Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Disclaimer: The Parliamentary Library does not warrant the accuracy of closed captions. These are derived automatically from the broadcaster's signal.
Lateline -

View in ParlViewView other Segments

(generated from captions) to justify my existence, But I spent so many years trying justify why I survived my accident, and blah, blah, blah. prove why I survived

what do I really love? And it was just like, just a natural progression. And I loved nature and so it was that's where I want to be It was like, hang on, and so I started going out there Mount Everest on crutches. and I thought, "Imagine climbing I reckon that'd be cool." have you found the most challenging? You've done a number of climbs. What in my last mountain. The most challenging was actually ten years actually had the worst storm in It was an 8,000m mountain and we come on to the mountain. Yeah, in Tibet. This is in Tibet? 8,200m mountain called Cho Oyu and... (EXHALES) just due to the fact It was extraordinarily hard

the conditions the crutches couldn't handle it put massive pressure on me and because of that, knee-deep powder where you're walking through perfect for skiing on, which is like champagne - climbing - different story. Plus verticals - which I had no ice-axe for. there was three ice vertical climbs one Jumar and one crampon. I had to climb with my hand, mountain to climb So it's an extremely difficult the complete boundaries. and actually pushed less than 50 vertical metres, To which point, I missed summit by ran out and the storm was so bad so I had to turn around my oxygen

that we had to turn around. That must have frustrated you. I could actually see I was gutted because I was so close, vertical to the summit the actual ridge to where it went and come home. and I had to turn around your fellow climbers? Are you a slower climber than to the top on Aconcagua. That depends. I beat the two-leggers

cos I was told, That was a wonderful climb pretty well that, "Have a go, mate. but a have a go." We don't reckon you can do it, the top. That was pretty flash. And I beat the two-leggers to I know! Kicked their arse with one leg. so that's all right. I've only got half a butt, That's a big effort. injured person I've ever met. You are the happiest horrendously

it hasn't been all smiles. Hey, by no means,

simpler your life would have been Have you every thought how much

you were into chess? if when you were a child, I'm not very smart up here. I know, but... saves everything. Very little brain, big, thick skull, the thing about it is You said that...you said that that you're doing it for yourself. you're climbing Everest But in your website it's, aren't you? for a reason beyond yourself, Which is? I'd like to make a difference to see their potential. and be able to allow people People see me on crutches of being on crutches. and this is just part next to you in a post office You know, people will stand standing next to you. and apologise because they're because you've got one leg. Because that's a perception This is just my way of saying, achieved, anything is possible, "Hey, you know, anything can be it's up to you to choose." but it's up to us, to be a fellow with one leg I can choose, you know, and boo hoo." and go, "I've got one leg, I want to climb a mountain. Or I can say, "I'm just a fella, So how do I do that?" the difference in perception. That's the thing and that's That's what I'd like to do. the most important question, I'll finish by asking the one you asked yourself.

Does your willie work OK? Will Elrick, best of luck. Yeah, it's all good. Thank you. Fantastic. Thank you very much. week. See you next week. Good night. That is all for Enough Rope for this

Closed Captions by CSI

*

This program is not subtitled

CC Tonight - the rising.

# Can't see in front of me

# Can't see nothing coming up behind

# I make my way through the

darkness. From the beginning

there's been something there's been something in

Senator Obama, calling upon our

bitter angels. We'll win the

general election. Together you

and I will change this country

and change the world arise a

rising is coming. While John

McCain is sinking in the polls,

he's still fighting. America

never quits. America never

gives up. We will succeed, we will win, let's will win, let's win this

election and get our economy

and our country going again. CC

'Lateline', Good evening, welcome to

'Lateline', I'm Tony Jones, a

short time ago the office of

Indonesia Attorney-General

announced the final appeal to

save the Bali bombers from

execution had been rejected.

Some time soon, according to

our correspondent, as soon as

tonight, the three will be

taken from their cells and

executed by firing squad.

Government warned Australians Fearing reprisals our

not to travel to Indonesia, not to travel to Indonesia, the

foremost expert on Indonesia's

terror groups doesn't believe

foreigners will be targeted. In

the last two or three days the

radical community upped the

ante against the Indonesia

Government, issuing threats

against the President and

Vice-President and the Attorney-Generally general and

prosecutors and judges involved

in this decision. Our in this decision. Our interview

with Dr Sidney Jones from the

International Crisis Group is

coming up. First the headlines

- desperately needed food

arrives in the Congo, the

battle now to distribute it to

starving refugees. Bad economic

figures point to a drop in

interest rates tomorrow. On

'Lateline Business', can

falling housing prices be

propped up by the Government's

first home owners

first home owners scheme? Well,

it's been a long and expensive

two-year campaign, with 24

hours to go America's

presidential race is set to

make history. Barak Obama is

ahead in the polls but warns

against complacency, while his

rival John McCain is adamant he

can win. Lisa Millar reports

from Washington. On a wet and cold night

cold night in Ohio the Boss was

brought ins the warm-up act.

