Bowman, who was re-elected to the chair, says it appears members are enjoying a relatively successful time financially. ‘TAANZ delivered a surplus of $103,000 in the past financial year, improving the net asset position on the balance sheet to $3,200,000 (an increase of $1,000,000 since 2006), meaning members are backed by a strong, financially stable association.’ Bowman says the TAANZ board of directors has been concentrating, among other things, on the replacement of the TAANZ/IATA Agreement with a proposed TAANZ Joint Bank Guarantee. ‘I am pleased to advise that the negotiation has been completed and agreement has been reached to implement, for a three year period, from 1 January 2019, the TAANZ Joint Bank Guarantee as the replacement financial security with IATS, which will allow for an orderly transition and little impact on members.’