Russell DeborahDr DEBORAH RUSSELL (Labour—New Lynn): Thank you Madam Speaker. I should start by saying this is the first time that I've spoken in the House while you've been in the Chair and it's a delight to see you there. I'm sure you will guide us with wisdom and insight in your role as Speaker.I've been trying to think about what exactly the objections from the previous speaker Andrew Bayly were to this bill. If I can summarise it in the nutshell the objections raised by the previous speaker seemed to be that the Government is going to govern.Kieran McAnulty: That's right.Dr DEBORAH RUSSELL: That's right. It's a very curious concept—that the Government would actually govern. He was concerned that perhaps this particular bill was not—first of all he was concerned that it was not going to be subject to consultation and then he had some concerns about how the board was going to be appointed and so on. I just want to address that quite clearly. This bill is going to a full select committee process. It will be examined thoroughly in the select committee process and I'm sure that the Finance and Expenditure Committee will do an excellent job.Kieran McAnulty: Top committee.Dr DEBORAH RUSSELL: Top committee especially with its new chair Dr Duncan Webb. So I think it will do a great job and of course it will be subject to the full debate in the House. So there is plenty of opportunity for discussion on this bill and improvement if needed. So that's the first point: there is a full parliamentary process going on with this bill which is fantastic.The second thing that I wish to raise is just to think about what has happened with the Reserve Bank over a few years. Of course part of what was brought in with the monetary policy and the reason why we had the Reserve Bank taking up the role of implementing monetary policy and having quite a lot of independence from central government was because of the monster of inflation which was rampant. It was rampant when the Reserve Bank was given real powers to control monetary policy and inflation. But I'm just going to say that the monster of inflation has largely been slain so monetary policy has been very very effective.But there are other matters that the Reserve Bank is concerned with—in particular it is concerned with the stability of our financial systems. So what this bill does is actually creates the capacity for the Reserve Bank to increase its insight over the financial system to engage in better regulation but it also increases the political accountability around the Reserve Bank—in particular the Minister of Finance who sets the financial remit is subject to elections every three years is subject to scrutiny in the House is subject to the select committee process and is subject to all the processes that this House has to hold people accountable for the policies that they set. So it actually increases—it increases—the accountability of what happens over at the Reserve Bank—it increases the accountability because of the scrutiny of this House.So I think again there's work to—obviously the bill needs to go through its select committee process but this seems to me to be a good outcome from this bill as it goes through. So I'm going to invite the Opposition to recognise that the Government does get to govern but to engage in the process of the select committee to engage to raise their objections there to make the alternative suggestions and that after all is what the discussion in this House is all about. I'm sure that they will have some excellent input to make in the very full process of scrutiny that is to come.