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Tonight - the cost of climate

change - putting a price on

carbon trading. The Australian

economy will continue with

strong growth, while we reduce

emissions. A pledge from the

Nation's top dogs to help its

underdogs. I'm just absolutely

overwhelmed by the huge act of

faith we witness here

today. Final orders - the State

Government cracks down on binge

drinking. I like a cold beer as

much as anyone, no-one likes

those scenes of violence that

we see. Sydney's petrol price

war fuelling essentials. People

are pushing in, we are waiting

for hours, it's not fair.

good evening, Juanita Phillips

with ABC News, it will hardly

hurt a bi. That's the Treasury

forecast based on complex

computer modelling of the

Government's Emissions Trading

Scheme. It found economic

growth will barely skip a beat

over the next 40 years,

households and businesses able

to afford the energy they burn.

The report doesn't market in

fallout from the financial

crisis, the Government is

sticking with a 2010 start

update. Greg Jennett. Generated

by software, presented as hard

assessment. Treasury's fact. This is a hard-headed

computers have crunched the

numbers on the first 40 years

of an Emissions Trading Scheme

and found it is affordable. We

can reduce emission, tackle

climate change while continuing

to grow our economy. The

modelling found average

households will pay an extra $5

a week for electricity, and $2

for gas before Government

compensation arrives in full

for 40% of income earners.

Averaging over 40 years paying

for carbon would slow economic

growth, but only just One-tenth

- I repeat one-tenth of 1% less

than it otherwise would be. Steelmaking would drop in

the first 10 years before

picking up, for coalmining the

trend is down all the way, and

output for aluminium would be

slashed in half We want to consider what the impact might

be across Australian

business. The report says

industry will not be forced

offshore, but the study relies

on augess, the biggest that

carbon -- assumptions, the

biggest that carbon capture

will work. When it kicks in

fall in 2030 only then will

Australia's levels fall. That

has to be looked at

carefully. It assumes the rest

of the world takes action

within a decade. All the

countries are aware that have

to tackle this. Treasury

overlooked the financial crisis

as a short-had term blip, and

the Government isn't yet --

short-term blip, and the

Government isn't allowing delays to the carbon scheme

because of T We said it's the

inteption to start in 2010, it

is the -- intention to start in

20 0. Let's not rush into

another economic digs. The

white paper for targets in 2020

and beyond is due out in

December. Unions and

conservationists predict a

Green rush if the Government

gets the Emissions Trading

Scheme right. In an unlikely

Australian Conservation partnership the ACTU and the

Foundation released a report

suggesting a million

green-colour ared jobs could be

created by 2030. Renewable

energy, Green buildings and

recycling could prosper. Strong

action on climate change could

protect the planet, but it can

generate hundreds of thousands

of new green jobs. The ACTU and

the ACF say an ambitious

emissions reduction targeted is

crucial to the success of the

greens job market. Another

ambitious job plan as unveiled

today, thanks to goodwill and

networking. The Prime Minister

is teaming up with the Top End

of town to train and employ

50,000 indigenous

Australians. The Prime Minister

joined the biggest in the

business in promising to train

and offer jobs for indigenous

Australians, it's an ambitious

project, but this was a

Coalition of the willing. You

heard it 1,000 times before,

they say where there's a will,

there's relatives. The

countries movers and shakers

put aside rivalries, signing up

with a new business

venture. It's never been a

stronger feeling throughout the

country that this is the time

or it's pastime that be did

this. 15 companies have already

pledged to provide 6,000 jobs

to Aboriginal workers in

industries including retail

tourism, mining and

construction. The goal is

50,000 jobs. Fortescue Metals

founder Andrew Forrest is the

man behind the 'Australian

Employment Covenant. Times are

crook in Tullabrook right now.

Nowhere will it be crooker,

nowhere will the suffering be

more intense during any

monetary meltdown than in our

most underprivileged. The I's

have been dotted and the T's

crossed on a partnership seeing

the Government train indigenous

people to give them the skills

employers want. There'll be a

buddy system to mentor

Aboriginal workers, helping

them stay in the job. We are in

the midst of a whole lot of bad

news at the moment. This is a

good day for Australia. I'm

just absolutely overwhelmed by

the huge act of faith we are

witnessing here today. An act

of the faith that will start

becoming a reality early next

year. Home owners, banking on

more big interest rate cuts

have received a reality check

instead. The Reserve Bank

warned against too many great expectations ahead of

Christmas, it says inflation is

still as big a worry as the

state of the economy. With the

economy slowing dramatically

Ric Battellino conceded

speaking at a bankruptcy

conference wasn't a good look,

but the Reserve Bank Deputy

Govenor came with an upbeat

message. It's important not to

be too pessimistic but

household offences and the

economy are in good shape. Ric

Battellino will meet fellow

Reserve Bank Board members

Tuesday with the public

expecting an interest rate cut.

