Hon JAMES SHAW (Minister of Climate Change): Thank you, Madam Chair. Look, I just want to correct something from the outset about when the member says that the auction would fail. If the Government chooses not to sell units into the market because the price falls below the confidential reserve price, that is not a failure of the auction; that is simply not selling something that was available at a price that is acceptable. In fact, you could argue that that is saying that the market—there is not sufficient demand in the market at a price that roughly approximates the secondary market price to release those units into the market at that time. So that is not actually a failure of the auction.