The NZBR agrees with the statements in the introductory note to the Bill about the importance of security in private property rights and the need for compensation when rights in private property are taken. Many of our submissions on government regulations over the years have stressed the need for governments to take a more circumspect and principled approach to altering private property rights. The NZBR's proposal for a Regulatory Responsibility Act for New Zealand reflected this concern. The principle of compensation for the taking of private property, broadly defined, was a key part of this proposal.