One of the changes we saw was the announcement by the Treasurer of changes to tax regulations for certain retirement income products. To date, tax barriers have prevented some products that are popular overseas - like Deferred Lifetime Annuities - from being adopted in Australia. Challenger Limited will be one beneficiary of these changes, which will encourage innovation in retirement income products. Longer-term, we believe that growth in retirement income products has a major role to play in addressing income security and longevity risk for an ageing Australian population, and this will contribute to long-term growth for Challenger. The proposed tax changes don’t represent an investment case on their own, but we see them as one small part of a broader regulatory and market evolution that will play out over several decades. With this in mind, we hold Challenger shares in all of our domestic and global funds.