Hon MICHAEL WOOD: I think the member needs to read the comments in the full context of Treasury's advice on this project, including Treasury's gateway review of the Auckland light rail unit's business case, which came through with very positive advice for the Government. I think the member also has to be a little careful with the figures that he is using. The cost of the Auckland light rail project, as assessed by the Auckland light rail unit, is $10.4 billion at net present value; $14.6 billion at an inflated value. The figure that the member is using is simply taking those figures, reducing by 50 percent to get a possible lowest cost, and increasing by 100 percent to get a possible outlying cost—those are not actually projections that are based on costings that have been done by the unit.