Smith DamienDAMIEN SMITH (ACT): Thank you Madam Chair and Minister Robertson and my colleagues. It is interesting that the Green Party hasn't really got a view on what's happening here. We talk about a climate change emergency. Well we consider there is a monetary and fiscal emergency going on as well. Mr Bayly's point is quite relevant in the sense that just looking at debt to income restrictions—this morning's announcement—the UK's got an example of five times and we've got an example of 10 times floated out today and let's be brutally up front here: this is a new regime right? The original bill from the 1980s—it may be a philosophical argument but we don't know whether we've got a New Zealand Motor Corporation construct here or a McLaren and I think the country deserves a McLaren in terms of where and what it should expect from the Reserve Bank bill.Let's be pretty clear: Gareth Vaughan was correct in the sense that the Reserve Bank of New Zealand is being moved into the international regulatory system and yet we don't actually identify or even admit that there's other organisations around the world that now shape and form our policy. So the philosophy is extended to the International Monetary Fund and it's an oversight for our system not to reflect on where the world is going in those regulations.One of the concerns that we've had is just that this bill isn't modelled enough and considered enough and hasn't had enough public scrutiny to satisfy the next 30 years of what we think is an important consensus. In that sense we didn't actually get a consensus across the parties and I think it's absolutely essential that we reach some common ground in terms of more than just a philosophy but the actual detail and frameworks around the management of this bill.I mean as an example in the old days you had monetary Government policy which was very much fixated on interest rate control and it's sort of raising its head again as being the genie that has now got out of the bottle and yet where in this bill is inflation linked to interest rate control? Or there is no actual mention of inflation full stop—I think I've got that correct Minister?—and around the philosophy of price stability you would argue that that has to be frameworked and included in this bill. Also we think that the remit has politicised the Reserve Bank and its organisation even closer to Government policy and we believe that that should be actually reversed.So the actual wellbeing of New Zealanders is going to be affected by this bill and its framework. Inflation is distorting the economy now and it's going to hurt everybody from elderly people on fixed incomes to young people as well.But the major concern we have is the slow erosion of the bank's independence. We don't believe that it can actually be just simply conceptually based. It has to have a rigorous framework it has to have a set of understandable rules so that we can make sure that our international parties are sound about investments and risks that they take in this country and also individuals and citizens are certain as well about the risks that it can achieve. We believe that the free market—the sustainability of the entrepreneurship of New Zealand—is at the very core of this bill and in that sense we believe that the Government needs to act more reasonably in its construction of this bill and that it should be taken back and more work done on it.One final point that we from the ACT Party believe is that a change to the monetary policy and fiscal policy relationship has become something of a political football and it's affecting—[Time expired]