channel that

28
00:01:31,200 --> 00:01:33,880
Speaker 3: Isaac was saying, we've now built out. Wow, and this

29
00:01:34,040 --> 00:01:36,520
Speaker 3: is kind of a connector or the stitch to this

30
00:01:36,640 --> 00:01:38,759
Speaker 3: building then that he was just describing.

31
00:01:38,360 --> 00:01:41,840
Speaker 1: So international, the stitch which stitches it to domestic, which

32
00:01:41,880 --> 00:01:43,440
Speaker 1: is this is domestic jet but Westandard.

33
00:01:43,520 --> 00:01:43,839
Speaker 2: Correct.

34
00:01:44,480 --> 00:01:48,760
Speaker 3: I'm sure Madison's interested in detail excavation, so yep, thrill me.

35
00:01:50,520 --> 00:01:53,640
Speaker 2: It's going to be hard. So this is reinforcing bar

36
00:01:53,760 --> 00:01:55,640
Speaker 2: so when they fill up, credit has something.

37
00:01:55,440 --> 00:01:55,880
Speaker 3: To bind to.

38
00:01:56,200 --> 00:01:59,160
Speaker 1: So this is going to be underground the new domestic facility.

39
00:01:59,200 --> 00:02:02,880
Speaker 1: No one's going to know of this, No, I'm glad

40
00:02:02,920 --> 00:02:04,520
Speaker 1: we get to see it before you stand on it.

41
00:02:05,000 --> 00:02:07,800
Speaker 1: So people will be picking up their bags pretty much.

42
00:02:07,680 --> 00:02:08,960
Speaker 2: On top of this. Correct.

43
00:02:09,080 --> 00:02:11,520
Speaker 3: And I think that's what people miss it, like saying

44
00:02:11,560 --> 00:02:12,440
Speaker 3: why is the airport of.

45
00:02:12,440 --> 00:02:13,680
Speaker 2: The structure so expensive?

46
00:02:13,680 --> 00:02:16,160
Speaker 3: And it's you're not building a tin shed or a

47
00:02:16,160 --> 00:02:16,960
Speaker 3: warehouse that you.

48
00:02:17,040 --> 00:02:19,200
Speaker 2: Just pick up your bag. You've actually got to whether.

49
00:02:19,040 --> 00:02:22,920
Speaker 3: It be for ensuring to Isaac Zuler comment that the

50
00:02:22,919 --> 00:02:26,400
Speaker 3: building will withstand sharks New Zealand, and it's kind of

51
00:02:26,639 --> 00:02:30,119
Speaker 3: oh yeah, perfect those elements. So it's often this under

52
00:02:30,160 --> 00:02:33,920
Speaker 3: the ground stuff because the size, scale and obviously public

53
00:02:34,240 --> 00:02:36,239
Speaker 3: use of the building and people just don't.

54
00:02:36,040 --> 00:02:38,000
Speaker 1: See it absolutely, and this is where a lot of

55
00:02:38,000 --> 00:02:39,359
Speaker 1: the six point six bill has.

56
00:02:39,240 --> 00:02:40,320
Speaker 2: To go correct.

57
00:02:40,320 --> 00:02:42,280
Speaker 1: It's under the ground before you even see a terminal.

58
00:02:42,400 --> 00:02:44,080
Speaker 2: It's crazy.

59
00:02:44,280 --> 00:02:47,960
Speaker 1: This project has caused somewhat of a runway rumble between

60
00:02:47,960 --> 00:02:51,960
Speaker 1: the airport and airlines who think the spend is excessive

61
00:02:52,320 --> 00:02:55,320
Speaker 1: given it will be paid for by passengers through higher

62
00:02:55,400 --> 00:03:01,320
Speaker 1: landing and takeoff charges in future years, and the tension.

63
00:03:00,960 --> 00:03:02,280
Speaker 2: With airports and airlines.

64
00:03:02,480 --> 00:03:06,720
Speaker 3: We need a really strong air New Zealand and we

65
00:03:06,760 --> 00:03:09,480
Speaker 3: need more foreign carriers coming because that's from if you're

66
00:03:09,480 --> 00:03:11,079
Speaker 3: looking forward, and if you sits not on a war,

67
00:03:11,560 --> 00:03:16,120
Speaker 3: it's an end And I know that sounds flipantall glim,

68
00:03:16,120 --> 00:03:18,560
Speaker 3: but it is that piece of it. All those things

69
00:03:18,639 --> 00:03:23,000
Speaker 3: need to come together for ultimately New Zealand to deliver

70
00:03:23,080 --> 00:03:24,519
Speaker 3: to its ambitions completely.

71
00:03:24,600 --> 00:03:27,600
Speaker 1: We want a strong carrier that can withstand competition, and

72
00:03:27,680 --> 00:03:29,680
Speaker 1: it ultimately makes the more meta and makes.

73
00:03:29,520 --> 00:03:32,600
Speaker 3: The airport correct correct, and I then quite often people

74
00:03:32,639 --> 00:03:35,000
Speaker 3: want it's interesting, you fine, and you must find this

75
00:03:35,040 --> 00:03:35,640
Speaker 3: in your reporting.

76
00:03:35,680 --> 00:03:39,400
Speaker 2: People want to or it's a or be what it's

77
00:03:39,400 --> 00:03:40,120
Speaker 2: like left? All right?

78
00:03:40,240 --> 00:03:40,400
Speaker 3: Right?

79
00:03:40,520 --> 00:03:42,800
Speaker 2: Or wrong? Yeah? Up and down? Yeah, it's like it's

80
00:03:42,840 --> 00:03:45,080
Speaker 2: A and B. We need to go hand and people

81
00:03:45,080 --> 00:03:45,480
Speaker 2: are kind.

82
00:03:45,400 --> 00:03:48,119
Speaker 1: Of what we're walking on what will be a two

83
00:03:48,200 --> 00:03:52,160
Speaker 1: hundred and forty meter long peer extending out to twelve

84
00:03:52,320 --> 00:03:55,600
Speaker 1: new domestic jet gates. It will connect to a brand

85
00:03:55,600 --> 00:03:58,840
Speaker 1: new four story terminal with this view of the tarmac

86
00:03:59,040 --> 00:03:59,680
Speaker 1: from the top.

