SIMON COURT (ACT): Thank you, Madam Chair. To the Minister, you've raised a very good point: the analogy between house auctions, electricity markets, and auctions under the emissions trading scheme (ETS) might, on the surface, appear to have some similarities, but a slightly more detailed look will indicate that they are, in fact, wildly different. And I think the point you make about what control businesses have over how they mitigate their emissions through the scheme—and this bill is intended, by setting a confidential reserve price, to send a signal.