Smith DamienDAMIEN SMITH (ACT): Thank you for the opportunity to speak this evening which is on the last part of the bill. I'm not obviously going to agree with my learned colleague from the Green Party on various aspects; I just want to concentrate on the bill.One of the jobs of the Reserve Bank of New Zealand (RBNZ) is to be ahead of the curve not behind it. We've seen since May a disconnect between monetary policy fiscal policy and the structure of this bill and I don't think this bill will last triple decades. We'll be here very shortly again to revise some of its aspects.The Reserve Bank in terms of its operating environment—this bill has never been about structure. It always should have been about transparency and how the system gets managed and how they make their decisions and how individuals in the economy can benefit from a free and open market system that allows prosperity the protection of property the minimisation of taxes and the ability to have certainty when it comes to wealth planning and superannuation planning as well. It's interesting that if you look at what's happened with the Reserve Bank the function of what Mr Robertson is proposing is that it actually does rely on people to make decisions and a call for tightening an expansionary phase of $100 billion in the quantitative easing programme the choking of the labour market. The situation has been quite clear even with house price forecasting that financial stability has been threatened even in this current year and it's not because of COVID; it's because of decision making around the institution.So structurally what happens appears pretty obvious. We're now bringing in the world's toughest capital requirements which may squeeze credit. One of my concerns with the bill is that in terms of minimum capital allocation which now needs to be raised to 16 percent from tier 1 equity of 10.5 percent is that this is going to place too much emphasis on capital and far too little on risk mitigation. We realise that there will be another shock to the system. There may even potentially be a recessionary period in New Zealand within this time frame that's severe and the RBNZ should have a really balanced in a sense and calibrated capital requirement structure with what is missing—as Mr Bayly said prudential requirements of Governments who run risk management similar to Australia the US Singapore and Japan.We also anticipate that some of the decision making will make the cost of loans to customers more expensive. And to the Green Party who lives in another world: in the household itself we see these distortions around capital affecting lots of individual citizens.So the bill itself is near its conclusion. We'd just like to put on the record that we have concerns with regards to the managers at the Reserve Bank and the design of the bill. It's either a case of they're underqualified or they haven't seen what has been coming in the economy or they've overcooked the economy even with the COVID response. So if you look at the sensible framework that Mr Robertson laid out accountability and transparency of the Reserve Bank was the number one goal. Let's hope that that stays relevant and can be delivered in the future. Thank you.