Falloon AndrewANDREW FALLOON (National—Rangitata): Thank you Madam Chair. I usually sit on the Economic Development Science and Innovation Committee—Hon Member: Where this bill should have gone.ANDREW FALLOON: —rather than the Finance and Expenditure Committee. Exactly—where this bill should have gone actually. It is a commerce bill and it is from the commerce Minister so it should have come to the Economic Development Science and Innovation Committee but it did go to the Finance and Expenditure Committee.I was very pleased I was able to sit in on some of those submissions during the bill because for me it was quite enlightening. I've been a member of Parliament now for two years and I've certainly seen unfortunately in that time far too many cases of predatory lending by people in our community and particularly targeting people who can least afford it.So I was really pleased to sit on the select committee particularly hearing from some of those budget advisory services who listen to or have to help some of the people who get caught up from time to time in the web of predatory lenders. So it was very good to hear those submissions. I was happy to sit down and listen to them in Wellington. Unfortunately I couldn't make it along to Auckland where I understand the select committee also travelled to and heard from quite a range of submitters. I think the select committee made the bill a lot better. There's some changes in there in relation to clause 22 which will ensure that consumers will not be able to refinance one high-cost loan with another high-cost loan.But one change that Brett Hudson has touched on which I'd like to ask the Minister Kris Faafoi about while he's in the chair relates to the interest rate cap that was brought in quite late in the piece during the select committee process. I'd like to ask him because as we've heard advisers or officials when the bill first came to the select committee suggested that there shouldn't be an interest rate cap and certainly not a daily interest rate cap. So I'd like to ask the Minister how he came to form a view that there should be an interest rate cap and particularly a daily interest rate cap and how it is he came to choose the number of 0.8 percent as a daily interest rate. We've heard from the UK for example where unfortunately it seems that the daily interest rate cap that they've brought in in the UK has become more of a default setting. Rather than simply as a maximum figure it's become the default. As Jonathan Young says it is the target. So I'd like to understand from the Minister why it is specifically that he chose 0.8 percent as the daily rate and following on from my colleague Brett Hudson what advice he received from officials about whether or not that 0.8 percent figure was actually appropriate or not. Why for example wasn't it slightly lower or why wasn't it slightly higher? Why is it that 0.8 percent is in his view I suppose the Goldilocks figure? Is it something that he thinks should be looked at in the future? Is it something that a future Minister or future Parliament should consider—whether or not we should move that rate around based on predatory lending in the future if it goes on to continue? So I'd like to know why it is that he came to choose the 0.8 percent figure where it came from and what advice he received from officials on that rate specifically.