As part of the issue there is a tax disincentive for provinces to divest of certain assets.
I believe that in Australia the federal government provides a 15% kicker as an incentive to states to divest of brownfield assets that are easy to sell to institutional investors, but then to build greenfield assets that are less easy to attract investment.
On Canadian pension funds, Canadian construction and engineering companies are building infrastructure globally. We probably have the greatest concentration of expertise in the design, construction, and financing of infrastructure in the world resident in Canada.
What can we do in terms of federal policy? I believe that Mr. Roschlau mentioned this earlier. What do we need to do to get our pension funds investing more in Canada? They're building infrastructure around the world and yet there isn't much activity here in Canada. What is the federal leadership role that can help achieve that?
I'd be interested in either of your perspectives.