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Tonight, the PM knocks back on

Opposition truce over the

economy. Good tested by

partisanship -- a good test of

bipartisanship is don't block

in the Senate. An Australian

kayaker's extraordinary

survival story. If I didn't

come up in 30 seconds I would

have been in trouble. And

marking time. The parking

ticket you never saw coming.

Good evening, Joe O'Brien with

ABC News. It was an offer

designed to be refused. Malcolm

Turnbull wants to suspend

political hosilities to work on

a joint economic plan with the

Prime Minister but Kevin Rudd

declined the offer, preferring

to concentrate on climate

change plans. Political editor

Chris Uhlmann. There's nothing

that isn't enhanced by a Power

Point presentation. The

intention, just back again, is

to make this the global go

go-to place. Coal will reap

Australia $43 billion export

dollars this year. It's our

responsibility to lead. And

80% of the nation's electricity

is generated by burning it. If

you go to climate change,

globally represent about 40% of coal-fired power stations

the problem. So the Government

will spend $100 million on an

institute it hopes will focus

the world's efforts on developing technologies that

catch and store carbon

emissions. It is the proposal

that I'll be taking as the

cornerstone of my address to

the United Nations general

assembly next week. Sooner or

later he's gonna realise the

main game is actually in this

nation, not some other nation.

With the world watching Wall

Street crumble, the Prime

Minister says going to New York

is in the national interest.

I'll be meeting with US

economic relulators about the

global financial crisis. But

perhaps help lies closer to home. Malcolm Turnbull has

rejected working with the Prime

Minister on a Republic but has

another project in mind. We're

offering to Kevin Rudd to sit

down with him and speak and

cooperate in a bipartisan way

on the measures that can be

undertaken in the very near

term to provide greater

stability and security in our

economy. Good test of

bipartisanship is unblock the Budget measures in the

Senate. Malcolm Turnbull is

signaling he won't be drawn

into the bipartisan games that

helped make Brendan Nelson's

leadership so uncomfortable and

he's keen to make the main game

the economy but he's yet to

announce a front bench. When

will you make an announcement?

Obviously not today. After

yesterday's massive losses,

Wall Street rebounded today,

making up significant ground.

It staged its biggest one-day

rally in almost six years, the

by news from Washington that dramatic recovery was triggered

the Government is setting up a

now agency to take over bad

debts. It will be an expensive

exercise for American taxpayers

but for alternative for the

financial system could be far

worse. Michael Rowland reports

from New York. At last, some

reason to celebrate. After a

dismal week, the Dow Jones industrial average rebounded

strongly, jumping more than 400

points. It was the biggest

one-day gain in six years. My

belief is that today really was

the first turn-Ornd day.

Investors were encouraged by

news the US Government may be

moving to absorb the risky debt

that's poisoning the US

financial system. What we are

working on now is an approach

to deal with the systemic risk

and the stresses in our capital markets. In another

development, authorities are

moving to crack down on what's

known as short-selling where

investors deliberately drive

down a company's share price.

The American people can be sure

we will continue to act to

strengthen and stabilise our

financial markets and improve

investor confidence. Confidence continues to wane in

investment bank Morgan Stanley,

speculation is intensifying it

may be the next Wall Street

firm to fall victim to the

credit crisis. The ructions on Wall Street are causing pain

for other businesses in the

area nat rely heavily on the

financial market trade. This

fine dining establishment, a

block from the Stock Exchange,

is a popular lunch spot for the

big market players but

appetites have waned for the

$50 main courses as the financial crisis has deepened.

The last couple of days and the

last couple of weeks, people

are spending a little more time

in the office instead of having

2-hour lunches. It could be all

work and no play on Wall

Street? Quite some time. In

Australia, share trading

bounced back strongly after the

US Government's big bail-out

but the good news could be

short-lived as other countries

tumble towards recession,

economists warn Australia can't

escape un-68ered. The

financial roller-coaster hasn't

stopped but it was heading

upwards today as investors took

another ride on the sharked.

The panic that was there a few

days ago has been relieved.

