I guess I should mention that my base case is that other states...

I guess I should mention that my base case is that other states will follow VIC and force cabcharge to reduce the amount they can charge for C/C payments. This scenario will be detrimental to the company and I don't think the full effect has been priced in by the market.

So I will wait until the regulatory activity plays out. If the decide that CAB's C/C surcharges are ok, I will readdress my view on CAB.

On a side note, SMP has flagged ambitions to crack the aussie market including the taxi industry and I doubt they're the only ones. CAB's monopolistic position being contested is just another risk.