87
00:04:00,040 --> 00:04:02,120
Speaker 3: And the other thing about the gates is a number

88
00:04:02,120 --> 00:04:02,720
Speaker 3: of them are what.

89
00:04:02,640 --> 00:04:06,080
Speaker 2: We call swing gates. Are the ability to do either.

90
00:04:06,040 --> 00:04:08,440
Speaker 3: The narrow body jets or combined to do a wide

91
00:04:08,440 --> 00:04:09,160
Speaker 3: body wow.

92
00:04:09,320 --> 00:04:10,680
Speaker 2: So it gives you flexibility.

93
00:04:11,160 --> 00:04:13,480
Speaker 1: So there's care And the twelve new gates, are they

94
00:04:13,520 --> 00:04:16,279
Speaker 1: all additional or are you also ridding of some gates?

95
00:04:16,760 --> 00:04:18,400
Speaker 2: So what's the net edition.

96
00:04:18,920 --> 00:04:21,560
Speaker 3: So in fact, that twenty six percent additional capacity is

97
00:04:21,600 --> 00:04:23,760
Speaker 3: you've got the two extra gates all being a three

98
00:04:23,720 --> 00:04:27,279
Speaker 3: to twenty one capable ultimately and the last plan in

99
00:04:27,320 --> 00:04:31,200
Speaker 3: future you won't have the domestic terminal in its current form,

100
00:04:31,240 --> 00:04:34,560
Speaker 3: So this is replacing that sixty year old asset and

101
00:04:34,600 --> 00:04:37,360
Speaker 3: part of that is because in twenty thirty you may

102
00:04:37,400 --> 00:04:40,480
Speaker 3: have heard us talk about the main runway needs lab replacements,

103
00:04:40,520 --> 00:04:44,040
Speaker 3: which means we need the contingent runway. You can kind

104
00:04:44,080 --> 00:04:46,880
Speaker 3: of see from here that the taxiway just how close

105
00:04:46,920 --> 00:04:49,839
Speaker 3: it is to the domestic terminal, and so to enable

106
00:04:49,880 --> 00:04:53,200
Speaker 3: those runway works, the contingent runway means you can't have

107
00:04:53,360 --> 00:04:57,240
Speaker 3: jets parked along that side of the domestic terminal, of course,

108
00:04:57,279 --> 00:04:59,120
Speaker 3: because they needed to shut to Taxiga in plan. So

109
00:04:59,240 --> 00:05:03,480
Speaker 3: in fact, your we'll decans into the new DJT regional,

110
00:05:03,480 --> 00:05:05,360
Speaker 3: will continue to operate out there for a little while,

111
00:05:05,360 --> 00:05:07,839
Speaker 3: and we're in the throws. Now, well, what's the future

112
00:05:07,880 --> 00:05:09,960
Speaker 3: regional look like? Consulting with airlines, et cetera.

113
00:05:10,240 --> 00:05:13,479
Speaker 1: When are we getting a second runway? Ah, well, that's

114
00:05:13,520 --> 00:05:16,400
Speaker 1: not saving any money on the side of that, that's.

115
00:05:15,960 --> 00:05:17,599
Speaker 2: One of the master planning. I'm saying. What we do

116
00:05:17,760 --> 00:05:19,640
Speaker 2: know is at the point in time.

117
00:05:19,480 --> 00:05:22,120
Speaker 3: Demand dictates, we know where it'll be located, which is

118
00:05:22,120 --> 00:05:24,359
Speaker 3: what the master plan does. It creates that view of

119
00:05:25,000 --> 00:05:28,640
Speaker 3: so we don't build something a long term masset to

120
00:05:28,680 --> 00:05:30,240
Speaker 3: only realize what it is so we know where it's going,

121
00:05:30,279 --> 00:05:33,640
Speaker 3: but ultimately demand will dictate that back to earlier conversation.

122
00:05:33,800 --> 00:05:35,719
Speaker 3: As demand dictates and we see that.

123
00:05:36,240 --> 00:05:39,200
Speaker 2: We'll firm up design past long gage with airlines as

124
00:05:39,279 --> 00:05:39,680
Speaker 2: part of that.

125
00:05:39,839 --> 00:05:43,240
Speaker 3: But it's a good problem to have. If we get

126
00:05:43,240 --> 00:05:45,719
Speaker 3: gross to the point that the second runway is demanded,

127
00:05:45,760 --> 00:05:46,160
Speaker 3: that's good.

128
00:05:46,480 --> 00:05:48,279
Speaker 2: That's good for New Zealand. Well, you know what they say,

129
00:05:48,400 --> 00:05:51,200
Speaker 2: build that and they will come. Yes, there was a

130
00:05:51,240 --> 00:05:51,680
Speaker 2: movie on that.

131
00:05:51,800 --> 00:05:56,560
Speaker 1: I'm pretty sure the existing international end won't change, but

132
00:05:56,760 --> 00:06:01,240
Speaker 1: transfers into domestic will be a better experience with passengers

133
00:06:01,240 --> 00:06:03,040
Speaker 1: passing through this new terminal.

134
00:06:03,560 --> 00:06:05,120
Speaker 2: So this is where airline lounges.

135
00:06:05,960 --> 00:06:08,599
Speaker 3: Yes, so this for it's sitting above the processing area

136
00:06:08,640 --> 00:06:11,200
Speaker 3: which will go to ano. Yes, this is like other

137
00:06:11,320 --> 00:06:13,480
Speaker 3: lounges and the EXISTINGCT terminal internationally.

138
00:06:13,560 --> 00:06:16,360
Speaker 2: So good view of the time act, great customer experience

139
00:06:16,360 --> 00:06:17,640
Speaker 2: when it's when it's finished.

140
00:06:17,760 --> 00:06:19,640
Speaker 1: So this is like the Champagne, cheese and crack aslam

141
00:06:20,600 --> 00:06:22,839
Speaker 1: more likely working if it's the domestic lounge.

142
00:06:22,920 --> 00:06:26,440
Speaker 2: Right. Well, yes, you've got options obviously because you've now

143
00:06:26,440 --> 00:06:27,200
Speaker 2: got to integrated.