Bruce Springsteen urging the

crowd to maintain support for

Barak Obama. From the beginning

there's been something in

Senator Obama that's called

upon our bitter angels. It was

here at this rally that the

Democrat candidate gave a sign

that he might be starting to

relax about Tuesday's vote.

You start thinking maybe we may be able to be able to win an election on 4

November. He might be ahead in

the polls but the Illinois

senator can't afford

complacency, they are churning out new advertisements, the

latest making the most of

Vice-President Dick Cheney's

endorsement of his Republican

colleague Barak Obama endorsed

by Warren Buffett, and Colin Powell, and John McCain's

Powell, and John McCain's

latest endorsement. I'm

delighteded to support John

McCain, I'm delighted he chose

a running mate with

commonsense. This endorsement

didn't come easy, Senator

McCain had to vote 98% of the time with George W. Bush and

Dick Cheney to get it. John

McCain struggled to distance himself from the White himself from the White House.

Cheney's endorsement wouldn't

have been sought. He had a few

laughs appearing on 'Saturday

Night Live', making fun of his

age and lack of funding. Would

I rather be on three major

networks, of course, but I'm a

true maverick, a Republican

without money. It could have

been a risky tactic, but with

the polls showing no signs of

moving in his favour, John McCain's options are

McCain's options are slim. This

Vietnam War hero isn't giving

up. I know when momentum is

there, this enthusiasm, this

kind of welcome, we are going

to win Pennsylvania, we are

going to win this election. My

friends, the Mc is back. The Mc

is back, in what was once safe

Republican territory. John

McCain is having to defend his own State of Arizona, Barak

Obama is airing ads here,

making inroads. Yes, this is

Kim Ptak with Barak Obama for America, reminding you Tuesday

is election day. Both camps are

concentrating on making sure

supporters come out to

vote. And the ABC's Lisa Millar

is in the US as the candidates

get under way for the final day

of the campaign, and she joins

us in Washington. McCain us in Washington. McCain says

Barak Obama measured up the

drapes in the White House, it

seems his team is finding it

hard to rein in their

confidence at this stage. Is it

well based? Well what is - what

they are able to base that

confidence on is the continuing

lead in the polls that they

have, the amazing numbers that

they seem to get out to the

early voting and also the

response to what was a pretty

impressive week across the

media for Barak Obama. It

started with that 30 minute

paid advertisement that even

the Republicans found difficult

to punch a hole in. Just in the

last 24 hours, in fact, you are

hearing from Barak Obama almost

a relaxation of his desire as

he heads into Tuesday. It's the

first time you get that sense

that he is getting that he is getting ready to

claim victory. You mentioned

early voting there, and last

night at the giant rally in

Ohio, that we saw pictures of,

Barak Obama told people to go

out and vote, "Right now", it

appears 30% of voters across

the country have already done

that. I mean, what do you have

to do to qualify to be an early

voter? Be an American citizen, Tony, that's

Tony, that's about it at this stage. 34 states have

introduced early voting over

the years, and this isn't just

absentee voting, you can rock

up in person or you can send

your vote in by mail, it's a

tactic they use to get rid of

the crush on election day. That

has caused so many problems in

the past, and even with the

early voting here we see people

line up for five or six hours,

the numbers are astounding,

when you think that on election

day, almost a misnomer, when

the polls open officially, 30%

of intending voters have

already voted, I mean, that's

amazing, it changes the face of

how campaigns would be run here

in America. Indeed, it does.

What it also says is that we

are seeing - whir talking about

exit polls and the rest of it exit polls and the rest of it -- we are talking about exit

polls and the rest of it. We

have an exit poll effectively

of 30% of likely voters, what

it appears to show is 59% of

them have leaned to Obama. So

it's 59 to 40 in this early

polling evidently, on the exit

polls, that changes from state

to state, but that's a rough

national figure,

apparently. Look, it's really

difficult to look at any exit difficult to look at any exit

polling that's been done, it's

not done across the board with

these States. They have different restrictions on

information that can be

released about who is actually

going in to vote, and, in fact,

the centre for early voting

here in the US warns that it's

dangerous to look at the exit

polls from early voting, going

back to early voting in previous years, it's on previous years, it's on the

increase, but in 2000 15% of

intended voters voted early, in

2004, 20% did, now we are

looking at 30%, so it is

increasing through the years,

but when they look at the exit

polls they say be wary, because

the Democrats have an amazing

organisation behind them. That

rally you were talking about,

where Barak Obama called on

people to go and vote and vote mmed,

mmed, they had buses on Stand

-- immediately, they had buses

on stand-by to take voters to

the polling booths, rock'n'roll

stars, leading people to the

polling booth, and actors,

that's what they have been

doing over the last couple of

weeks. The Democrats decided

they would rather have votes in

the bank as it were, not to

wait until election day and

discover they can't get the

supporters out to vote. It's all very well what all very well what the polls

say, putting Barak Obama ahead.

