The amendments that this Government have been making to the emissions trading scheme (ETS) in the setting of a floor, and a ceiling, and now a secret reserve price, in our view are moving a pure emissions trading scheme far more close to a carbon tax—maybe not 100 percent there, but it is certainly moving in that direction. The Minister has blurred the lines between the two. We've ended up with sort of a hybrid version: we don't have a pure ETS, we don't quite have a carbon tax, but we're pretty close to a carbon tax, and as I say we're talking about hundreds of millions of dollars that will flow through and hit Kiwis in the pocket. 