Woods MeganHon Dr MEGAN WOODS (Labour—Wigram): Thank you Madam Chair. I have a number of questions pertaining to Part 2 of this bill. As the previous speaker my colleague the Hon Grant Robertson has indicated the objective now has been changed through the passing of Part 1 of the bill but in Part 2 there are a number of amendments and given that now it is being narrowed down to that sole objective of the Reserve Bank in Part 2 we have the opportunity—what measures are we going to put in place to ensure that employment is something that is still on the radar of the Reserve Bank? I have two amendments in my name to Part 2 of this bill; I'd like to speak to one of them in this call and I'll speak to another in a subsequent call that I have and some questions for the Minister of Finance around that.The first amendment that I will be tabling is that we extend the membership of the monetary policy committee to contain no fewer than one trade union or worker representative. The purpose of this amendment is providing that consideration to employment matters when the monetary policy committee does come to consider these matters that they do not lose sight of that incredibly important factor that needs to be considered—accepting there is the sole mandate that the objective has been narrowed to but there is not a central bank in the world even those with sole mandates that doesn't have some ability to keep sight of employment as an objective. So this would be a mechanism by which we could ensure that when monetary policy settings are being considered there is that ability to keep that line of sight into things and that when those decisions are being made those perspectives are being brought to bear. My colleague the Hon Barbara Edmonds in a contribution she made on Part 1 of this bill tied back what was happening in this bill to her community at a prize-giving that she was at last night in Porirua and how it is that those voices when it comes to considering the decisions of monetary policies which are about people's jobs and wages and employment how it is that we can ensure there are mechanisms for those considerations to be taken into account.So my question for the Minister in the chair is: given that there is going to be the sole mandate what mechanisms is the Minister going to put in place to ensure that we do not lose sight of those perspectives around employment when decisions are being taken by the monetary policy committee? If she isn't willing to accept the amendment that there be no fewer than one trade union or worker representative that sits on that committee so they can bring those perspectives to bear what alternative measures is she going to put forward if any to ensure that we do not lose sight of that?One of the questions that I put to the Minister in Part 1 of the bill that wasn't answered was about advice she had received around international best practice particularly around secondary objectives. Now I recognise we've moved beyond Part 1 of the bill and it's not about that but what I'd like to know from the Minister: has she received advice about international best practice when it comes to a central bank with a single objective—how it is that they can ensure that that line of sight is kept into employment? Obviously you've heard in a number of speeches that the economy exists about people that this is what the real economy is about. It's about the people that Barbara Edmonds talked about in her speech. It's about the members of my community in Wigram that want to know that their jobs and their security are being taken into account when decisions are made when it comes to monetary policy.So if not this amendment then what and what advice has the Minister received either around options that she may have received from officials around that or what advice has she received on international best practice around mechanisms that can ensure that that line of sight is not lost when our central bank is narrowed to a single objective?