The Australian market was up

4%, led by the embattled

Macquarie Bank. Yesterday its

shares nose-dived because of

fears about its ability to

refinance debt. Today it

bounced back nearly 40% but

while the financial panic has

eased for now, experts say the

worst of the economic fall-out

is yet to come. Even though

financial markets might bottom

soon, we're still gonna see the

economic fall-out over the next

6 to 12 months. Australia's

mining boom and strong housing

insulation against global market have provided some

trends but as the rest of the

world flirts with recession,

Australia could come perilously

close to following suit. The likelihood is they'll probably

tip over into lesession in the

next three to six months and

that's going to impact on Australia. Super funds have

also been hit by the crisis

because of their exposure to

the stock market and while they

too will bounce back, it could

take years to make up lost

ground. Remember, we've come

from a very high base. It's

dropped a fair bit so is it

going to be tomorrow? Is it

going to be next year?

Unlikely. And that has

investors worried about how to

fund their retirement or

whether to retire at all. I'll

just wait until next year, pult

off retiring for another

year. Cash is king. But it's

no laughing matter for those

Australians afraid of losing

their life savings. While

financial stocks led the

resurgence on the share market

today, the damage done by the

ongoing credit crisis is

continuing to take its toll on

the banks and today they were

under scrutiny for lending practices which some say put

profit before people. A

parliamentary inquiry has heard

that despite expectations of an

official cut to interest rates,

there's no guarantee it will be

passed on to customers. The

National Australia Bank was one

of the first to pass on the

Reserve Bank's recent rate cut

but it's giving no guarantees

it will do so next time. In

this time of increased

volatility, I think it would be

hard for us to make a commitment at this stage as to

whether we would be able to

pass on or pre-emptively pass

on the 25 basis-point cash

reduction come market

commentators anticipate. The

NAB says its borrowing costs

are at an 8-month high but

there's limited sympathy from the competition inquiry chairman who points to the

bank's record profits over the

past year. This inquiry is

about making sure we have

greater competition there and

there is a perception out there

that we have lack of

competition at the moment.

Nonbank lenders are no longer

the stiff competition for the

banks that they were. The lack

of availability of cheap funds

has seen many disappear from

the market place and now the

major bank are signing up 90%

of all new loans. Members

Equity bank is one of the

smaller banks with 200,000

customers. It's asking the

Government to establish a

liquidity fund to guarantee

money for smaller players to

ensure healthy competition in

volatile times. It's just a safety net. If it's always

there, people know we're never

going to have a financial

market crisis that impacts on

home owners in Australia.

Anthony says in times of uncertainty, investors are much

more comfortable with the

biggest banks giving them a

fundamental advantage when it

comes to liquidity. The

corporate watchdog has banned a

type of share trading which has

been blamed for destabilising

companies during the financial

turmoil. ASIC says naked

short-selling will be banned

from next week. The practice involves selling a share

without having a stock lending

agreement in place or before

having any rights to buy that

share. Hedge funds have been

accused of exploiting the

market turmoil by using the

technique to drive down and

destabilise companies. Banks

have been particularly affected

including the Macquarie group.

The Afghan Government is investigating whether Australian soldiers may have

killed a district governor. The

soldiers were on night patrol

near Tarin Kowt when they were

attacked and returned fire. The

district governor and several

Afghan police were killed in

the clash but Defence can't

confirm whether they were the

victims of Australian fire. My

advice is that ISAP, the

international security systems

force, and the Government of

Afghanistan are currently

involved in an investigation of

this incident. The facts are

unclear at this stage. The

Defence Force says the soldiers

acted in self-defence and

within their rules of

engagement. A woman who was

found guilty of helping to kill

an Alzheimer's sufferer has

taken her own life. Caren

Jenning was convicted in June

of being an accessory to the

man slaughter of her life-long friend Graham Wylie. The

76-year-old admitted importing

the banned drug Nembutal into

Australia and giving it to Mr

Wylie's partner Shirley

Justins. Justins was found

guilty of his man slaughter. Ms

Jenning was found dead at her

Sydney home last night. Both

women were due to be sentenced

later this year. An Australian

kayaker who broke his own leg

to save his life has spoken

about his extraordinary ordeal

in the Victorian high country.

