Hon Dr DAVID CLARK: The waterbed effect: the fees and so on are adjusted, other aspects of the fees, to compensate the card issuers for the loss of the interchange fees, and the no net compensation provision was targeted at that kind of behaviour. However, some submitters raised issues with banning net compensation altogether and with the definition of net compensation. So the committee, to its credit, has found a better way to stop caps on interchange fees being undermined by compensation to card issuers through that waterbed effect that Mr Bayly no doubt will also comment on. Interchange fees are now defined as including any net compensation that can reasonably be attributed to retail payment transactions.