144
00:06:27,200 --> 00:06:30,440
Speaker 3: You've got the view of efficiencies that are created potentially

145
00:06:30,520 --> 00:06:32,640
Speaker 3: for airlines as they're thinking about kind of those best

146
00:06:32,720 --> 00:06:34,160
Speaker 3: back office functions of how they.

147
00:06:34,120 --> 00:06:36,279
Speaker 2: Run their lounges. So that's a benefit to of an

148
00:06:36,279 --> 00:06:37,120
Speaker 2: integrated terminal.

149
00:06:37,120 --> 00:06:40,520
Speaker 3: You get some of those things that aren't necessarily seen

150
00:06:40,600 --> 00:06:45,000
Speaker 3: from the customers but do create efficient efficiency opportunities.

151
00:06:44,360 --> 00:06:47,320
Speaker 1: And it's big. The level below is the main area

152
00:06:47,480 --> 00:06:51,040
Speaker 1: soon to be home to aviation security. With forty percent

153
00:06:51,360 --> 00:06:52,599
Speaker 1: more space, it would be great.

154
00:06:52,720 --> 00:06:55,240
Speaker 3: This gives you an idea because in the current domestic

155
00:06:55,320 --> 00:06:57,799
Speaker 3: terminal we can improve technology.

156
00:06:57,200 --> 00:06:59,520
Speaker 2: With aviation securities. You don't have to take laptops up.

157
00:07:00,000 --> 00:07:03,520
Speaker 3: The footprint is the footprint that there is nowhere for

158
00:07:03,600 --> 00:07:06,200
Speaker 3: additional Q space, So it was really important that we

159
00:07:06,320 --> 00:07:09,600
Speaker 3: created the flexibility for processing because you also don't know

160
00:07:09,600 --> 00:07:12,600
Speaker 3: in five or ten years what the processing requirements will be,

161
00:07:12,800 --> 00:07:15,720
Speaker 3: so it's ensuring where you've got optionality around that. And

162
00:07:15,760 --> 00:07:16,640
Speaker 3: there's things change.

163
00:07:16,680 --> 00:07:19,360
Speaker 1: The screening is something you just can't avoid and an airport,

164
00:07:19,400 --> 00:07:19,720
Speaker 1: so you.

165
00:07:19,640 --> 00:07:21,360
Speaker 3: Just need to create the space for it correct and

166
00:07:21,440 --> 00:07:24,040
Speaker 3: technology will improve over time and do those elements, but

167
00:07:24,080 --> 00:07:25,840
Speaker 3: you have to have the footprint that allows you to

168
00:07:25,840 --> 00:07:26,120
Speaker 3: do it.

169
00:07:26,560 --> 00:07:28,880
Speaker 1: The queues have been crazy recently too, so.

170
00:07:29,120 --> 00:07:31,920
Speaker 2: Well, and some of that is short term pain.

171
00:07:32,040 --> 00:07:34,720
Speaker 3: For medium term gain is the upgrading of the machines,

172
00:07:35,080 --> 00:07:37,000
Speaker 3: which means you don't have to take the laptops out.

173
00:07:37,480 --> 00:07:39,720
Speaker 3: But yeah, it's also there is that footprint can stand

174
00:07:39,760 --> 00:07:42,640
Speaker 3: that we know we do everything possible, but that we

175
00:07:42,680 --> 00:07:45,280
Speaker 3: are on the countdown to twenty twenty nine, and I

176
00:07:45,320 --> 00:07:47,720
Speaker 3: suspect our passengers will be so that they can come

177
00:07:47,760 --> 00:07:50,040
Speaker 3: across and actually have a much more seamlessness.

178
00:07:50,600 --> 00:07:52,600
Speaker 1: This angle gives you more of a sense of just

179
00:07:52,680 --> 00:07:54,720
Speaker 1: how much more open space there.

180
00:07:54,680 --> 00:07:57,000
Speaker 3: Will be clear security, and then you'll be into the

181
00:07:57,080 --> 00:08:01,520
Speaker 3: duell area, which could be coffee shops.

182
00:08:00,280 --> 00:08:02,600
Speaker 1: To eat, and that's this you'd be hanging out here

183
00:08:02,600 --> 00:08:04,520
Speaker 1: before going to your gate. I'm looking like an air

184
00:08:04,560 --> 00:08:05,120
Speaker 1: hosting now.

185
00:08:07,800 --> 00:08:09,560
Speaker 3: And around yes, and then out to the and then

186
00:08:09,640 --> 00:08:10,440
Speaker 3: ultimately out Toie.

187
00:08:10,560 --> 00:08:13,720
Speaker 2: Car you're on gate whatever it is. Look at the

188
00:08:13,760 --> 00:08:15,880
Speaker 2: space yep, it's huge. Yeah.

189
00:08:16,560 --> 00:08:19,400
Speaker 1: After seeing the site, Carry and I sat down to

190
00:08:19,480 --> 00:08:23,360
Speaker 1: discuss the investment underway and how the airport's profit is

191
00:08:23,440 --> 00:08:26,840
Speaker 1: partly capped by regulators. Carrie, thank you so much for

192
00:08:26,880 --> 00:08:28,400
Speaker 1: having us out here. I really appreciate it.

193
00:08:28,480 --> 00:08:28,800
Speaker 2: Pleasure.

194
00:08:29,280 --> 00:08:31,360
Speaker 1: I think the big question is why we've seen what

195
00:08:31,400 --> 00:08:34,080
Speaker 1: you're doing out here at the airport, but why why

196
00:08:34,080 --> 00:08:36,480
Speaker 1: do you feel like this company needs to invest like

197
00:08:36,520 --> 00:08:36,840
Speaker 1: it is.

198
00:08:37,440 --> 00:08:39,880
Speaker 3: We'll probably two key drivers, and the first would just

199
00:08:39,920 --> 00:08:42,480
Speaker 3: come down if you've been through the domestic terminal recently.

200
00:08:43,200 --> 00:08:46,160
Speaker 2: The inn is full at peak times, and so.

