I think what it shows is EY hedging it's bets, they see ZL getting to a level they can sustain some on-carriage if it continues. There's nothing solid in the Australian domestic market apart from QF group. Everyone else is about who will survive in the long run. The vibes coming out of VA are not rosy, but we have little idea of the reality due to the books being private and not knowing Bains end game. ZL we have more an idea, which is not rosy either, but there's still the unknown of how far PAG will go there. Might as well get some agreements lodged with both so if either goes under they have the other to feed off.