Mr. John Palmer:

The way the regulations are drafted, the Government will have to make a decision on how to handle it. There is a range of possibilities. The Government could go to fully independently produced forecasts or it could go the route of endorsement. The endorsement route would mean the Department of Finance maintains its role of producing official forecasts and another body, more than likely the fiscal council, is required to endorse them. To some extent, that would have to be an iterative process but does not involve rating agencies.