The importance of this bill is hard to overstate. Setting the rates of tax is something we should constantly be turning our minds to, as Dr Russell mentioned earlier. It's a constitutional principle that we must come to this House annually to strike the rate of tax in New Zealand. New Zealand's taxation regime, as confirmed by this bill, is frequently referred to as a low-rate, broad-based system. That is to say that, by and large, the tax rates are modest, and I include the 39 percent rate in that for those earning over $180,000. Australia's top tax rate is 47 percent; Canada, 53; the UK, 45; and the US, 43. So we have a low tax rate system.