Hon GRANT ROBERTSON: Part 3 of the bill today takes us to the core central bank functions of the Reserve Bank and outlines those in a way that is largely familiar to the legislation as it currently exists. It runs through the obligations of the Reserve Bank to formulate monetary policy. Obviously, it now does that through the monetary policy committee. That was a change made in the first of the three pieces of legislation that make up the reforms of the Reserve Bank that the Government has been working through this term and last term. It covers off the remit for monetary policy. This was the process that, in the last piece of legislation, replaced the policy targets agreement, which was formerly the way in which the arrangements between the Government and the Reserve Bank on monetary policy were set out. We now have a monetary policy remit for that purpose, and clauses 118 through 120 go through the content of that.