INGRID LEARY (Labour—Taieri): It's a pleasure to rise in support of the Reserve Bank of New Zealand Bill and offer some insights as a member of the Finance and Expenditure Committee, and not have to read off prepared notes, unlike the previous speaker, Simon Watts. For those who don't think that this is an exciting piece of legislation, it may not be exciting but it is really important. What it does is overhaul the Reserve Bank of New Zealand Act, which is 30 years in the making. The key difference is that it is about collective decision-making rather than individual decision-making. That's a really important principle at a time when financial systems are so complicated and where more minds on financial matters are better than individual ones. There is significant local and international best practice to support this.