Bayly AndrewANDREW BAYLY (National—Hunua): Thank you very much. Part 2 deals with the issue of disclosure and again this was one of the most critical areas that the committee traversed. The issue related to the ability of certain entities to share and transfer information that was confidential and sensitive amongst agencies. And of course there was a strong reliance on that being determined; in the list the name of the agency has been determined by a regulation-making power as I've talked about before.But the one change that we were successful in making is that we—and when I say we" the National Party and I believe ACT—were very concerned about the absolute power to basically be able to determine who in which entities could receive sensitive information or provide sensitive information on applicants. And the one change we were successful making was relating to a requirement that when setting the names of new agencies on to the list which is going to be part of the bill or Act when it comes into force there was a requirement that the Privacy Commissioner be consulted on those arrangements because we just think that's a fundamental right for Government to be held to account for making sure that information particularly where it's highly sensitive is protected and managed in an appropriate way. That part is addressed in clause 65 inserting new clause 39B in Schedule 7 of the Tax Administration Act 1994.One of the one of the most dangerous pieces of wording was that and I quote here "if the regulator has reasonable grounds"—this is in relation to making a disclosure—"to believe that … disclosure of that information is necessary or desirable for all of the following purposes:". And it talks about "(a) enabling the regulator to consider whether an investor meets the … test … (b) managing national security … (c) and any [other] purpose". That of course is that catch-all phrase at the end. But the one that was of particular concern to us was "or desirable" aspects. That is a very loose constraint on agencies on people involved in the handling of sensitive information so that was struck out. And that is one of the changes in the bill as it's going through thanks largely to the efforts of the Opposition in particular to make sure that we are reaching an adequate and proper place around the disclosure regime in this bill. So I'd be interested whether the Minister for Trade and Export Growth would like to comment on that about the information disclosure because in many cases these transactions are highly sensitive. They are acquiring businesses. In many cases there is a competitive process in place. And once other competitors who may be interested in the same asset are aware of what's going on it's not uncommon for that knowledge to be used to disrupt that transaction that's been agreed. And that's why it's very very important that these arrangements are tight because that can cost people a lot of money just through people being careless with the use of information. So I just want to receive the Minister's response to this very very important point and whether he believes that under the bill the way it's set up the way it will be managed in the future which he will have responsibility for there will be no transgressions of the passage of sensitive information between agencies in a manner that is not proper."