Hon JAMES SHAW (Minister of Climate Change): First of all, it's incorrect to say that the Government sends a signal about what we want the price to be, because the confidential reserve price, through the formula that this bill enables, relates to approximately where the secondary market value is. You have to remember that the secondary market price is determined by the market participants themselves, not by the Government. So it's actually the market that is setting the price, not the Government, in sending that signal about what they think the value of it is. And so when you say a high confidential reserve price, well, whether something is high or low is entirely relative to the secondary market price. So, actually, it is not a function of what the Government thinks that the price should be at all; it's just that's what the market value is.