201
00:08:46,120 --> 00:08:49,679
Speaker 3: The ability for the future growth and capacity and competition

202
00:08:49,720 --> 00:08:51,600
Speaker 3: and all those elements. It's a sixty year old or

203
00:08:51,640 --> 00:08:55,640
Speaker 3: near sixty year old terminal and it is time for capacity,

204
00:08:55,880 --> 00:08:58,640
Speaker 3: resilience renew The flip side of tho is when you

205
00:08:58,760 --> 00:09:01,600
Speaker 3: then look at the economic and you know, we've recently

206
00:09:01,679 --> 00:09:05,000
Speaker 3: had an economic impact studied in an Oakland airport and

207
00:09:05,040 --> 00:09:09,040
Speaker 3: you've got thirty five billion dollars of economic activity that

208
00:09:09,120 --> 00:09:12,120
Speaker 3: comes out of Oakland Airport. And so the combination of

209
00:09:12,160 --> 00:09:15,760
Speaker 3: those things really underpins the why and why it's important.

210
00:09:16,200 --> 00:09:18,199
Speaker 1: I don't want to ask you about economic impact, because

211
00:09:18,240 --> 00:09:22,440
Speaker 1: how much of this investment, the increase of the infrastructure

212
00:09:22,520 --> 00:09:24,920
Speaker 1: and it's scale here at the airport, how much of

213
00:09:24,960 --> 00:09:28,720
Speaker 1: that is to do with boosting the economy both locally

214
00:09:28,720 --> 00:09:30,760
Speaker 1: and Auckland but also in the country given this as

215
00:09:30,760 --> 00:09:33,360
Speaker 1: the biggest gateway into New Zealand, Or how much of

216
00:09:33,360 --> 00:09:36,280
Speaker 1: this is actually just purely an infrastructure play for the

217
00:09:36,320 --> 00:09:37,120
Speaker 1: business itself.

218
00:09:37,800 --> 00:09:40,040
Speaker 2: And I would say it's all of those things.

219
00:09:40,080 --> 00:09:42,360
Speaker 3: And the reason I mean, you know, it's not lost

220
00:09:42,400 --> 00:09:45,360
Speaker 3: on anyone the conversations of an estimated two hundred billion

221
00:09:45,400 --> 00:09:48,400
Speaker 3: dollars of infrastructure deficit facing New Zealand.

222
00:09:48,400 --> 00:09:49,640
Speaker 2: And so that's a broader topic.

223
00:09:49,840 --> 00:09:53,360
Speaker 3: You need the right infrastructure to enable growth and enable that.

224
00:09:54,080 --> 00:09:56,480
Speaker 3: But more so in that play to say, if you

225
00:09:56,520 --> 00:09:59,760
Speaker 3: look at from a longhol capacity, over ninety percent of

226
00:09:59,760 --> 00:10:03,040
Speaker 3: flight that come into New Zealand arrive in at Oakland Airport.

227
00:10:03,200 --> 00:10:05,360
Speaker 3: If you broaden that to short hool airlines, that's more

228
00:10:05,400 --> 00:10:08,920
Speaker 3: than seventy five percent of all international flights come here.

229
00:10:09,559 --> 00:10:12,040
Speaker 3: Eighty percent of cargo arrives in the belly hold of

230
00:10:12,040 --> 00:10:15,319
Speaker 3: a passenger aircraft and ninety percent of that arrives into

231
00:10:15,400 --> 00:10:16,120
Speaker 3: Oakland Airport.

232
00:10:16,200 --> 00:10:17,959
Speaker 2: And so you know, Oklin.

233
00:10:17,720 --> 00:10:20,040
Speaker 3: Airport is kind of this value engine, if that's what

234
00:10:20,160 --> 00:10:21,640
Speaker 3: you want to talk about. It's got an ends, an

235
00:10:21,800 --> 00:10:25,240
Speaker 3: ink roll that's incredibly important, you know, and the current

236
00:10:25,280 --> 00:10:28,840
Speaker 3: government talks about doubling exports and ten years Okan Airport,

237
00:10:29,240 --> 00:10:31,560
Speaker 3: like many businesses, has a role to help enable that.

238
00:10:31,760 --> 00:10:34,400
Speaker 3: So we have to be fit for purpose to actually

239
00:10:34,480 --> 00:10:37,760
Speaker 3: deliver to that ambition, both as an airport but also

240
00:10:37,800 --> 00:10:38,400
Speaker 3: for endsetting.

241
00:10:38,840 --> 00:10:43,520
Speaker 1: So how much more fit will this infrastructure investment make

242
00:10:43,920 --> 00:10:46,400
Speaker 1: Aukan Airport in terms of trade that it can bring

243
00:10:46,440 --> 00:10:49,320
Speaker 1: in in terms of passenger capacity in and out of

244
00:10:49,320 --> 00:10:50,000
Speaker 1: the country too.

245
00:10:50,840 --> 00:10:53,680
Speaker 3: So if you look that thirty five billion of economic

246
00:10:53,720 --> 00:10:56,839
Speaker 3: activity that I talked about, that's as that today. If

247
00:10:56,880 --> 00:10:59,240
Speaker 3: you roll forward to twenty thirty two, which is kind

248
00:10:59,280 --> 00:11:03,120
Speaker 3: of the ten year planning horizon we worked to, that

249
00:11:03,760 --> 00:11:06,160
Speaker 3: jumped up to fifty five billion in terms of that,

250
00:11:06,200 --> 00:11:10,160
Speaker 3: and that's made of domestic tourism, of international tourism, of freight.

251
00:11:10,800 --> 00:11:12,800
Speaker 3: And I think people also forget they think of Oakland

252
00:11:12,840 --> 00:11:15,199
Speaker 3: Airport as a place that you and I and travelers

253
00:11:15,600 --> 00:11:18,120
Speaker 3: go to on our holidays or visiting family and friends.

254
00:11:18,480 --> 00:11:22,240
Speaker 3: But actually the trade and freight activity is incredibly large

255
00:11:22,240 --> 00:11:25,480
Speaker 3: as well. Auckland Airport is the third largest high value

256
00:11:25,559 --> 00:11:27,400
Speaker 3: port compared to the Port of Totong and the Port

257
00:11:27,400 --> 00:11:31,200
Speaker 3: of Oakland. So again part of that broader infrastructure and

258
00:11:31,400 --> 00:11:33,880
Speaker 3: economic kind of engine side of things.