If they can't get the

supporters to the polling

booths, it's worth nothing,

their organisation has been extraordinary over the last

couple of weeks and the

Republicans acknowledge that,

they do say that the Democrats

are getting those early voters

in, that's where the trend is.

They warn that it's Republicans

who are most likely to turn up

on election day. Indeed, one of the

the latest key indicato, , 'The

Washington Post' ABC News

tracking poll has Obama 11

points ahead nationally, when

you look at the six states,

described as up for grabs, it's

closer, a 4-point margin,

Florida, Ohio, North Carolina,

Mon tarna, Missouri, Indiana,

there are up for grab states

that may decide the that may decide the election. And they talk about

the margin of errors, when you

think we get 25 polls a day

done here, I mean a handful of

them are reputable that you

would want to discuss on

'Lateline', 'The Washington

Post' ABC News poll warn that you can't look at what's

happening nationally, ignore

the double figures that Barak

Obama leads, it's the handful

of states, when you look at of states, when you look at

plus one, plus four, plus five

for Obama, then that changes what might happen on election

day when you look at who is

coming out to vote. They keep

coming back to the point that

for John McCain, it is a huge

hill for him to climb that

something extraordinary, loyal

Republicans would have to turn

out in droves never seen before

for him to turn around what we appear to be seeing appear to be seeing now on the

ground. Obviously we'll talk to

you a lot in the next few days,

including election day. Thank

you very much tonight. Thanks.

The cease-fire between the

Government and rebels in the Democratic Republic of Congo

appears to be holding. The the

Government refused to enter

into talks with the rebels,

tens of thousands of people tens of thousands of people

fled the rebels advance and are

taking shelter in refugee camps

near Goma in the east of the

country, a convoy of UN aid

reached the area, but it's

carrying water and medicine,

for many the need for food is

so strong they'll risk

returning to their homes

despite the danger of the

cease-fire collapsing, Andrew

Geoghegan reports. In the camps

where tens of where tens of thousands of

people have sought refuge from

fighting fear has given way to hunger.

TRANSLATION: We have been here

with our children. They are

suffering, they have nothing to

eat. We don't know what to do.

We, ourselves, are feeling

hungry. So we are asking for

help, otherwise the children

will die of hunger and sickness. Many people feel they

have no choice but to return have no choice but to return

home despite the danger that a

cease-fire between rebels and

Government forces could collapse.

TRANSLATION: Because the war

stopped we have nothing to eat.

We have decided to go back to

the village to get food. Aid is

on the way, relief workers say

food and medical supplies may

not get through. We are facing

today is there's a problem of

security, the front line is less than 3km less than 3km from

here. British and French

Foreign Ministers have been

visiting camps and promised

relief to those suffering. The

European Union is considering

sending in troops to support UN

peacekeepers. Help depends on

the European Union, that is why

we are looking for all the

forces to act together to help the people. the people. And not

particularly with forces. They

have pressed the Congolese

Government to solve this crisis

without force. First,

Democratic Republic of Congo

Government should take proper

command of its forces honour

obligations under the Nairobi

accords and establish channels

of communication request

communities in the country and its its neighbours. The people

within the communities hold

little hope of peaceful.

TRANSLATION: There is no

peace, how do we have scurly

when there is killing going on,

when there's killing, you can't

have security. The lives of

more than a quarter of a

million people are hanging in

the balance. The Bali bombers

may go to their deaths without

saying goodbye to their

families, authorities in Indonesia are refusing Indonesia are refusing to allow

the men's families to visit

them as the clock ticks down to

their execution. Our Indonesian

correspondent Geoff Thompson. A

last desperate attempt at a

final visit to family members

about to die. The Bali bombers

brothers had the gate to the

prison ferry shut in their

faces, gifts of food for a last meal

meal left behind as well. Ali

says his mother sent him to

motivate his brothers. Amrozi

and Mukhlas. , "We don't agree

with the executions but if they

do go ahead, we'd like to be

will with the families" said

the lawyer. It was Imam

Sumudra's brother that had a broadside for Australians who

want the bombers dead, but want the bombers dead, but the

lives of Australian drug

smugglers spared. , "That's

wrong, the Bali Nine should be

executed first", yet another

brother from Amrozi, and

Mukhlas's family appeared at

Denpasar's District Court to

lodge another appeal. , "It's a

legal effort','s Ja'afar, the legal effort','s Ja'afar, the

family hopes for some kind of

leniency, the appeal arguing

that the bombers' convictions

were unconstitutional. Dehn

Pasar's District Court said

it's up to the Supreme Court to

decide the merits of the

appeal, a process taking weeks.