David Wilson was trapped under

a fallen tree in a river this

week and had just seconds to

decide between life and

death. Experienced outdoor

adventurer and father of two

David Wilson has plates and

screws holding his leg

together. Considering how close

he came to dying last weekend,

he's not complaining. If I

hadn't come out in the next 30

seconds, I would have been in a

bit of trouble and so it's

about as close as you want to

cut it. In remote country, he

and a group of friends were

paddling down some testing

rapids. The fun ended when he

became stuck under this log ask

couldn't wriggle free. He was

forced to make a split-second decision, the difference

between him dying or surviving

would be breaking his leg using

the forces of the river and

strength of mind. By pushing

back into the flow I'm opening

up this whole surface area of

my back plus the extra leverage

of the whole length of my body

to create a lever. One of his

fellow kayakers was an

orthopaedic surgeon who helped

splint his leg and kept his

body temperature constant. At

the time I didn't fool any

pain. I felt it break and give

way and roll forward and it's

quite painful when they dragged

me up the bank but really it's

a small price to pay. His wife

was not surprised by her

engineer husband's analytical

response to a life-threatening

situation. I have lot of

confidence in Dave but I must

admit he was incredibly

magnificent under intense

pressure. I know he's capable

of that but to pull it off was

amazing. The adventurer says

he hopes to be walking in a

couple of months, in plntsy of

time to prepare for next year's

white water kayaking season. A

link has been found between the

common pain killer paracetamol

and asthma. New Zealand

researchers believe giving

paracetamol to a baby in the

first year of its life almost

doubles the child's chances of developing asthma. New Zealand correspondent Kerri Ritchie

reports. This is the biggest

study on childhood asthma ever

carried out. 200,000 children

from 31 countries were

involved. New Zealand

researchers were shocked by

what they discovered. Yes, we

can certainly say there is a link between paracetamol use

and asthma in childhood. What

we don't know is the nature of

the link and whether it is

causal or just a chance association. The study found

that babies given paracetamol

in the first year of their life

are 46% more likely to develop

asthma by the age of six.

Children aged six and seven who

take the pain killer at least

once a month are three times

more likely to get asthma than

those who were never given it.

New Zealand boy James Brady

developed asthma when he was

two. His mum says asthma is in

the family but the study's

findings are worrying. He did

have a lot of paracetamol when

he was about 15 months old

because he actually came down

with glachinger

fever. Paracetamol is by far

the most common drug given to

children for pain relief. The

New Zealand researchers have been quick to point out they

don't want families to stop

using the drug, they just want

parents to be more careful and

only use the pain killer when

it's really needed. The

findings have been published in

the prestigious British medical

journal The Lancet. The researchers say clinical trials

are urgently needed to pinpoint

exactly why there's a link

between paracetamol and asthma.

Tonight top story - the Prime

Minister has rebuffed an

Opposition offer of bipartisan

talks on the economy. Still to

come, a master stroke from the

NSW art gallery. Many NSW voters will be heading back to

the polls in a few weeks with

yet another by-election confirmed today. Two weeks

after he was forced out of the

top job, the former prem Morris

Iemma officially resigned as

the member for Lakemba. The new

Premier said he was sad to see

his predecessor go. He's a man

of decency, integrity and

honour and he's served the

people of NSW to the best of

his ability. Four by-elections

will be held on October 18 with

polls in Ryder Cup, Cabramatta

and Port Macquarie. A whole new

world has been discovered on

Australia's reefs. Researchers

say they've foumed hundreds of

new marine species, prarts of a

10-year project to create a

global inventory of sea life to

work out the impacts of climate

change and over-fishing.

Scientists have been scouring

the ocean floor around

Australia befs-known reefs and

they've discovered hundreds of

new weird and wonderful

creatures. The new species,

some are species which people

have never seen before because

they're cryptic, they live in environments people don't tend

to look at. Such as the inside

of a fish's mouth. This is a

tongue-biting isopod. The hook

legs spire into the tongue. The tongue atrophies and disappears. Scientists already know about the fish and coral

of the reefs but in some cases

this study goes beyond what the

eye can see and covering rare

species of jellyfish, the

nudibranch, more commonly known

as a sea slug, a Christmas tree

worm and crustaceans previously

unknown to science. Dr Neil

Bruce has had time-consuming

job of describing the new animals and eventually naming

them. At a rate of 10 to 15

species a year, 25 species

could take two years to

describe. The research is part

of a project to produce the

inventry of the world's ocean

creatures, used to judge the

effects of climate change and over-fishing. We don't know

how well we're doing in terms

of managing the impablingts of

those threats unless we have

got some baseline to compare

to. The global sensesis due to

be released in 2010.Returning

to financial news now and as we

mentioned earlier, the banks

drove the biggest stock market

recovery in months. Here's

Phillip Lasker. Welcome to good

news Friday - believe it or

not, you're looking at only the

third increase this month and

and it's the biggest rise since

January but it's all about the

banks and today's recovery was

massive with NAB up 17% and ANZ

up 14%. Ratings agency standard

and poorz reaffirmed the credit

ratings of the major banks. It

says the banks can withstand

the turmoil. It sees lower

earnings, weaker asset growth

but the losses on

mothers-in-law will be

manageable. Macquarie recoup ed

more than yesterday's record

loss on the news from the

United States and the banking

analyst or two coming out in

support of the group's ability

to survive. This graph shows

you why many of the Asian banks

are sitting pretty. Hong Kong's

loan to deposit ratio is, for

example, 50%. In other words,

for every dollar its banks

lend, they have $2 in deposits

from their customers so the

banks don't need to borrow

money from the international

markets and are less exposed to

the global turmoil. Australia's

at the other end of the scale.

