Thank you.
It's a very good question, Mr. Chairman and Madam.
P3s are probably unnecessary in a range of circumstances. Let's divide up projects into ones where you have a really good idea of how to specify how to do the thing. For example, I know how to make coffee cups. I know how to make coffee cups on an industrial scale.
It's really easy to specify. There aren't a lot of ways to go wrong once you have the general idea. The transaction costs associated with negotiating a contract and risk sharing and the production process—they're not really worth it. You can just specify that you want some coffee cups and I'll deliver them, so it's not a good P3.
Let's suppose you want to build a fairly complex system, like a hospital, and you don't know, as a public partner, the right mix of capital that should go in up front, how much you're going to have to set aside for operating costs down the road, what bits of machinery or operational repair, capital expenditures, or costs you're going to bear down the road—you don't know all of that stuff, and you don't have to. What you do know is that you want a running piece—a running building, a running hospital system—for x number of years. You can leave that to your private partner to deliver on, and to take on the risks of delivering. When you don't know a lot about how to get there but you know what you want, then you write the contract that specifies the outcome and let the partner manage the risks to get there.