259
00:11:34,120 --> 00:11:36,760
Speaker 1: Carry It's no secret that there has been quite a

260
00:11:36,840 --> 00:11:40,760
Speaker 1: runway rum, but we call it quite some controversy around

261
00:11:41,000 --> 00:11:43,680
Speaker 1: both the scale of this investment and who's going to

262
00:11:43,679 --> 00:11:45,839
Speaker 1: pay for it. Can you explain to me how much

263
00:11:45,840 --> 00:11:48,360
Speaker 1: it's costing and how you're financing it, and then we'll

264
00:11:48,360 --> 00:11:49,680
Speaker 1: get to the airline part after that.

265
00:11:49,880 --> 00:11:50,520
Speaker 2: Yeah, certainly.

266
00:11:50,880 --> 00:11:54,160
Speaker 3: So we came out earlier and the tenure capital plan

267
00:11:54,600 --> 00:11:57,800
Speaker 3: was six point six billion over the ten years and

268
00:11:57,880 --> 00:12:00,160
Speaker 3: actually from and it will matter in a minute when

269
00:12:00,160 --> 00:12:01,920
Speaker 3: we get to the airline side of things, but five

270
00:12:01,960 --> 00:12:04,439
Speaker 3: point seven billion of that is what we call priced

271
00:12:04,559 --> 00:12:09,120
Speaker 3: or regulated activities. Oakland Airport has regulated activities and things

272
00:12:09,160 --> 00:12:14,440
Speaker 3: that are described as natural monopolies runway, airfield, air bridges,

273
00:12:14,520 --> 00:12:17,400
Speaker 3: baggage systems, and then you have non regulated such as

274
00:12:17,640 --> 00:12:21,040
Speaker 3: the retail property, roading and some other elements of that.

275
00:12:21,080 --> 00:12:23,439
Speaker 3: So you've got a mix of those two things. When

276
00:12:23,480 --> 00:12:27,079
Speaker 3: it comes into the who pays you've got it depends

277
00:12:27,080 --> 00:12:31,319
Speaker 3: on those So the regulated elements are paid for by airlines.

278
00:12:31,360 --> 00:12:34,080
Speaker 3: It's a user pays system, so if you're using the runway,

279
00:12:34,360 --> 00:12:36,640
Speaker 3: then the charge is run through to that. When you

280
00:12:36,679 --> 00:12:40,280
Speaker 3: look at the non regulated side, that is recovered through

281
00:12:40,440 --> 00:12:44,920
Speaker 3: it's funded by Oakland Airport shareholders and off the diversified

282
00:12:44,960 --> 00:12:47,040
Speaker 3: balance sheet, and then it's recovered over the long term

283
00:12:47,080 --> 00:12:50,719
Speaker 3: through things like commercial leases to those retail tenets for example, so.

284
00:12:50,679 --> 00:12:53,480
Speaker 1: The majority is regulated, which is price set by the

285
00:12:53,520 --> 00:12:56,240
Speaker 1: Commerce Commission because this is a natural monopoly. As you said,

286
00:12:56,280 --> 00:12:59,400
Speaker 1: we don't have a population un fortunately big enough to house.

287
00:12:59,240 --> 00:13:01,080
Speaker 2: More than one or on airports.

288
00:13:01,280 --> 00:13:03,640
Speaker 1: So how much more are airfe is going to have

289
00:13:03,720 --> 00:13:07,160
Speaker 1: to increase to help pay for that regulated portion, which

290
00:13:07,200 --> 00:13:10,079
Speaker 1: is the majority of this investment that airlines are coughing

291
00:13:10,080 --> 00:13:10,320
Speaker 1: out for.

292
00:13:10,559 --> 00:13:12,520
Speaker 2: I think it's probably context. It's really important.

293
00:13:12,520 --> 00:13:15,640
Speaker 3: So when you look at domestic jet charges, for example,

294
00:13:15,640 --> 00:13:18,360
Speaker 3: they make up four to six percent of an airline ticket,

295
00:13:18,880 --> 00:13:21,240
Speaker 3: so quite small in the scheme of things. If you

296
00:13:21,280 --> 00:13:23,640
Speaker 3: look over the current pricing period which goes through to

297
00:13:23,679 --> 00:13:27,520
Speaker 3: twenty twenty seven, we're increasing those domestic landing charges by

298
00:13:27,520 --> 00:13:31,240
Speaker 3: a dollar seventy six a year. So from kind of

299
00:13:31,559 --> 00:13:34,360
Speaker 3: size and scale gives you an idea, it's quite small

300
00:13:34,440 --> 00:13:37,119
Speaker 3: in the scheme of things. It's also when we look historically,

301
00:13:37,280 --> 00:13:40,880
Speaker 3: partly because the domestic terminal is almost sixty years old,

302
00:13:41,320 --> 00:13:43,760
Speaker 3: it's been at forty to fifty percent less than other

303
00:13:43,840 --> 00:13:46,240
Speaker 3: major airports in New Zealand. So by the time we

304
00:13:46,280 --> 00:13:49,439
Speaker 3: get to the end of this pricing period at twenty

305
00:13:49,480 --> 00:13:52,720
Speaker 3: twenty seven, Okan airport will be either on par or

306
00:13:52,800 --> 00:13:56,000
Speaker 3: below those other major airports. And when you even look

307
00:13:56,040 --> 00:13:58,800
Speaker 3: across to Australia, so you've got a mixed there that

308
00:13:58,960 --> 00:14:01,840
Speaker 3: airlines will pay for they use and then the non

309
00:14:01,880 --> 00:14:04,120
Speaker 3: regulated piece, as I said, will be recovered by the

310
00:14:04,679 --> 00:14:08,600
Speaker 3: users of those so commercial leases, tenant leases, et cetera.

311
00:14:09,000 --> 00:14:11,360
Speaker 1: So why do you think airlines are kicking up such

312
00:14:11,360 --> 00:14:12,679
Speaker 1: a fuss because they are.

