Credit card rewards cards are under pressure from regulators globally and our regulators are acting in both Australia (discussion stage) and New Zealand (implementing in November). They’ll cut interchange by half or more. This is the funding line for credit card rewards which themselves account for 30% of all the loyalty funding in each country’s loyalty ecosystems. Both regulators are doing it at the same time and to the same world record low level of 0.3%. We step through the facts, the international precedents and the opportunities in our regular market update roadshow meetings (email me if you’re interested).