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The ability to have decisions reviewed under the LMR framework and judicially reviewed as appropriate, remains a key contributor doctor home mortgage loan Oak Laurel for long-term regulatory certainty for investors. Our review on regulatory matters -- I've just mentioned LMR. At the December 2016 COAG energy council meeting, ministers decided to retain LMR but make modifications designed to reduce the number and length of reviews, including changes to tighten and clarify the grounds, improve processes, increase financial thresholds and make the rate of return guideline binding. On this last one -- removing the ability of the businesses to appeal the AER's decision on the rate of return guideline -- it's a retrograde step in my view. It will affect market confidence. We will continue to push hard to ensure that any modifications to the LMR are sensible and do not have unintended consequences. The final ring-fencing guideline was released in November. Our businesses have already restructured were necessary to comply with the guideline and we will continue to pursue business opportunities within its constraints. We will continue to advocate for a role for network businesses in competing with new entrants across a range of business areas and particularly in areas where networks cannot exercise market power. The final point I have already mentioned.