Robertson GrantHon GRANT ROBERTSON (Minister of Finance): I'll put the member who's just resumed his seat Alastair Scott out of his misery on Part 2 of this bill. He did a reasonable job of trying to find a way to relate what he said to Part 2. It actually didn't but that's OK; I'll help him. One of the things that's in Part 2 is the process around the issuing of the remit for the monetary policy committee and the remit for the monetary policy committee is the replacement for the policy targets agreement which is the place in which the Reserve Bank and the Minister of Finance will agree on exactly how that will play out in practice. So I've connected it up for you. It's no different actually than the previous thing.What we could do is talk about what's actually in Part 2 of the bill and it is a reasonably brief part. What it does is some repeals—and I just want to come back to those in a moment—and then as I say in schedules 2 and 3 is the process for the establishment of the remit. This is the replacement of the policy targets agreement. This is the way in which we'll agree on how the monetary policy objectives are actually put into practice and also the creation of the charter. The charter is a very important part of this process. It's the agreement around how the monetary policy committee will work and it was a question asked towards the end of the last part around how the monetary policy committee—I think the word Mr McKelvie used was security" but how we will be confident in the accountability arrangements.That's exactly what the charter does. The charter will establish that. It will be around some issues around the expectations of members and how they'll behave. Some of the things we've discussed in public about this will be for example that minutes of meetings will be published as they are in other jurisdictions. We've made clear we won't necessarily attribute who said what in those minutes but we will have the level of accountability that's available for people. It also in schedule 2 looks at how the observer from Treasury will be appointed which I covered in my last contribution and also some details around transitional provisions for office holders.I do just want to point out one policy change that is contained in Part 2 and this is the section in the Act which disqualifies a governor or deputy governor if they are 70 years of age or over. This is outdated and I want to acknowledge the Minister for Seniors in this particular moment. It's not a good way of—Hon Damien O'Connor: What did the Tories do?Hon GRANT ROBERTSON: Mr O'Connor it's not a good way of deciding if somebody is capable to judge them by their age. [Interruption] That's right. Isn't it Mr O'Connor? That is not a good way to do it and so that policy change is covered by Part 2 of the bill.A number of other redundant provisions have been repealed which confer powers on the bank to do certain things like opening branches which they don't do. However expressly providing for these powers is unnecessary because the bank is in fact a body corporate with all the rights and powers and privilege of a natural person to carry on the business of banking and the transitional provisions that actually date back to the 1989 Act have been repealed."