I'm sure most people have covered off this issue, but it is a case of commercial naivety. This is a case of commercial naivety, and I'm surprised, given the background of the Minister, that we've arrived at this situation, because we all know that we have an existing trading scheme—the emissions trading scheme (ETS)—where you can buy units freely. Obviously you have to pay for them, but you can freely exchange them over the system by bidding, and that's fine. But this is about setting a new primary market for when the Government decides to issue new units into the market, and this is the system. What's staggering is the mechanism for pricing this. The primary market is like every other Government bond that is issued into the market. There's no difference. There's no mystique about the trading system being proposed. Mr Shaw, I'm sure his advisers, no doubt, just had to go down to the trading floor and say what happens with Government bonds at the moment? The simple situation is, if you are bidding for a Government bond, a new issue of Government bonds, you as the bidder bid the quantum, how many units you want to buy, and the price you're prepared to pay. Of course, it's a cascade down to the level where the amount of bond is totally extinguished, and that is the bottom price. 