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Tonight - life sentence,

there's just no escape from

housing stress. You'll be

with this mortgage noose heading into retirement still

with this mortgage noose around

your neck. You say you want a

revolution, the Premier is

promising one. Today is the

biggest day in the history of

public transport in

NSW. Yiecks, it doesn't get

much closer than disaster to

this. And the death of another

inn Vincele. He loved cricket

and cricket loved him. To me he

was what the baggy green stood

for. Good

for. Good evening, Juanita

Phillips with ABC News. First

it was young home buyers

swamped by debt and housing

stress, now the older

generation is feeling it.

There's been a sharp rise in

the number of people going into

retirement still saddled with

mortgages. And anyone hoping

for relief won't find any from

Australia's biggest lender, the

Commonwealth Bank is predicting

more interest rate hikes ahead.

The agents shut the gut, but

the bank has already bolted.

Another forced sale in western

Sydney. We have 5% of families

in default with their mortgage,

11% are irregular are with

their payment and one in two

families is in mortgage

stress. Homeless shelters are

now having to cope with people

who are falling out of the

actual housing market. And it's actual housing market. And it's

not just the young who are

feeling the pain of rising

interest rates and sky rockets

property prices. In just 10

years the number of Australians carrying mortgages into

retirement has doubled. It

looks as though mortgages will

become a lifelong commitment.

You will be heading into

retirement still with this

mortgage noose around your

neck. Not only do fewer older

people than ever own their

have experienced homes outright, the over-60s

have experienced the sharpest

spike in housing stress. The

fact that more people are

retiring with a higher debt

really challenge s whether

retirement incomesty aged

pension and superannuation will

be enough. The reserve Bank

knows its decisions are biting.

acknowledge: The minutes of its last meeting

But still not enough But still not enough to

contain inflation which was

likely to rise further, from

its already high level, which

means no relief this year,

according to the country's

biggest home lender. Rates will

remain high and most likely

increase over the balance of

this year. But there's

certainly no consensus.

Nrvelingts the near term the

news, I think, is that Graes

rates on are hold. Interest

rates need only be on hold another two months and then it's the Treasurer's turn to another two months and then

take the lead in the fight

against inflation and he

promises he will in his first

budget. In the meantime, he's

forced to watch the worldwide

financial horror. The

deteriorating global outlook

does present a significant risk

to the Australian economy. And

there's little he can do about

it. Australia's share market

for a lead from Wall held its breath today watching

for a lead from Wall Street.

The All Ords index closed just

9 points lower. Tonight our

time the US Federal Reserve is

expected to announce another

interest rate cut and it could

be as much as 1%. Small town

America is suffering and a 1%

cut would be a dramatic

response to the fear that's

gripping the US economy. This

was the McCue's dream home and

this is their current

nightmare. Living in a caravan

with few reminders of the life

they used to lead. What you see

here our fire place,

fountain. Like so many

Americans they've lost their

home because of the subprime

mortgage crisis. It hurts

because you work so hard and

you don't expect this to

happen. While the Government won't bail out individual Vic stims like the

stims like the McCues, it did

bail out a much bigger

casualty. For the first time

since the great depression, the

Federal Reserve took dramatic

steps to save a giant investment bank Bear Sterns. What's going around

Wall Street is the question, if

Bear Sterns who's next. A year

ago their shares were worth

$170 each. Last night the a

rival bought the bank

rival bought the bank for 2 a

share. It's very tragic

occurrence but I think it's

just the beginning. It's a

distress sale. George W Bush

met with his economic advisers

and I cysted the Government is

on top of the situation. In the

long run our economy's going to

be fine. Right now we're

dealing with a difficult

situation. Many economists

believe the Government isn't

doing enough to deal with the doing enough to deal with the

crisis. I think we face a

situation sufficiently dire so

that we could end up with a

financial and economic meltdown

if we don't move

aggressively. The US dollar hit

another record low, oil hit

another record high and the

turbulence be continue

tomorrow. The Federal Reserve's

expected to slash interest

rates and some of Wall Street's

biggest banks will start

revealing their profits an

losses. China has laid the

blame for the violent protests

in Tibet on the Dalai Lama.

Premier Wen Jiabao today

accused the exiled spiritual

leader of inciting unrest. The

deadline was marked in Beijing

by a rare show of defiance from

Tibetan students. The ABC's China correspondent Stephen

McDonnell and cameraman Rob Hill were the only international media to witness

the show of dissent. Tibetan

students in Beijing sat

completely still as the eerie

midnight deadline approached

for protestors in Lhasa to hand

themselves in. The students

from the Central University for Nationalities silently bowed

for them their heads and ignored calls

for them to return to their

dormitories. When police

spotted the ABC there, they

stopped us from interviewing

anybody. Can you tell us what's

happening here tonight? Sorry.

