Mr. John Osborne:

Last year was probably a little bit unusual because of Covid and everything else. This year, the rate of growth has not been maintained. We have seen growth in categories where there are multiple ownerships, such as partnerships, syndicates and clubs. They are strong, which is great because it gives people a cheaper way to participate, get a feel for the industry and progress if they feel they can. It is working. Syndicates are a huge part of successful racing in Australia, for example. The model is taking hold here and we have seen some really good winners recently involving multiple ownership, which is probably a much more fun way to enjoy racing.