are absolutely comparable and appropriate, in line with other comparable economies. They are very substantial cuts. The means that we are using, which the Minister for the Environment has diligently and carefully put in place to achieve them, are doing their work. I can just give the honourable member an example. The first Emissions Reduction Fund auction in April 2015 was a resounding success: 47 million tonnes of emissions contracted, the largest ever emissions reduction commitment by business. The average price at the auction was $13.95 per tonne—

Mr Bowen interjecting—