What is the meeting about

tonight? This morning a

sandstorm started to blow in to

Beijing and Premier Wen Jiabao

prepared to face the world's media. There

media. There was no mention of

any violence on the part of

Chinese soldiers or police, he

wanted to speak about Tibetan s

out of control.

TRANSLATION: In this incident a

small number of rioters injured

or even killed innocent people

in the street. They used

extremely cruel means. The

Chinese Premier holds one press

conference every year. In a

case of remarkable timing, this year

year it's come right in the

middle of the biggest challenge

to Chinese rule seen in Tibet

in two decades. Premier Wen

says China has evidence that

the Dalai Lama has orchestrated

violent clashes in Tibet. He

didn't say what this evidence

was so he was asked if China

would permit international

sorveers to enter Tibet sorveers to enter Tibet to

verify the facts.

TRANSLATION: Lhasa will be open

to the rest of the world. We'll

certainly consider letting the

foreign media get to Tibet and

see on the ground what has happened. There's a lot of

blood to be cleared off the

streets before reporters will

be allowed to see anything. And

there was a passionate protest

in Sydney today as the Tibetan in Sydney today as the Tibetan

community stage add rowdy

demonstration in support of

their countrymen. Emoitions

boiled over as speakers

demanded an end to the

violence. They say at least 100

people have been killed.

The organisers say Australia

must take a tougher stance with

China and increase pressure to

bring democracy to

Tibet. People are dying or are

dead, we

dead, we can't sit around and

just talking about it. One

Christian leader has thrown his

support behind the

cause. Ultimately you will

prevail and ultimately the

world will be a much better

place because of the Dalai

Lama. Police say they were

happy with the crowd's

behaviour and nobody was

arrested. The Premier's calling

it a transport revolution, but

don't start cueing for your

tickets just yet. Morris Iemma

has promised a European style

rail line from the city to

north-west Sydney. But long

suffering commuters shouldn't

get too excited, it will be

nine years before it's

operating. If Morris Iemma's

rhetoric is anything to go by,

the commuters of north-west

Sydney are in for the ride of

their lives. Today is the

biggest day in the history of public

public transport in NSW because

today we start a public

transport revolution. This is

the new beginning, a European

style metro line. Trains with

less capacity than the old

rattlers but running more

frequently. The new track will

run from the city out to Rouse

Hill with 16 stops taking 42

minutes. 32 kilometres to the

Norwest Business Park will be

underground, the remaining 6 kilometres

kilometres will be above

ground. We already knew the

Government was committed to

some sort of north-west rail

line, what's new is the form it

will take. We break free from

the exist ing City rail system,

a bold few vision for public

transport in this city. The

metro concept is also being

considered for other major

routes, from the city out to

Parramatta, to the northern

beaches and south to Maroubra but that's just talk for the

moment. The Opposition says the Government's transport policy

is a mess. I don't blame

residents for not knowing what

to believe. This is a State

Government that in the last 13

years has promised seven rail

line, none of have which been

delivered. The Government says

it has enough money to fund the

$12.5 billion project but will

consider a public/private

partnership. Mr Iemma was keen to point out it was not a

Railcorp project and thatwise a

relief for some groups. This

new plan for a metro rail

network means we can finally

break free from Railcorp. We've

been a prisoner of a 19th

century train system for far

too long. The new metro line is

expected to be operating by

2017. A man has been killed and

another man injured in a light

plane crash in Sydney's south-west.

south-west. The men were

conducting aerobatic training

with the red baron flying

school when their plane hit a

tree nier oran Park. One man

died instantly. The other was

taken to Nepean Hospital with minor injuries. An investigation is under way into

what caused the crash. Five

minutes earlier or five minutes

later and it could have been a

disaster. An empty bus rolled

150 metres down this hill and crashed through crashed through a fence

crashed through a fence on to

the railway tracks at Epping

station. A train was due to

pass through at any moment. The

bus driver had parked at the

top of the hill and left to

take a break. Sit a rest period

for the drivers, they can

alight the bus to get a cup of

coffee but our drivers are

regularly reminded to secure

the bus prior to leaving the

bus. The investigation will

determine whether that has

actually happened. The northern line was line was closed for several

hours while a crane winched the

bus off the tracks. The bus

driver has been tested for

drugs and alcohol and is

helping police with their

inquiries. A man who admits

killing his brother says it's a

coincidence that his parents

were stabbed to death in a

similar way. Jeffrey Gilham is

accused of murdering his mother

and father almost 15 years ago

in their home in Sydney. Today

he took the stand at

he took the stand at his trial.

