Edmonds BarbaraHon BARBARA EDMONDS (Labour—Mana): Thank you Madam Chair. The reason why I popped up to the Table was just to check if I had missed perhaps a regulatory impact statement for the student loan changes. So I apologise to the Minister of Revenue if there is one but I couldn't find one on the Table. So my question carries on—now that the Minister has clarified that it's the fair value of the loan and because there is no regulatory impact statement and I can't see the supplementary estimates on the Table—in case that it was there; maybe I should have a look afterwards. But my question for the Minister is: what is the estimated increase in the fair value of the loan as a result of this particular change in clause 44?The reason why I asked the Minister for this and if he can provide just some information around the workings is that the student loan valuation model does reflect current student loan policy and some macroeconomic assumptions. So obviously the Minister is changing some of the student loan policy by increasing the interest rate by 1 percent and obviously the macroeconomic assumptions behind this will be quite different. In particular that's because the Budget Economic and Fiscal Update yesterday set out what the macroeconomic assumptions were for the Budget around lower productivity unemployment etc. But obviously because this is applicable for overseas borrowers I'm just wanting to understand the macroeconomic assumptions and factors that the Minister or his officials took into account in relation to this and what that means around the estimated increase. Because the fair value is quite sensitive to changes to a number of underlying assumptions.I know it's quite difficult to assess it which is why it's quite a big undertaking for there to be a valuation of the student loan scheme. That valuation of the student loan scheme is actually quite an exercise for the actuary that has to do it. But some of the judgments include future income levels of overseas-based borrowers. So I'm keen to understand the Minister's reasoning as to how they got to the estimated increase and what the assumption was around their judgments for the future income levels the repayment behaviour. This is quite an important factor because if you're going to be increasing the base interest rate—what assumptions have they put into the estimated increase in the fair value of the scheme given that repayment behaviour may be disincentivised for overseas-based borrowers to pay this because the interest rate has gone up and inflation not just here in New Zealand but overseas is higher. So what is that repayment behaviour? How does that interact when you've increased the base rate here by 1 percent—and obviously the macroeconomic economic factors that I've talked about such as inflation and discount rates.So I'm really keen to understand from the Minister because there is no regulatory impact statement. It might be difficult to find it with the Supplementary Estimates. It could be an evaluation for the student loan scheme that is yet to come—and I understand that is a big undertaking by the actuaries who have to do that for the Crown accounts. What is the estimated increase in the fair value of the loan? Thank you Minister.