The first point I want to raise is in regards to the bank's financial stability objective, that should retain a reference to efficiency. Pursuing financial stability without regard to efficiency, in our view, is a gap, and the dropping of efficiency from the Reserve Bank's financial stability objective was also poorly supported by policy analysis and was also strongly opposed by a number of stakeholders, including the banking sector. This is an issue about getting the balance right between pursuing financial stability on one hand and ensuring a healthy degree of progress and innovation in the regulated financial sector on the other—both aspects are critical to the strength of New Zealand's financial system.