... within, uh, the Generate KiwiSaver scheme, but w- what, uh, what approach do you guys take to ethical investing? Because- It, it, life has a lot of gray areas, doesn't it?

Yeah.

So I mean, we've got our exclusion framework to start.

So we look at excluding tobacco manufacturing, nuclear weapons, the manufacturing of cluster munitions, uh, whale meat, anti-personnel mines.

Those are our outright exclusions.

And you might think that list is quite slim, but then ultimately it gets very nuanced where your money is going, as you were kind of explaining before.

So what we do is actually have an analyst.

So it's really how long have you got to wait for your stock to recover.

Okay, so what are the standout things, what popped out to you out of the announcement from National? So yeah, let's start from the top,

especially with the change in contribution rates.

So we'll lift to 6% by 2032.

And that's 6%? From both sides.

So you and your employer on both sides.

And I imagine that will be staggered.

So if you're someone who was at home as a businessman who owns a business and you're looking at, hey, look, how much is it going to cost me? It's going to be staggered over a number of years, I expect.

less.