313
00:14:12,960 --> 00:14:14,920
Speaker 3: Yeah, I mean if you look back over time and

314
00:14:15,200 --> 00:14:18,520
Speaker 3: my career has been an aviation airline and the airport side,

315
00:14:18,640 --> 00:14:23,040
Speaker 3: it's a long standing tension point and every five years,

316
00:14:23,160 --> 00:14:25,400
Speaker 3: you know the regime came into place about two thousand

317
00:14:25,400 --> 00:14:28,000
Speaker 3: and eight in terms of the Commerce Commission, every five

318
00:14:28,080 --> 00:14:31,360
Speaker 3: years or so you see the cycle of intense scrutiny

319
00:14:31,440 --> 00:14:34,640
Speaker 3: and conversation between airports and airlines and then obviously the

320
00:14:34,720 --> 00:14:36,280
Speaker 3: role of the Commerce Commission to review that.

321
00:14:36,880 --> 00:14:39,120
Speaker 2: So it's been a long standing hot point.

322
00:14:39,120 --> 00:14:40,960
Speaker 3: We'll call it that. And listen, I get it. Nobody

323
00:14:41,000 --> 00:14:44,040
Speaker 3: wants charges to go up. It doesn't matter what your

324
00:14:44,080 --> 00:14:47,080
Speaker 3: business is. You want to manage that. But at the

325
00:14:47,080 --> 00:14:49,680
Speaker 3: same time, if we go back to that economic engine,

326
00:14:49,720 --> 00:14:53,080
Speaker 3: you have to have the ability to grow New Zealand,

327
00:14:53,120 --> 00:14:57,440
Speaker 3: to create competition, to create connections with New Zealand to

328
00:14:57,440 --> 00:14:59,480
Speaker 3: the world and each other. You have to have fit

329
00:14:59,480 --> 00:15:02,200
Speaker 3: for purpose facilities to do that, and so there's a

330
00:15:02,240 --> 00:15:04,440
Speaker 3: balancing act a little bit that comes with that.

331
00:15:04,840 --> 00:15:07,000
Speaker 1: How much of this investment do you think is growth

332
00:15:07,040 --> 00:15:11,320
Speaker 1: for the future versus plane catch up because these are old, old,

333
00:15:11,400 --> 00:15:13,080
Speaker 1: aged terminals that we're dealing with.

334
00:15:13,440 --> 00:15:15,840
Speaker 3: Yeah, I mean the domestic debt Teroma is nineteen sixty

335
00:15:15,880 --> 00:15:19,440
Speaker 3: six at commission, and so you have your adding capacity.

336
00:15:19,440 --> 00:15:22,720
Speaker 3: So it'll be twenty six percent more capacity in the

337
00:15:22,720 --> 00:15:25,720
Speaker 3: new domestic debt terminal than what there is today, forty

338
00:15:25,760 --> 00:15:29,160
Speaker 3: four percent more processing space which nobody loves a queue,

339
00:15:29,200 --> 00:15:32,440
Speaker 3: so that additional space will be welcomed by our travelers.

340
00:15:32,960 --> 00:15:35,880
Speaker 3: It will be integrated into the international terminal, so it's

341
00:15:35,920 --> 00:15:39,280
Speaker 3: a five minute indoor walk instead of the outdoor walk

342
00:15:39,320 --> 00:15:41,200
Speaker 3: that it has been for many decades.

343
00:15:41,520 --> 00:15:42,840
Speaker 2: So there's value across that.

344
00:15:42,840 --> 00:15:45,760
Speaker 3: That's both that combination of capacity growth for the future

345
00:15:46,320 --> 00:15:50,080
Speaker 3: as well as than that renewal and resilience things like expansions.

346
00:15:50,080 --> 00:15:54,240
Speaker 3: It's the terminal, it's airfields, it's a transport network. You know.

347
00:15:54,240 --> 00:15:56,240
Speaker 3: One of the things mid next year will deliver will

348
00:15:56,280 --> 00:16:01,480
Speaker 3: be significant stormwater resilience into the airfield that will be delivering,

349
00:16:01,480 --> 00:16:05,880
Speaker 3: which is key. We've seen unprecedented intensity at weather events

350
00:16:06,200 --> 00:16:08,040
Speaker 3: in the last couple of years, and so it's also

351
00:16:08,120 --> 00:16:11,480
Speaker 3: future proofing for that, which is incredibly important as well, things.

352
00:16:11,200 --> 00:16:14,560
Speaker 1: Like processing times and just making sure the customer experience

353
00:16:14,600 --> 00:16:18,920
Speaker 1: is relatively okay. Isn't that what an airport is just

354
00:16:19,000 --> 00:16:22,320
Speaker 1: meant to provide? Why should airlines have to pay for

355
00:16:22,440 --> 00:16:24,840
Speaker 1: making sure that that part is up to scratch, which

356
00:16:24,880 --> 00:16:25,760
Speaker 1: is your operation?

357
00:16:26,720 --> 00:16:29,000
Speaker 3: Yeah, I mean, I think it's those elements of Again,

358
00:16:29,200 --> 00:16:31,240
Speaker 3: there's a whole bunch of obligations that need to be

359
00:16:31,280 --> 00:16:34,560
Speaker 3: met with it be through the Civil Aviation Authority, and

360
00:16:34,640 --> 00:16:37,360
Speaker 3: airports have to be certified just as airlines do, so

361
00:16:37,400 --> 00:16:40,760
Speaker 3: you need to meet those requirements through border agencies and

362
00:16:40,840 --> 00:16:43,920
Speaker 3: as you say, you want an efficient process. But also

363
00:16:44,080 --> 00:16:46,920
Speaker 3: the airline systems also interface with that. So the check

364
00:16:46,960 --> 00:16:50,240
Speaker 3: in systems and the software and the applications that airlines

365
00:16:50,320 --> 00:16:53,400
Speaker 3: use need to interface with the airports. We don't necessarily

366
00:16:53,440 --> 00:16:57,200
Speaker 3: dictate what platforms they use, so it's an ecosystem and

367
00:16:57,240 --> 00:16:59,520
Speaker 3: I think that's a really important care.

368
00:17:00,480 --> 00:17:02,480
Speaker 2: You know, I see Offland Airport as the conductor of

369
00:17:02,480 --> 00:17:04,520
Speaker 2: the orchestra, so to speak.

