In my judgement, the overall conclusion to be reached is that New Zealand does regulatory statutes rather badly. They are insufficiently researched. They are not rigorously tested before being enacted. Nor are sufficient efforts made to find out how they worked in the real world. And large statutes are amended far too readily, leading to incoherence and uncertainty in the market. No doubt these are not positive conclusions. But I have been around a very long time and seen these issues come back again and again.