Jeffrey knil ham admits he

stabbed his brother Christopher

17 times in the family home at

Woronora in Sydney's south. He

says he did it because his

brother killed their parents.

Undercross-examination he was asked:

deleern He said he was woken

by his mother's scream on the

night his parents were stab and saw his brotherment

He claims his brother then

set his mother alight. Police

then took Jeffrey Gilham for a

walk through the fire-damaged

house. Is this the knife that

you later picked up? Yes. And

is this the knife you stabbed

your brother with? Yes, it.

Is He sayings his memory of the night is hazy.

Jeffrey Gilham wiped his eyes

as he told the court he loved

his parents and had no reason

to kill them. He denies he

murdered them to inherit his

estate. Asked why he thought

they were killed he said he

didn't know. The trial

continues tomorrow. Get ready

to splash the cash, the Royal Easter Show Easter Show is back in town

from Thursday. Money's tight

for a lot of families this year

so there's more free entertainment on offer to get

them through the gates, but be

ware the $30 industry free,

rides of up to $15 a pop and

show bags that could set you

back $25. Preparations are

ramping up for this year's

Easter Show. There's no room

for error on the track or on

the high wire. No harness or

safety net required. It's

danger man, danger woman, not

safety man, safety woman. It's

all about precision and

mateship. Sometimes I lie on

the ground and he hits me so

hard it's pretty painful. I

wouldn't really call him my

mate. If it wasn't for that,

maybe. There will be around

14,000 animals at the

show. It's the first year some of those in

of those in the nursery will be

able to roam free, but not all

. And there will be the first

mainlior equestrian event since

the outbreak of horse flu. There's months ago there's no way we were going to have

hors at this site. It's the

great place to forget about the

real world but this year

organiser say they're conscious

of economic hard times to koun

high interest ter effects of the drought,

high interest rate an petrol

prices they're offering more

free entertainment and

displays. We're conscious of

providing better value this

year. We understand that there

is hardship out in the

communities. Other way many of

the 900,000 expected show goers

will still feel like they're

being taken for a ride. Oh my

god. The show will run for two

weeks until the 2 April.

Tonight's top story - people

are retiring from work still

saddled with big mortgages

according to a new report on

debt. And still to come - the

Beatle and his ex-couldn't work

it out so the judge did.

A female suicide bomber has

killed more than 40 people in

the Iraqi holy city of Karbala.

The bomb went off near Shi'ite

shrine in Baghdad. Foirnls

expect Shi'ite insurgents were

behind the attack. It happened

whin Dick Cheney visited

Baghdad to mark five year since

the start of the Iraq conflit.

He say there's been significant

progress. I was last in Baghdad

10 months ago and I can sense

that's as a result of the progress

that's been made since then

that there have been some

phenomenal changes in terms of

the overall situation. Mr

Cheney repeated his commitment

that the US would not quit the

country until the job was done.

United Nations police have

been forced to withdraw from a

Serb stronghold in Kosovo after

coming rned attack. The clashes

erupted when the UN tried to

evict Serb protestors from a court court house in the flast flash

point town of Mitrovica.

Rioters threw stones, petrol

bombs an grenades. It's the

worst unrest since Kosovo

declared its independence last

month, a move that Serbia says

it illegal. From me to you or

to be more precise from him to

her. The former Beatle Sir Paul McCartney has

McCartney has been ordered to

pay his ex-wife $53 million.

Heather Mills had been asking

for a lot more after four years

of marriage and a very bitter

divorce. How you feeling

Paul? It's been a long and

winding road fo the divorce

courts for Sir Paul McCartney

and his estranged wife. Their

bitter break up has been played

out under the glare of the

glad it's over international media. I'm so

glad it's over and it was an

incredible result in the

end. The couple married in the

#2 002 and had a daughter and

together they campaigned for

the environment and for animal

rights. But after four years

they separated and Heather

Mills who lost her leg in a car

accident 15 years ago, was

labelled Lady Mucker and

branded a one-legged ex-hooker

British tabloids. The two ended and a gold digger by the

up in the High Court with Ms

Mills wanting a $270 million

slice of the ex-Beatles'

billion dollar fortune. Paul

was offering a lot less than

that which you will see in the

judgment and very much last

minute to put me and bee tris

through this has been

incredibly sad. Sir Paul was

willing to hand over $34

million. The judge awarded Ms Mills $53 Mills $53 million. Just before

the case came to the High

Court, Heather Mills sacked her

lawyers and represented

herself. It was a high risk

gamble but it was one she

believes paid off. Britain's

legal profession had been

watching this case closely and

lawyers believe it sets proes

precedent. What it has done is

said that if you neat a very

wealthy man, even though it's a

short marriage, you'll do very

well. After one of the most

acrimonious divorces in showbiz

history, the two sides are now

expected to agree to let it be.

