Bayly Andrew; Salesa JennyANDREW BAYLY (National—Port Waikato): I find that answer absolutely incredible. I think the Minister's asserting that the cause of this issue was the legislation not the responsible code of lending dated February 2021. So the first thing is: can the Minister confirm whether in fact he as the Minister was the one that approved these regulations issued by the Ministry of Business Innovation and Employment (MBIE) called Responsible Lending Code: Revised February 2021? I put it to the Minister—and I've heard him talk about this rather cutely previously—that the issue is not the legislation. The legislation provided for a differential approach to be taken either in respect of the lender or the borrower. The issue is not the legislation; it's the regulation. And this is the document that has exploded by 40 pages and I'd love to know and I ask again whether the Minister will confirm whether or not he as the Minister of Commerce actually approved these regulations.The second thing is: why did he allow MBIE to lead the review of the regulations of this whole credit contracts finance issue when in fact MBIE was responsible for preparing the code that in my view the Minister subsequently improved and has led to the issue? Why was MBIE asked to leave that? Why did the Minister choose not to get an experienced practitioner? Because many of these issues that have come to fruition were highlighted in the select committee process. What people didn't expect was that there would be a Minister who would subsequently go away and allow this approach to be adopted across all lenders and a responsible lending code that was issued in February.DAMIEN SMITH (ACT): I would just like Minister Clark to answer the last question which was in the previous cluster which is: how much have fuel margins fallen?CHAIRPERSON (Hon Jenny Salesa): I'd like to know though if the Minister intends to answer this question or do we go on to the Minister of Education who will now be in the chair to answer questions?Hon Dr DAVID CLARK (Minister of Commerce and Consumer Affairs): I'm happy to come back to the member. I don't have that exact calculation in front of me. It's freely available on the Ministry of Business Innovation and Employment (MBIE) website. All of the data of fuel margins is published and the member can do that calculation and check my calculation if he wishes to. That data is available on the MBIE website.I'll respond to one more matter that's been raised by the member Andrew Bayly and obviously then I must vacate the chair. On the matter of whether the regulations chose to be neutral on the matter of whether we're regulating banks or other lending institutions we have consistent with the legislation chosen to be neutral. We don't want to privilege one part of the lending sector over others. We believe that there should be competition and we recognise that according to survey research people do fall into hardship. Eighteen percent actually of people described themselves as in moderate or severe hardship on an everyday level when consumer surveys were done which was part of the reason of course that the whole House supported the legislative change and that was not restricted to lending types that were not banks. Banks were included in that wider figure. Now it is true that some of those other lending institutions probably have more dubious track records but it seems appropriate to have the same protections and a level playing field for all lenders.