say it's a price, not a tax. It's a permit system whereby people pay per tonne and what we see in three years time will be the full a cap and trade system come on board. In that sense, it remains an ETS. The levels of compensation couldn't have been achieved if we had gone down a pure carbon tax model because of issues with the World Trade Organisation and compensation for trade-exposed emissions-intensive industries. The thing that is of greater interest is the government taking an opportunity to clean up the tax rates and, in one sense, simplify the overall feel of Australia's income tax system. In the Howard years, whenever you asked 'What is my tax bill likely to be?' you had to make a determination of whether someone was married, how many children they had, their age, whether they were retirees or not and your rate would vary. Introducing a high tax-free threshold and the adjustments means that there hasn't been a shift in the amount of tax most people pay but there's a more understandable system and it means that a million people fall out of the tax system. So there's a massive compliance cost reduction at the community level. People aren't paying $60 or $100 to get their tax returns prepared and we are not paying for the Tax Office to process a million tax returns that were unnecessary. On the initial carbon price, I think there needed to be a compromise price. Obviously the