APT Chart, page-1591

You are correct that the company doesn't provide us with the churn data, so my worked example might not be completely accurate. If it is thereabouts, then it indicates churn of ~5% per annum. I'm not really sure why you would regard this as alarming?

Of more importance to me is that in ANZ each customer is now spending almost $2,000 per annum an average compared with less than $1,400 3 years ago.