Rt Hon JACINDA ARDERN: I also would have accepted that the member may have read a little further down in the regulatory impact statement that also says that stakeholders have also advised that for some managers that would incur no material transition costs; others may incur significant transitional costs. Of course, if this was about ensuring an evening up of the playing field, in some cases GST was already being applied; in others it was not. Of course, making assumptions therefore of how much revenue it will generate would be heavily caveated, but nor was it the goal of this provision in the first place.