On to finance now and the

local share market edged lower

today ahead of that expected

rate cut in the United States

tomorrow morning. Here's Alan

Kohler. Well the corps of

investment bank Bear Sterns was

hardly cold last night and the hedge funds were looking for hedge funds were looking for

the next victims. But JP Morgan

led a late rally when an 8%

gain. And the local market had

a breathe wer the All Ords

falling less than 10 points. It

was a day for mining stocks to

fall and banks and financials

to rise and the miners dropped because of some very big falls

on the metals exchange last night.

This is the main US share

index and the Australian All

Ords since November 1 when the

bear market began. Now our

index is down 25%, theirs is

down 15%. We thought this was

suppose to be a US financial

crisis. Well the reason for

this - it's a bank bear market

and banks are a bigger and banks are a bigger

proportion of our market than

of Wall Street. Also US funds

have been a bit frightened of

selling US banks so they've

been selling ours instead. The

US Federal Reserve will meet

tonight and announce its

decision at about 5 am our

time. The market thinks it will

be a cut of 0.5% or 0.75% but

don't be surprised if it's a 1%

cut to 2%. That will take the

this real Fed funds rate Shoaib in

this graph which is cash minus

inflation to zero and that

wouldn't leave chairman Ben

Bernanke with much am amo. The

Australian dollar fell today to

just above US 92 cents. The Art

Gallery of NSW has learnt from

experience that size matters

when it comes to keeping

burglars at bay. This is the

gallery's new acquisition, a $2

million work 'Mars and the

Vestal Virgin'. It was bought

with insurance money after a

self-portrait was stolen last

year. Actually what we've

replaced it with is quite a large painting so I think one

of the things is that it's

actually too big to be

nicked. And a rare piece of

the hammer in Australian art is going under

the hammer in Sydney tonight.

Russell Drysdales 1948 painting

country child is tipped to

fetch more than $1.4 billion. A

grand old man of Australian

cricket has closed his innings

at 95. Bill Brown was the

oldest of the surviving

Invincibles from Don Bradman's

unbeatable 1948 team. Bill

Brown's affection for the game of cricket was of cricket was only superseded

by the affection for him. Bill was special to me and special

to a lot of the current

players. He left a great legacy

and he was a mentor to a lot of

us and he will never be

forgotten. Though most of

Australian cricket family

didn't see him bat in any of

the his 22 Test matches they

didn't need to. A meeting with

Brown, the Raconteur and gentleman underlined his

characteristics as an opening

batsman, graceful and batsman, graceful and efficient

scoring nearly 1,600 Test runs

at an average of just under

47 It epitomised many of the

values that we see as

synonymous with the baggy

green. The war and the Test

contradict between the 30s and

40s truncated his Test career.

He served as an RAAF pilot in

Papua New Guinea. He captained

after the war Australia one in the first Test

after the war often described

himself as the bloke at the

other end to the shining light

of Sir Donald Bradman, or the

one delaying his presence. That

slow hand clap would start

because you were batting in

Bradman time. I would like to

have been a more attacking bats

plaun to give the spectators

more value for money. Bill

Loxton, Neil Brown is survived by only Sam

Loxton, Neil Harvey, Arthur

Morris and Ron Hammence from

the 1948 Invincibles. It was

the good side and we had the

great man as captain and he

wasn't a bad bat. Bill Brown's

great innings of 95 ended at a

Brisbane nursing home. He was

a wonderful man. The flags

fluttered in respect at the SCG

as if as if indifference difference

to the passing ove one of the

baggy green club Brett Lee

showed some batsmanship and he

and Beau kasson completed the

demolition job on Victoria's

hopes. Brett Lee was

tantalisingly close to his

maiden first-class 100 out for

967, still his highest

with a lead first-class score. Declaring

with a lead of over 600, Stuart

McGill took two wickets in two

balls but his frustration at

the hat-trick ball will ease

tomorrow when the Blues claim

the season's major

trophy. Melbourne has begun its

NRL premiership defence with a

32-18 win over the New Zealand

Warriors. The last gim of round

one featured a hat-trick of

tries from the Storm full-back

early claim for Billy Slater, stake staking an

early claim for a recall to the

Queensland squad. 18-year-old

Israel Falou lived up to his

growing reputation with a

dominant performance in the centres.