For every dollar in deposits,

Australian banks lend almost

dollar 2. There were other

things happening. BHP chief

Marius Kloppers says the take

pch over for Rio Tinto hasn't been affected by the current

tur Mitt Romney, nor has he changed his forecast for

commodity prices. On

commodities markets, oil is

creeping back towards $100 US a

barrel, markets around the

region posted solid in creases,

likewise the Australian dollar

which benefitted from the

positive global mood is worth

US 81 cents. Tim Cahill is in

line to play play for the

Socceroos in the World Cup

qualifier against Qatar in

Brisbane next month. Socceroos

coach Pim Verbeek expects

Cahill to be available after he

made a successful comeback for

Everton last weekend. Here's Duncan Huntsdale. One of the

stars of Australia's last World

Cup campaign scored for Everton

after being out for six months

with a foot injury. The

Socceroos coach was enthused by

Tim Cahill's efforts and will

keep a close eye on his

progress over the s next four

weeks. We know how important

he can be for us so hopefully

he will be fit and if he's fit for sure I will select

him. Australia's chances of

hosting the 2018 cup have

received a boost with FFA

chairman Frank Lowy appointed

to the FIFA World Cup organising committee. It's great for Australian football

we've got someone in what I

imagine could on be described

as a fairly exultant position.

Having forced his way into the

Test squad for this month's

tour of India, Victorian

paceman Peter Siddle is setting

his goals high. The main aim

is get over there and hopefully

get my first Test but being a

youngster, you don't know what

happens. We've got a great

bowling attack and if they're

going well they're not going to

change the sides. The

23-year-old who took 33

thirty-three wickets in six

games last summer got a taste

of Indian conditions recently.

You have to work harder and

change your line and lengths.

The heavyweights of European

can American golf were awe

struck when boxing legend

Muhammad Ali made a surprise

appearance on the eve of the

Ryder Cup. It was just an

incredible moment. Um.... as

you can tell. Three days of

hard-fought competition will

start with Europe's Padraig

Harrison and Robert Carl son

against Phil Mickelson and

Anthony Kim. Mickelson said he

would love me to play with him,

so did six other guys. We may

look like we've just floated in

like a butterfly but I can

promise you we are here to

sting like a bee. Held every

two years, Europe has been

victorious in the past three

Ryder Cups. In tonight's rugby

league semifinal in Auckland,

the Roosters have a 6-point

lead over the Warriors near the

end of the first half. The

score is 12-6. A short time ago

the Roosters were awarded a

penalty try. Big Brother is

watching your car. It's a new

invisible censor that alerts

nearby parking officers if

you've over-stayed your time

and it could be coming to a

street near you. Gone the foot-slogging of the parking

officer, checking whose time is

up. No, all the parking officer

need Dow do is assume a

leisurely lurk. Parking

officers generally don't lurk. They're quite open about what

they do. A censor stuck in the

road will tem them what to do.

It will detect the met Ofl a

car parked over it and send a

signal the moment the allotted

time is reached. It's called

the Parking Overstay Detection

System, PODS has made wads for Maribyrnong Council in

Melbourne. It's important to

recognise that when we're

talking about revenue that it

can go up. Now Ku-ring-gai

Council in Sydney's north is

considering introducing PODS in

that hot bed of leafy lawlessness and grinding

grid-lock, Wahroonga. It's atrocious and dangerous for

schoolchildren. There's a lot of road rage because of the

stress in the traffic. Who

would have thought it possible

in such a genteel village where

the patisserie is posh, the

cafe set sober and the welcome

mat is colourful. Blame the

interlopers. The mayor does. Many come from the Central

Coast and hop on the train and

go to the sate. Already

creatively naughty drivers must

be turning their mind to beating the system, for

example, getting back to the

car before the time expires ,

moving the car out and back in

again because the censor in the

road detects only metal, it

doesn't record your number

plate. Even without PODS, a

conspiracy of dirty drivers has

been detected. Everybody knows

when the officers are around.

