Australia is a great example, and I appreciate that it's a confusing one. Even though there has been regulation that we think is bad—and I'll talk about the downside of the regulation in Australia—there continues to be a secular shift as consumers change their spending patterns away from cash and cheque to electronic payments. That has occurred in Australia, no question. We have continued to see transaction growth. But what has happened is that our higher-cost competitor, who has not been regulated, is growing faster now. Consumers are seeing higher fees from their banks, and there has been a change that wasn't anticipated by the RBA when they rolled out these changes, where the value proposition, the features associated with those cards, has diminished.
We were only trying to point out that through price controls in Australia you have seen an unlevel playing field, where a higher-priced competitor is getting a leg up. You've seen consumer features go down and fees go up, and you've seen certain merchants introduce surcharges where they're trying to earn profit through the surcharge. We think all of that is bad for the payment system and we think it would be an odd set of objectives for regulation.