I am fascinated to hear the shadow Treasurer saying: ‘What are they? What are the 27 areas of regulatory reform?’ He has never heard of them. He has never heard of economic reform in this country and never heard of deregulation—and I will have more to say about that in a moment.

I thank the COAG Reform Council and the states and territories for their important work on these reforms. At least one-third of the reforms are approaching completion by the middle of the year, which is just 1½ years into a five-year agreement.