370
00:17:04,520 --> 00:17:06,679
Speaker 3: And I mean that on the basis that there's things

371
00:17:06,680 --> 00:17:09,280
Speaker 3: that we control and should manage incredibly well.

372
00:17:09,320 --> 00:17:10,120
Speaker 2: There's things that we.

373
00:17:10,080 --> 00:17:13,119
Speaker 3: Need to influence and support such as water agency and

374
00:17:13,160 --> 00:17:18,480
Speaker 3: confliniance requirements. And then customers for us is airlines stakeholders,

375
00:17:18,840 --> 00:17:21,199
Speaker 3: the millions of travelers that come through our day, and

376
00:17:21,240 --> 00:17:25,399
Speaker 3: that ecosystem only works if it's in concert and if

377
00:17:25,440 --> 00:17:27,840
Speaker 3: it's working together, and so our roles to play that together.

378
00:17:27,880 --> 00:17:30,919
Speaker 3: But fundamentally, when you look at air bridges, when you

379
00:17:30,960 --> 00:17:33,920
Speaker 3: look at tarmac and aprons and stands where the aircraft

380
00:17:34,320 --> 00:17:37,760
Speaker 3: park their plane, sorry airlines park their planes, that is

381
00:17:37,800 --> 00:17:40,720
Speaker 3: a user pays basis that that is one of the

382
00:17:40,800 --> 00:17:44,080
Speaker 3: underpinning enablers of airlines to undertake their businesses.

383
00:17:44,720 --> 00:17:46,919
Speaker 1: Quantas and their New Zealand have made the point in

384
00:17:46,920 --> 00:17:51,440
Speaker 1: this controversy that if prices on air fees keep increasing,

385
00:17:51,480 --> 00:17:55,480
Speaker 1: and they're already pretty high, if they keep increasing, then

386
00:17:55,480 --> 00:17:59,520
Speaker 1: that will ultimately in the end impact negatively tourism in

387
00:17:59,560 --> 00:18:00,240
Speaker 1: this company tree.

388
00:18:00,880 --> 00:18:03,120
Speaker 2: Do you agree with that? Are they wrong or are.

389
00:18:03,119 --> 00:18:05,320
Speaker 1: They right to suggest that if you keep bumping up

390
00:18:05,359 --> 00:18:07,720
Speaker 1: prices that ultimately it's going to come round about and

391
00:18:07,800 --> 00:18:10,159
Speaker 1: mean that too few people fly in and out of

392
00:18:10,200 --> 00:18:11,560
Speaker 1: this country in this airport.

393
00:18:11,920 --> 00:18:12,679
Speaker 2: You know, I think you know.

394
00:18:12,720 --> 00:18:15,280
Speaker 3: The one thing that airlines and airports absolutely have and

395
00:18:15,280 --> 00:18:17,840
Speaker 3: should operate a unison on, is that they are volume

396
00:18:17,880 --> 00:18:22,080
Speaker 3: based businesses. So neither of those parties have an interest

397
00:18:22,560 --> 00:18:26,120
Speaker 3: in negatively impacting demand, right, And then you get into

398
00:18:26,160 --> 00:18:29,320
Speaker 3: the economic impact for New Zealand, that's that's a value

399
00:18:29,359 --> 00:18:32,240
Speaker 3: add But at the same time, it's then I think

400
00:18:32,280 --> 00:18:34,399
Speaker 3: I suspect where the airlines are coming from. It's this

401
00:18:34,520 --> 00:18:38,199
Speaker 3: argument around elasticity and how that works. Again, if I

402
00:18:38,280 --> 00:18:40,560
Speaker 3: draw a comparison to say, so, we are improving our

403
00:18:41,040 --> 00:18:44,359
Speaker 3: increasing our domestic jet prices by dollars seventy six a

404
00:18:44,400 --> 00:18:47,880
Speaker 3: year overnight. A couple of months ago, Air New Zealand

405
00:18:47,920 --> 00:18:51,879
Speaker 3: increased its baggage fees by ten dollars per bag. So

406
00:18:52,520 --> 00:18:55,679
Speaker 3: it all depends on how you bring those things together.

407
00:18:55,800 --> 00:18:59,000
Speaker 3: That the ability to provide growth, and that twenty six

408
00:18:59,240 --> 00:19:03,280
Speaker 3: percent press capacity is good for airlines, that creates growth

409
00:19:03,280 --> 00:19:06,360
Speaker 3: for airlines, growth for the airport, growth friends at ink

410
00:19:06,880 --> 00:19:09,040
Speaker 3: and so it's one of those elements that you need

411
00:19:09,080 --> 00:19:11,119
Speaker 3: to have the facilities to enable that to happen.

412
00:19:11,280 --> 00:19:13,040
Speaker 1: When is this going to be finished? When are we

413
00:19:13,080 --> 00:19:15,920
Speaker 1: going to walk through a new terminal and have hopefully

414
00:19:16,160 --> 00:19:18,000
Speaker 1: a seamless experience.

415
00:19:17,480 --> 00:19:18,120
Speaker 2: At this airport.

416
00:19:18,400 --> 00:19:20,280
Speaker 3: Yeah, we'll we'll certainly over the next five years. So

417
00:19:20,320 --> 00:19:23,919
Speaker 3: the integrated Terminal itself is going to be operational in

418
00:19:23,960 --> 00:19:26,600
Speaker 3: twenty twenty nine, so that means we still have around

419
00:19:26,640 --> 00:19:30,399
Speaker 3: five years to get from today to that point. But

420
00:19:30,520 --> 00:19:32,240
Speaker 3: at the same time, we're also five years is a

421
00:19:32,280 --> 00:19:34,960
Speaker 3: long time, So anyone that's been through the domestic criminal

422
00:19:35,040 --> 00:19:38,680
Speaker 3: recent will have seen that we refreshed bathrooms, duell areas,

423
00:19:39,119 --> 00:19:41,919
Speaker 3: the food court, et cetera. Because it's really important that

424
00:19:42,560 --> 00:19:44,439
Speaker 3: our customers are having to look at good experience in

425
00:19:44,480 --> 00:19:47,400
Speaker 3: the interim, and we're also opening things along the way.