The Attorney-General said all

legal avenues are closed and

the bombers at most have days

left to live. left to live. Such brinkmanship

is nothing new in the legal

fight, the stakes have never

been higher. The odds are not

favouring the bombers, this

afternoon the Indonesian

Supreme Court confirmed that

the appeal would not see the

executions delayed. A short

time ago I spoke to Dr Sidney

Jones, senior analyst with the

International Crisis Group, she

was in Auckland. Sidney Jones,

was in Auckland. Sidney Jones, thanks for being there. Thank

you. Now, should Indonesia, or

the region be prepared for

revenge attacks from radical

Islamists in retaliation after

the execution of the

bombers? I've thought for some

time that the risks of revenge

attacks was low, and I still

think that that is the case

with respect to foreigners or

with respect to foreigners or

foreign targets. In the last

two or three days, the radical

community has upped the ante

against the Indonesian

Government issue youing threats

not only against the President

and -- issuing threats not only

against the President and Vice-President and

Attorney-General, but judges

involved in this decision. If

there is any kind of revenge

there is any kind of revenge

attack, I still think the

likelihood is low, it will be

directed against the Indonesian

Government, not against Western

targets. Do you know - you talk

about what sounds like chatter

in the Islamist community, do

you know what sort of groups we

are talking about, is it Jemaah

Islamiah, splinter groups,

other groups we have not heard of. The

of. The anger and the veiled

threats have been issued from

Abu Bakar Bashir and members of

his new group, Jemaah Unsolad.

And other members of the

radical community in Solo,

Central Java, Yogyacarta,

Jakarta and Cilicap, so it's a

large number of people on

large number of people on the

fringe issuing veiled warchings

that people should be prepared

for -- warnings that people

should be prepared for action

against the Government that is

murdering their fighters. We

know, of course, the Malaysian

born terrorist Noordin Mohammed

top. Close to Mukhlas, is at

large, in fact, there was a

large, in fact, there was a

group caught some months ago in

Sumatra that had bombs and reputably were connected to

him. Yes, the group that was

caught in Sumatra had indirect

links to him. I think he does

remain one of the region's most

dangerous men. He is at large,

he's one of the few people who

still has the intention to do Al-Qaeda-style attacks, even

Al-Qaeda-style attacks, even

though, I think, his capacity

to put teams together to

undertake them is quite low.

But I think he is dangerous,

and he needs to be taken into consideration. The Government

in Australia, of course, is not

taking chance, it's warning Australians not to travel to

Indonesia, is that an

overreaction? I think it's

probably, for the next few

weeks, a

weeks, a logical step to take.

We just can't predict what

could happen, and I think, in

fact, the likelihood of some

kind of mob violence at the

moment of the executions, or in

the days immediately follow,

particularly at the place of

burial is likely to be higher

than some kind of terrorist

attack, and, again, I think it

will be Indonesian Government

officials that will be the targets,

targets, not Australian

tourists. That said, yeah, take

the travel advisory serious,

but don't let it completely

disrupt life. Are you worried

there may be spontaneous

violence in retaliation against

Hindus or Christians in places

like Bali or Mala clrks u or

Sulawesi. Not really, I think it's

it's the idea that we have an

Indonesian Government that is

taking a decision that will

result in the deaths of

Muslims, that's how it's being

portrayed. We saw a couple of

bombs being placed in central

Sulawesi, an area of intense

Christian/Muslim fighting in

the past. That's probably not

connected to the impending

connected to the impending

executions, more connected to a

desire for money by stirring

the pot a bit. Once the men are

executed, do you believe

they'll become Islamic martyrs

in the sense that you see in

the Middle East sometimes, when

you see future terrorist

brigades named after Islamist

martyrs, so we could get the Amrozi brigades or some such

thing, is that a

thing, is that a possibility? I

think we might see particularly

Mukhlas - maybe Imam Sumudra,

probably not Amrozi, put in

that category, but the people

that will put them in that

catty are, again, the radical

-- category are a radical

fringe of a radical fringe. The

vast majority will be relieved

like you and I that this is

over. As distaste. As it may

seem to Australians and the

majority of ind nearbians, is

it likely the grave sites will

be shlines. No, that is an

afhima to Solomons, we won't

see people making a pilgrimage

to these sites. The idea that

these people undertook an action in the name of the

action in the name of the faith

and died in support of their

own views and in support of

defence of the faith will be

something that does resonate in

the jihadi community, again the

jihadi communicate knli is a

tiny fraction of -- community

is a tiny fraction of Indonesia

as a hole. You mentioned Abu

Bakar Bashir, what used to be

Bakar Bashir, what used to be Jemaah Islamiah, it runs something like 40 schools,

there must be a lot of children

indoctrinated, growing up with

similar beliefs. The

interesting thing is that right

now, the threat of violence

isn't coming from Jemma

Islamiah as an organisation,

and indeed it as a political

organisation is weak. As a

social network, it's strong.