If PODS takes off here, who

knows where it will end. The

Petrov affair gripped the

Australian nation in the 1950s

and had a profound impact on

the political landscape. Now

it's inspire adprize-winning

novel. Until recently, the

young author knew nothing about

the Cold War spy scandal but

now it's made him $50,000

richer. In a market where even

the best writers can struggle

to get published, winning a

guarantee that you'll go to

print is a huge career boost.

It's even better when there's a

$50,000 prize attach ed. I

certainly haven't got a huge

publishing record at the moment

so that's one of the great

things about the Vogel is is

that you don't need industry

contacts, you just need a manuscript. Victorian Andrew

Croome joins the likes of Tim

Winton and Kate Grenville as

the winner of the Vogel for an

unpublished manuscript for a

writer under 35. He brings to

life the Petrov spy scandal.

Called Document Z, it's story

of the diplomats defection from

the Soviet union and his wife's

decision to follow. It's a

mixture of historic fiction and

espionage fiction but a great

human storich It is great to

acknowledge works that are

serious for the culture and our

sense of history. The emerging

author started a number of

manuscripts before a 3-year

slog on this one and there's

still hard work ahead. It's a

big book. He's done a fantastic

amount of research. It could

still be tight scpnd refined to

bring to money. Once that's

done, the prize money will

allow Andrew Croome to take a

holiday and then return to

writing. Share prices may have

tumbled recently but the value

of art is soaring. A painting

by French impressionist Paul

Cezanne has become the most

expensive artwork bought by an

Australian public gallery. The

$16 million masterpiece was

unveiled today at the NSW Art

Gallery. It's called 'Bords de

la Marne' and was painted by

Paul Cezanne outside of Paris

in the 18 80s. For more than a

century, the workers belonged

to a Swiss family, now it's

taking pride of place in the

Art Gallery of NSW. In the art

institution like this, that has

aspirations to be a great fine

art museum and tell the story

of modern art, it has to have a

Cezanne on its walls. Painter

Muhammad Ali is one of many

contributing to the $16

million-plus price tag but she

was having trouble conting the

zeros in her cheque. That's a

million. Don't put 100 million,

it might get bounced. The

art's gif to mark the 25th

anniversary of the gallery's

philanthropic foundation was

conditional, it had to be a

Cezanne. I said, "If you find a

Cezanne I'll goive you a

million." That was like an

incentive to go and look for a

Cezanne. Gallery director

Edmund Capon remembers vividly

the foundation's first

acquisition in 1984, $700,000

for a painting called three

Bathers by German artist Ernst Kirchner. Whatever you pay

today, they'll be a lot more

expensive next year. The

value now of Three Bathers is

10 million. Most eyes today

were on the costly Cezanne. Now

it's on the walls for the

public to view, for free.Let's

take a look at the weather now.

Here's Graham Creed.

Temperatures went above average

in Sydney today at last. They

managed to reach 24 degrees in

the city and we saw them

topping around 29 degrees out

west. We also saw pleasant conditions around the Central

Coast with Gosford reaching 28.

A severe thunderstorm warning

for the southern Riverina. Bands of cloud across the

south are associated with a

series of weak fronts with the

line of cloud in the north

forming along a trough. A

generally dry wind change will

move through the State tomorrow

with strong and warm north-west

winds ahead of it and gusts

could exceed 125 km/h about the

southern ranges and Alps overnight tonight.

Thunderstorms across the

northeast of the State.

Thanks, Graham. Tonight's top

stories - the Prime Minister has declined the Opposition's

offer of a bipartisan approach

the too the global financial

crisis. World share markets

have rebounded after the US

announced a coordinated

response to the turmoil. That's

ABC News for now. Stateline is

next. Have a great weekend.

Closed Captions by CSI

CC This week, the artistic

survivor. 30 years up for

Edmund Capon. Edmond convinced

me that he was different. He

was wearing odd socks. Our

industrial heritage, is

there... Lot of demolition by neglect. Also sorting out what

the Rees Government is up

against if it's to save the

State's economy. Elcome to

Stateline NSW, I'm Quentin

Dempster. Everyone watching

State politics was diverted

last week by the underpants

scandal, the most important

story went largely unreported,

how to save NSW which,

according to outgoing Treasurer

Michael Costa, is on credit