Both clubs have concerns,

Melbourne second rower Ryan

Hoffman nursed a rib injury and

the Warriors captain Steve

Price has a hamstring strain.

In a sequel to the tackle which

injured Rabbitoh Craig Wing, the

the NRL has flag add rule

change in which similar shoulder charges would be

illegal and West Tigers prop

Todd Paton will contest a

grapple tackle charge at the

ban. Sydney's National Maritime judiciary, he risk as-3-game

Museum has got the toys, now

it's looking for the boys. It's

about to launch a new

exhibition of precious toy

boats paying homage to the age

of steam and sail. The of steam and sail. The display

comes complete with sea battles

making it anything but child's

play. They were war games

fought in the name of nations,

just like the real thing. From

the mid-19th century to the

mid-20th, boys an their toys

imagined or reenacted the great

sea battles. Now as news of the

discovery of HMAS 'Sydney'

spreads around the world,

spreads around the world, the

National Maritime Museum is

about to open and apt and very

special exhibition. I think

this is the most important public collection of toy boats

in the world. 200 toy boats

from the National Maritime

Museum of France have invaded

Sydney Harbour. They're all in

perfect working order and

charming in their simplicity as

much as their detail. They were

made to be played with and not

to be good representation of

reality. They're works of art

but distorted, exaggerated to

make them more fun. They're

powered through steam engines,

some by clockwork, some by

batteries and some by quaint

courtship. The French Maritime

Museum brought them from a

collector three years ago and paid handsomely for paid handsomely for them. Some

models are worth as much as a

medium sized European car. But

it was planes not cars that

sank toy boats. The number and

the variety of toy boats really

was slowing

down. Sinking Sinking actually,

we would say. But the precious collection survived two world

wars and a good many

others. The curious thing about the owner

about the owner was he was not

a model maker nor even a

sailor, he was, how you say,

(Speaks French) He just loved

playing games as well. Well

it's been good weather for

sailing but it looks like our

run of warm days in Sydney is

about to end. Today was our

ninth consecutive day of above ninth consecutive day of above average temperatures in Sydney.

Now that may not sound like

much of a record but we haven't

exceeded six days in a row

since early December.

Unfortunately it's not going to

stretch past 11 days. It

actually hit 27 in the city

today.

persistent high in the as the

man has been dominating our weather.Creern

A band sou of the continent

will introduce showers or for

us. They're set to arrive over us. They're set to arrive over

the Easter period. Tomorrow

it's 10 days of the same

weather pattern for NSW with

that high still dominating

although it will finally start

to move towards New Zealand.

And at the same time a trough

and a northern tip of a front

could produce an storm in the south-east of our State.

We will wake up to some morning fog, particularly

through the western suburbs an

we are looking at a generally

partly cloudy day.

North-easterly winds will

freshen along the Cote as we

head into the afternoon but we

can see that end of the run of

the warm weather. Tomorrow's

looking good, Thursday not bad

but a southerly change will

push through so cloud will

increase during the day with

some late showers and those

southerly winds keeping it

showery and cool as we head

into the long weekend. We may

even see another front and

further showers pick up later

on Sunday. Tonight's top

stories again - housing stress

has spread to retirees, more

people are leaving work without

having paid off the mortgage.

China's premier is blaming the

Dalai looi llama for the unrest

if Tibet. There were more

demonstrations overnight as

protestors defied a deadline to give themselves up. And the

State Government has announced plans for

plans for a European style

metro rail system. Lit take

commute frers north-west Sydney

into the city. And that is ABC

news for this Tuesday. '7:30

Report' is up next and I'll

have an update in an hour. For

the latest headlines 24 hours a

day, go to ABC online, goodnight. Closed Captions by CSI

CC Tonight ton 7:30 Report, the international investment

guru who says America is

already in the grip of

recession. In my book America went

went into recession last October. The grim worst-case

scenario for the rest of the

world including Australia. But

this global boom is followed by

a colossal global bust, that is

the worst-case scenario.

And the high tech break

through far major export

industry. Breeding the world's

most sought after fish in

captivity. It is far

captivity. It is far bigger

than any one of us realise.

Welcome to the program. We

might be a long way from Wall