social network, it's strong. So

if there is a jihadist threat

15 years from now it's likely

to come from JI because of the

schools. But the immediate

danger is from people like

Noorin Mohamad top or the other

people in the nothing to lose

category, fugitives engaging in

violence in the past, wanted by

police with nothing to lose by engaging in some

engaging in some kind of

violent ak, we have about eight

or -- action, we have eight or

10 of them, not just Noorin,

but a handful in the

Philippines, the terrorist

threat isn't over, but the

immediate threat is not likely

to be coming from JI as an organisation. You say the

threat if if comes directed

against Indonesian authorities or Government

or Government figures, making

it puzzling that while in

prison the three bombers were

allowed to become celebrities,

though wrote books, had access

to the Internet, held court, do

press conferences from time to time

time - why did the Indonesian

authorities allow that to

happen when they could have put

their foot down and kept them

in isolation? I think it's partly because there was

partly because there was no

coordination between various

parts of Indonesian bureaucracy. The Attorney-General's office

thought it should be controlled

by the Department of

corrections, who thought it

should be controlled by people

in the police. There was no

coordination and a fear of

political backlash if they

exerted too much pressure to

restrict access to the media. I can't understand it myself

can't understand it myself

because I think if there is an

increase security threat, it's

partly because of the way that

these three men have exorted

their defenders over the last

three months on a daily basis,

to CNN, al-Jazeera, every part

of the Indonesian media, and I

think it's appalling. Some of

them, including

them, including Mukhlas,

arguably the most dangerous

radical amongst them, were able

to behave in prison like

celebrity Imams, you wonder

what poison they sowed within

the prison as well. Yes, and

there was one instance when

they were imprisoned in Bali

when they were able to bring a

warden, a prison warden obvious

into their circle. That prison

into their circle. That prison

warden, who is in prison

himself is apparently more

hardline ed than the most

indoctrinated JI member, it's a

danger. That said, I think it's

important for viewers to

understand that the death

penalty and the execution of

these three men will not solve

the problem, it's not going to significantly alter the problem of terrorism in

of terrorism in Indonesia, and

nobody should see the death

penalty As a measure of whether

or not the Indonesia Government

is doing its job on terror. We'll have to leave you

there Sidney Jones, thank you

for coming to speak to

us. Thank you. Well, the Prime Minister has described Australia's economic outlook as

Australia's economic outlook as

difficult, tough and ugly. A

batch of new economic figures

out today depicts a stalling

economy with falls in housing,

retail sales and employment.

The numbers add to expectations

of a significant cut interest

rates tomorrow. From Canberra

Hayden Cooper reports. When

confronting an unruly mob...

..the well-worn political

..the well-worn political

jargon can fall on deaf ears. An education revolution,

what does that mean? The kids at Bulimba State School in

Brisbane are years away from

experiencing the latest change,

but it will sound familiar to

university graduates, a return

to compulsory student services

fees. If, as we suspect, the

money is funneled back to the

student unions, then we are

seeing the reintroduction of

compulsory student unionism. It

will be capped at $250, we are

not returning to the hefty fees

of the past. There'll be a

deferred payment plan available

to all students. Ens since the

Howard Government scrapped

compulsory student unionism

universities cry poor and

unions say campus services

suffered. Kevin Rudd's wary of

reigniting an old argument. This is

argument. This is a

contribution going to the

universities, not to any

individual student

union. What's more, in these

times everything comes back to

the nation's bottom line. It's

going to be very, very

important for our economy in

the future for you to have the

best education possible. In

the world. Anything will help.

The Prime Minister saved the

bare truth for a different audience It

audience It will be a

difficult, tough and ugly

period ahead. The economic

indicators back him up. House

prices fell in September. Most

significantly in Brisbane and

Canberra, while at the other

end of the scale Hobart and

Darwin bucked the trend. These have been strong markets and

they've been, over time, strong

increases in prices. The one

thing I know about the housing sector generally is there's

sector generally is there's a

shortage of housing for many

Australians, and we'll boost

this sector through the

increase in the first home

owner grants. Job

advertisements are down by

almost 6%. According to the ANZ

survey. Retail spending is

heading in the same

direction. What has happened in

the last six weeks is a game breaker for Australia's

breaker for Australia's

economy. The message from

Access Economics is get used to

it. Next month's numbers for

retail, the October numbers

will be particularly ugly. Shoppers went on strike in

recent weeks, and you can't

blame them. They have been fed

a diet of horror headlines

about what is happening. The Prime Minister stands ready

with the adrenaline shot. The

Government remains prepared to

take whatever action is

necessary in the future. The

rank is ready to go for the

whip, the tip for Melbourne Cup

Day is half a percentage point

cut in official interest rates,

this time more than last the

commercial banks are under

pressure to pass it on. As

quickly and as rapidly as they

possibly can. In full? In full,

if they can't do in full, they

better have a pretty good

better have a pretty good explanation. The decision will

arrive just in time for the

race. Last year he tipped

efficiently . This year he's

Zipping. Why have I chosen

Zipping, because it's time to

zip. Zipping in a mad rush.

