SIMON COURT: Thanks very much, Madam Chair. So in terms of Part 1—just let me get back to the first page—the principal Act, which allows for the emissions trading scheme and for the auction of these credits, does still have some flaws which need to be addressed. Some of the submitters raised issues around the confidential reserve price, which we'll get to. They also raised issues relating to the functioning of the bill, such as the need for bidders to provide collateral to be able to—they're required, essentially, to put up 20 percent of their bid, and what that means is that is a drain on working capital for their businesses. So we did hear from officials that those costs hadn't fully been taken account of when designing the Climate Change Response (Zero Carbon) Amendment Act and this Climate Change Response (Auction Price) Amendment Bill but that in future they would do something to address that. 