426
00:19:47,560 --> 00:19:50,280
Speaker 3: So the Transport Hub, for example, open fully just in

427
00:19:50,280 --> 00:19:54,320
Speaker 3: the last few weeks, actually creating increased capacity for parking.

428
00:19:54,359 --> 00:19:57,200
Speaker 3: It's on the doorstep of the International terminal, and that's

429
00:19:57,240 --> 00:20:00,320
Speaker 3: future proofing because that's today the International termin or, but

430
00:20:00,400 --> 00:20:03,360
Speaker 3: it will be the Integrated Terminal in five years time,

431
00:20:03,520 --> 00:20:06,439
Speaker 3: so we will be rolling and opening things over the

432
00:20:06,440 --> 00:20:09,520
Speaker 3: next five years. But the new terminal itself that you're describing,

433
00:20:09,640 --> 00:20:10,640
Speaker 3: that's twenty twenty.

434
00:20:10,480 --> 00:20:13,280
Speaker 1: Nine, where is this going to put Auckland Airport on

435
00:20:13,359 --> 00:20:16,280
Speaker 1: the international pedestal of airports. Are we going to be

436
00:20:16,480 --> 00:20:18,520
Speaker 1: changy not lax?

437
00:20:19,520 --> 00:20:21,919
Speaker 3: Well, we're certainly not going to have a waterfall in

438
00:20:21,960 --> 00:20:24,280
Speaker 3: the middle of our terminal, I can say that.

439
00:20:24,359 --> 00:20:26,040
Speaker 2: But actually we're a.

440
00:20:26,000 --> 00:20:32,600
Speaker 3: Fit for purpose, modern functional airport that is the appropriate proposition.

441
00:20:32,080 --> 00:20:32,800
Speaker 2: For New Zealand.

442
00:20:32,840 --> 00:20:34,919
Speaker 3: But we're very aware and you would have seen outside

443
00:20:34,920 --> 00:20:37,200
Speaker 3: the transport hub, for example, quite a bit of landscaping,

444
00:20:37,200 --> 00:20:40,920
Speaker 3: those four hactares that we've transplanted to Kawas and done

445
00:20:40,960 --> 00:20:43,680
Speaker 3: things that were really aware as people come, visitors come

446
00:20:43,680 --> 00:20:46,359
Speaker 3: to New Zealand that that feel of old tedle On

447
00:20:46,440 --> 00:20:50,320
Speaker 3: how they look at that. But yes, I would like

448
00:20:50,359 --> 00:20:52,960
Speaker 3: to think that that. No, we're not going to be

449
00:20:53,040 --> 00:20:56,239
Speaker 3: doing kind of the changey experience in terms of some

450
00:20:56,280 --> 00:21:00,199
Speaker 3: of those added benefits like the jewel, but we will

451
00:21:00,240 --> 00:21:03,520
Speaker 3: create an experience that Kiwis and Oklanders can be proud

452
00:21:03,560 --> 00:21:06,320
Speaker 3: of and something that meets that need of today.

453
00:21:06,320 --> 00:21:08,520
Speaker 2: And takes us into the future for decades to come.

454
00:21:08,760 --> 00:21:12,560
Speaker 1: And you're already seeing hotter competition from international airlines, especially

455
00:21:12,560 --> 00:21:15,080
Speaker 1: going from here to the United States. Do you expect

456
00:21:15,119 --> 00:21:16,920
Speaker 1: this investment to only.

457
00:21:16,720 --> 00:21:18,960
Speaker 3: Boost that well, I think you've got the combination right.

458
00:21:19,040 --> 00:21:21,600
Speaker 3: So this is a domestic jet terminal replacement, so you

459
00:21:21,680 --> 00:21:23,679
Speaker 3: will see that, and there is that flow through that

460
00:21:23,720 --> 00:21:26,720
Speaker 3: we know historically in a pre COVID environment, about twenty

461
00:21:26,720 --> 00:21:29,919
Speaker 3: percent of international inbound visitors would travel through on the

462
00:21:29,920 --> 00:21:31,199
Speaker 3: domestic and regional network.

463
00:21:31,560 --> 00:21:32,560
Speaker 2: So we're really.

464
00:21:32,320 --> 00:21:35,400
Speaker 3: Conscious that the role we do is not only international

465
00:21:35,440 --> 00:21:38,679
Speaker 3: domestic jet but also regional and how we feed and

466
00:21:38,720 --> 00:21:41,640
Speaker 3: support the system that comes through, and I think that's

467
00:21:41,640 --> 00:21:44,280
Speaker 3: something that's important as we go forward. But yes, we're

468
00:21:44,320 --> 00:21:47,360
Speaker 3: seeing North America last year that had a thirty nine

469
00:21:47,359 --> 00:21:51,560
Speaker 3: percent capacity increase from what it was in twenty nineteen.

470
00:21:51,800 --> 00:21:53,119
Speaker 2: Wow, compared to pre COVID.

471
00:21:53,280 --> 00:21:56,080
Speaker 3: That drove an increase in passenger numbers I think from

472
00:21:56,119 --> 00:22:00,320
Speaker 3: memory sixteen percent up on passenger visitors at increased HIGER

473
00:22:00,359 --> 00:22:04,280
Speaker 3: capacity by nine percent, but actually twenty six percent in

474
00:22:04,400 --> 00:22:07,679
Speaker 3: export earning. So what that shows is when you enable

475
00:22:07,800 --> 00:22:10,760
Speaker 3: growth and you enable those things, you do get almost

476
00:22:10,760 --> 00:22:14,119
Speaker 3: the multiplier effect that ends Ittting benefits from some of

477
00:22:14,119 --> 00:22:14,840
Speaker 3: that activity.

478
00:22:14,960 --> 00:22:16,640
Speaker 2: So now we'll really please I.

479
00:22:16,600 --> 00:22:18,840
Speaker 1: Look forward to experiencing it one day. So thanks for

480
00:22:18,920 --> 00:22:20,199
Speaker 1: much your time, Kerry, appreciate it.

481
00:22:20,200 --> 00:22:20,480
Speaker 2: Thank you,