Well, Queensland Police today

held their biggest ever awards

held their biggest ever awards

ceremony to honour 34 of their officers that came under attack

during a riot in Palm Island in

2004, police say recognition is

long overdue, but with legal

action over the riots pending

the awards ceremony enraged

critics, including the speaker

of the Queensland parliament

saying police are rubbing salt

into old wounds. A Crime and

Misconduct Commission report surfaced showing police have taken close to a year

taken close to a year to

respond to a recommendation

that the officer at the centre

of the Palm Island controversy

undergo conflict resolution

training. Connor Duffy reports

from Townsville. These police

officers may not carry physical

wound from the Palm Island

riots in 2004, but they say

it's left them mentally scarred

A mob quickly descended on the police

police station. Yelling,

throwing rocks, lumps of cement

and star pickets. They

attempted in vain to barricade

windows and doors to protect

themselves from projectiles. It was then that they realised the

crowd were attacking the walls

with sledgehammers, trying to

pour petrol in the holes. We

believed absolutely that they acted with great

acted with great courage,

judgment and prevented what was

a very bad situation from being

a far, far worse

situation. Police say the

officers removed in the riot

called their families to say

their last goodbyes, and

believe they've waited too long

to have that bravery recognised. I think four years

is long enough to be formally

recognised. The riot began

after the death in custody

after the death in custody of

Aboriginal man Mulrunji, the

man in charge of him was Senior

Sergeant Chris Hurley, he was

charged and acquitted of manslaughter. The majority of

people on Palm Island are good

people. Some of those people,

we know, have been through the court process, they got wound

up about the death of that

fellow, to some extent, I

understand that. Police have

been urged to delay the

been urged to delay the awards

because an Aboriginal man has

been convicted over the riots

and is due to be sentenced at

the end of the week. Today

protesters picketed the

Queensland Police headquarters

in Brisbane. We protest against

the fact that the medals were

awarded and the timing of this

award, because Lex Wootton, our

brother is in custody. The

speaker of the Queensland

speaker of the Queensland

Parliament Mike Reynolds says

the awards will set race

relations back years. The

people of Palm have been to

hell and back, four years since

the death in custody on Palm, I

cannot think of a worser time.

The sense of timing here is

very culturally

incompetent. Police insist the

awards had to go ahead

immediately, there are suggestions that the Queensland

police force is slow to act on questions

questions of misconduct

stemming from incidents on Palm

Island. Once again, they

revolve around Senior Sergeant

Chris Hurley, a man admitting

to accidentally causing the

death in custody that led to

the riots. 'Lateline' obtained the Crime and Misconduct

Commission findings in the case

of Barbara Pilot, a woman that

alleged Senior Sergeant Chris Hurley drove over her feet

Hurley drove over her feet a

few months before that

violence. While it didn't

recommend charges or

disciplinary access, it said:

Those confidential CMC

findings were sent to Barbara

Pilot in December last year,

Queensland Police say they are

deciding how to respond to the recommendations. There's

sufficient time to be awarding

bravery medals, but not

sufficient time to fulfil not

only the CMC recommendation,

but the coroner's

recommendations from

recommendations from 2006. The

Police Union says no action should be taken against

Sergeant Chris Hurley, because

none of the allegations have

been proven. Weeks ago police

settled Barbara Pilot's civil

action over her foot injury,

paying her compensation, but

did not admit liability. A look

at the weather: dry after a light morning shower in

Melbourne, Sydney and Hobart.

Afternoon showers or storms for Brisbane

Brisbane and Darwin, wet in

Perth and late showers for

Adelaide. That's all from us, 'Lateline Business' coming up

in a moment. If you'd like to

look at the interview with

Sidney Jones, or review the

stories or transcripts visit the web site abc.net.au/lateline. Here is

'Lateline Business' with Ticky Fullerton. Thanks, tonight a

turn for the worse, the latest

economic data confirms fears

that Australia can't escape

that Australia can't escape the

global financial crisis. It

happened real quick, that's the problem, no-one expected it.

When it happened, it hit. A

good day for the markets, an

appalling year with an unprecedented fall of a

third. Liquidity in all sorts

of global markets, not just

equities, currencies,

commodities, global ek witty, the liquidity dried up

the liquidity dried up much House prices down, young

buyers keen to take advantage

of the boosted first home

buyers grant. It gave me an

extra push to look and see what

was in my price range and what

was out there on the market.

First, to the markets, and

after one of the worst months

on record. The Australian

markets started November with a markets started November with a bang.

With over 50 billion being

With over 50 billion being

added to the value of local

shares. Ahead of tomorrow's

expected interest rate cut, the

All Ords climbed 190 points.

ASX soared 5%, boosted by gains

in banking and mining stocks?

Japan, the Nikkei closed for a

holiday, Hang Seng added 2.5%.

The FTSE begun the week in the

black in London. We'll cross to

black in London. We'll cross to London

London shortly.

