What outcomes do you see as the clearest indicators of regulatory impact? And also, how have you built that into a performance framework to kind of measure them?

Yeah, it's such a good question.

And it's a vexed one, isn't it, for regulators? Because you're talking about the tension between outcomes and outputs.

And it's easy for regulators to get wrapped up in the outputs, things that can be counted.

And we do it.

Calls answered, compliance activities, prosecutions.

It's understandable given the way that we report back to government about budget outcomes as well.

What emerging trends or pressures concern you most? And how do you think regulators should prepare?