The challenge when you start to think about the three waters reform is that it's all going to come down to implementation and execution, because it's complex and it's hard and it's broad and there's a lot for us to do. Essentially, what's happening: you're taking 67 councils that provide those three waters services today and looking to amalgamate and push them into four big multi-regional entities or water entities. There's quite a few issues in the execution. We could start on lots of things, but I want to talk about one thing in particular. I could talk about financing. I could talk about whether it's voluntary or mandatory. But what I really want to talk about is the fact around governance structures, and that's the issue I'm going to spend the most time on today, because we are now talking about proposals across the country that are creating really complex governance structures. 