Softer than expected economic

data has firmed the odds on the

Reserve Bank delivering a

Melbourne Cup day interestate

cut. While the rate reduction

is not expected to rival last month's surprise one percentage

point it won't be the last as

the RBA tries to keep the

economy on track. Andrew

Robertson reports. Empty shops

in affluent areas such as Lane

Cove on Sydney's lower North

Shore reveal how hard the

downturn is biting. The wealthy

are tightening their belts. It

happened quick, that was the

problem, no-one expected

it. Chimere Boutique caters to

an upmarket clientele and Brian

Isaac says it's the worst slow

down he's encountered. You are

in retail, you have long

leases, you are here, there's

not much you can do, you take a

not much you can do, you take a

deep breath and look at how to

fix it. It won't be fix it. It won't be easy.

Retail sales falling 1%

giving a growth rate of 1.6% in

September. The manufacturing

sector has a hard time with the

Australian Industry Group

PriceWaterhouse Coopers

performance of manufacturing

index at its lowest level since

the survey started 16 years ago. ago.

Nine of the 12

Nine of the 12 sectors are

going backwards, new orders are

particularly with the weakest

reading for happy years, and employment is under great

pressure, the industry is

feeling the effects of the slow

down under way before the

global financial crisis struck,

now it has the double

whammy. Proof of that

employment pressure came in the

measure of the job advertisements, which have

fallen as the economy slows,

adding to the gloom was a slump

adding to the gloom was a slump

in house prices in the

September quarter, economists

believing this will weigh

heavily on the Reserve Bank

Board when it meets tomorrow.

If house prices turn, that

would have significant

implications for the

overdebited household sector,

if that combines with a

weakening in Labor markets we

could see pain in the economy

than we are currently

expecting. The one good news in the data is

the data is the first sign that

inflation is easing. Helping

the RBA decision to cut

interest rates again. The

market expecting half a per

cent, commentators expecting

half a percent. Today's data

gives you know reason to believe they would give

something less than half a

percent. With a public holiday

in Melbourne, Bill Evans believes the Reserve

believes the Reserve Bank will

shy away from interest rate

surprises because liquidity

will lack in Australian

financial markets. Investors

ignored the gloomy news on the economy pushing the Australian

share market 5% higher, that's

the 13th biggest 1 -day

percentage gape, it's one year

since the market peaked, no sector has been spared in the

subsequent sell-off. Neal

Woolrich reports. Despite today's ray

today's ray of sunshine, 2008

is still shaping as the

market's worst 12 months on

record. The All Ordinaries down

by a third in the year to date.

But until now, the index has

never lost more than 30% in one

calendar year. I've been in the

markets for over 20 years, and certainly haven't experienced

anything like it. Particularly

over the last couple of months,

it's clear the liquidity in all

sorts of global markets, not

just equities, currencies,

commodities, global equities,

it's dried up. All Ords peaked

under 7,000 points on 1

November 2007, but since then

lost 39%. Stril and financial

stock reached record levels,

losing 50 and 43% respectively.

Mining stocks rose until May,

but have fallen by almost half

since then. The energy index

tumbled by a third from its

June high. Remember, we started

12 months ago at a fairly fully

valued level, relatively to

global markets we were 10-15%

more expensive. The structure

of our market, which 12 months

ago was 45% property trust and financials, couldn't have been

a worse possible structure for

the types of problems

emerging. Mike Hawkins says

Australia is also a highly indebited economy which left

the nation exposed to the

credit market freeze, and the

slow down in global activity is

starting to affect the

resources industry as

well. During October the

Australian market suffered its

biggest monthly loss since the

1987 crash. I don't think the Australian share market

Australian share market has

been treated on fundamentals in

recent times, most of the move,

I think, is in terms of

sentiment and fears on the

global economy rather than the

reality of Australian corporate

profits or the strength of our

economy. CommSec's Craig James

says the All Ordinaries price

earnings ratio is at a 28-year

low, meaning the overall market

represents good value This is

once in a generation, sorts of bargains for individual

investors, today we saw some

investors moving back into the

market embracing values, if it

is a case that we start to see

markets around the world

settle, less bad news coming

out, we are going to see

investors again focussed on the

fundamentals. And nervous

investors might also be

intiesed into the market by the

attractive dividend yields on

offer, standing at their

highest levels in 18 years If

interest rates are at 4-5 and

equities yield 7-8, grossing up

to 10% with the benefit of

franking, the first wave of

support for the equity market

will be investors coming back

to chase yield? If company

to chase yield? If company

profits slide as the global

economy slow, then those

dividend yields could also come

under pressure. And for more on

today's market surge I speak

earlier with George Kanaan of

UBS. George Kanaan, the Aussie

market kicked off strongly,

stronger than Wall Street ended

on Friday yet we had weak economic data here today, what

is going on? Look, the last couple of weeks

couple of weeks we saw a lot of redemptions, outright selling

we call it, that phase is

seeming to reduce quite a bit.

