Taken as a whole, and overlooking the strange structuring of the NZ milk industry, the real problem is competition and the amount of milk being produced & being sold into our key markets. Well, that was what I took from the expert on the AM Show this morning. Sure, Fonterra can have a restructure & maybe pay the new CEO less but it does not really alter the fundamentals. Is any of this really surprising? Is it not just another super competitive industry similar to say making cars, or flying passengers around the World?