We also got news on the weekend

that both the ECD and Bank of

England are looking to cut

interest rates, and more

importantly for us tomorrow is

a big day in terms of whether

we get rate cuts in Australia,

and the market is expecting 50

basis points tomorrow, there's

a lot of confidence in the

market today. Does

market today. Does this mean

there's a greater appetite for

risk, and if so, where is it

coming from. Absolutely, all

the stocks and sections that

had what we term risk have been

the stocks hit over the last

2-3 months, it was those such

as resource, consumer

discretionary names and in

financial that have done well

today. We saw strong buying if

those names. Can you take us through the key stocks

there? The resources sector,

was one of the strongest

sectors, up 4-5%, led by BHP

and Rio, we saw the consumer

discretionary sector, those

exposed to retail spending,

which will be the big

beneficiaries of a rate cut

tomorrow, and also the

Government give away that is

coming on 8 December to not

only first home buyers but pensioners, and

pensioners, and the baby bonus,

those sections did well, up 7%.

Solid. What sectors have been

lagging today? The sector that

lagged the most has been the

property trust sector, that has

witnessed a lot of capital

raisings over the last 2-3

weeks as the sector is re

capitalised and Westfield the

heavyweight was down 5%-6%,

closing down 1.5%, but it led

the sector down. The other

sector which has fared badly is utilities, because that is seen

as a defensive sector, when the

market buys risk, those sectors

underperform. The big Brewer and winemaker Fosters Group had

a good day. Fosters have been

firm through to downmarket and

firm through to downmarket and

upmarket. A couple of reasons

for that, the first is

currency. With the Australian

dollar weaker, it is a big

beneficiary out of a weaker

Australian dollar, it gets a

lot of earnings in US dollars,

it means a lot more dollars in

Australia. The other big thing

for Fosters is speculation that

somebody on the register with

5% of their stock, potentially

a bit of a takeover Premium is built into

built into that name, and

that's what - why the stock has

been firm of late. Is the

market factoring in anything on

the US election or are all eyes

on the Melbourne Cup. Not the

US election, it will be quiet

today, day tomorrow, focussing

on the Melbourne Cup. We'll

keep a close eye on offshore

markets, and I think

domentistically and offshore,

the US election won't

the US election won't be

material for markets. George

Kanaan, thanks for talking to

you. Thank you. To the other

major movers on the market

today. News of a gas find in

South Australia saw Beach

Petroleum rise 13%. A profit

warning issued at the AGM drove

Flight Centre shares down 7%.

Mirvac extending the trading

halt, finalising a

halt, finalising a capital

raising, Allco Finance enters

into a 2-day halt completing

debt talks with its banks. Currency markets the Australian

dollar continues to catch the

eye of investors, rising

against its major competitors.

On commodity markets gold rose

2%, in New York crude oil fell

below $67 US a bar'em. London

is halfway through the trading

day, for the latest news I'm

joined by Nick Parsons, head of

market strategy at nabCapital.

Thanks for joining us,

Nick. Good evening to you. Last

month was the FTSE's worst in

21 years, yet the final week of

October was its strongest on

record. Has the market found

confidence is this Yes, there

was a squeeze at the end of

last week. I think, really,

though that was more about the realisation that interest rates

are going to come down, and

will come down aggressively,

and alongside that we have the

action from the G7, from the

Bank of Japan, and, indeed,

from the RBA, who were all

threatening intervention

activity in currency markets

spilling over into equities, I

think really I put last week

down to a short squeeze,

down to a short squeeze, rather

than new-found confidence

coming in, yes there's

nibbling, buying, but overall I

don't think we'll see

confidence return at least

until the early part of the new

year. We've seen gains on the

FTSE today, but not

particularly good news for some

European banks coming up? Well,

that's right. If you look at

the FTSE in particular, it's

driven mostly by mining stocks, they were

they were the ones that have

been heavily sold alongside

property, some of the miners in

London are down 70% in just six months, I think what we are

seeing is this belief now that aggressive Central Bank intervention through interest

rates will allow more of a

V-shaped recovery to come

through, investors looking through to the other side of

the "V", the fear is that the

bottom of the "V" could be

lower than consensus estimates.

You mentioned the banks, in

terms of that, there's fear

over the weekend that banks

might go bankrupt. Because

that's been the experience of

the last six weeks, so when

they don't go bankrupt, you get

a relief rally on a Monday, helping in turn by news that

some of the banks are taking up

offers of Government

assistance. In particular,

Commants bank, HBOS

Commants bank, HBOS and Lloyds

merger will go through, and the

fact is that the banks going

bankrupt already have, those

that are still around tend to

have a little bit of a relief

rally Mondays, I don't think it

will last. Your Chancellor of

the Exchequer Alistair Darling

coming out announcing how he

will manage the investments

that he has, ?37 billion in British banks.

British banks. What is he going