Despite the economic doom and

gloom he reminded the audience

that the RBA hadn't forgotten

the No.1 priority. We acted

pre-emptively in reduce ing

interest rates, there's still a

big task to bring inflation

down, it could trigger room for

manoeuvre. For economists like

Royal bank of Canada Su-lin

Ong, it was a comment to hose

down expectations. We'll get

further cuts, not of the

magnitude we saw in October. S

cut their rates, -- the

Minister cut their rate, the

frerk reducing their rate to

1%, along with others, it's

ready to cut again. The cut

was designed to stem the

downturn, and the depth and the

duration of this recession, but

it tells you the global

backdrop is weak. Wall Street

knows it, the Dow Jones

industrial average shed 1% as a

profit warning from one of the

world's biggest companies

general tricks spooked the

market. It was a -- general

elek tricks spooked the market.

The All Ords built on

yesterday's gains closing 4%

higher. And the State's

economic woes just keep getting

worse, the Government has

announced a shock deficit for

September of $656 million,

that's almost half a billion

more than the previous month's

deficit. The Treasurer Eric

Roozendaal says it's not

unexpected given the shortfall

in Government income. More than

any other State, NSW is feeling

the effects of the global

financial crisis. The

deterioration... The Opposition

says the Government has wasted

hundreds of millions on

projects that are in doubt. The

Treasurer says there'll be

tough decisions in next month's

mini Budget. 50 of the State's

hoteliers may pour themselves a

stiff drink tonight the State

Government cracking down on

pubs that are known hot spots

for alcohol-related violence,

there'll be restrictions on how

and when they serve alcohol and

no more 24 hour licences issued. Drunken acts of

violence are on the rise according to the Bureau of

Crime Statistics. Last year

there were 21,000 incidents.

The Premier's announced

measures, he says will usher in

a new era in the state's

drinking culture are This isn't

about ending good times,

stopping people having a drink

at the end of a hot or hard

day. It is about stopping

drunken behaviour that turns

into violence. There'll be a

freeze on new 24-hour licences,

and from the 1 December, 50

pubs deemed to be high risk

will have tougher restrictions,

there'll be limits on serving

drinks after midnight and

they'll have to shut doors to

new patrons after 2:00am. The

Hotels Association acknowledged

there are rogue operators, but

says patrons need to take

responsibility too. People

that are going out intending to

write themselves off, take a

suite of elicit drugs and not

think about the consequences of

their behaviour need to be

dealt with, worked on

individually. Police say some

drinkers need a helping hand to

stay on the straight and

narrow. When they are

intoxicated they do stupid

things, some of those are

criminal and they get locked

up. Hot spot venues have to

serve beer in plastic glasses

after midnight to prevent

glassing attacks. We see

incidents of glassing, which is

gutless and

un-Australian. Last Saturday

night we had three bad

glassings and something which

we didn't see so many years

ago, severe damage, two had to

go to theatre. The State

sentencing council have to look

at whether there needs to be

tough ever penalties for

glassing, recommendations will

be in March. A 26-year-old man

has been charged with murder

and several counts of rape

relating to an attack on four

overseas students on the the

weekend. Today the mother of

the 18-year-old student who

died arrived from China, coming

to identify the body of her

only child and plan her

funeral. In the space of months

this woman endured an

earthquake in her province in

China, and now her daughter's

death in shocking

circumstances. She lost her

home, her business, now she

lost her only child. Today the

grieving mother visited what

had been her daughter's Sydney

home. Her mother send her here

to be safe, to have

education. Just streets away at

the college she attended

messages of condolences

continued to flow. Director

Peter Price says a memorial

will be held for friends to pay

their respects. I think

mortified and numb would be an

accurate description. Not long

after releasing this CCTV

vision, police arrested a

26-year-old homeless man in

Redfern last night. For an

attack on four people, on

Saturday afternoon. Brendan

David Dennison is charged with

murdering the 18-year-old

Chinese student after allegedly

raping her three times, he's

also charged with raping a

19-year-old Corrian man who is

in hospital -- Korean man in

hospital after falling from the

balcony, two other women were

forced to perform sex acts at

knife point and robbed of

$170. The accused didn't appear

in court and was kept in the

cells downstairs, his lawyer

didn't apply for bail, the

magistrate granted the crown's

request for a DNA test to be

conducted. The man has been

remanded in custody and is due

in court on 11 September.

Researchers believe they've

taken a big step towards

beating bowel cancer and

melanoma, saying tests in mice

show that a new cocktail of

drugs causes cancer cells to

self-destruct. Phillip Holian

had bowel cancer which spread

to his lungs and liver. After

chemotherapy and surgery, he's

been in remission for more than

a year. Each week passes slowly

and surely. Bowel cancers and

Mellan omas are among the

hardest to treat. Researchers

decided to attack them on two

fronts. They combined a drug

inhibiting tumours from

spreading with a new medication

causing cancer cells to

destruct. This has had a

powerful effect killing cancer

cells in mice. Both were used

on mice. So the mice treated

with the combination lived four

times as long as the mice

treatedway single drug

alone. It is a great improvement. Four-fold longer

in a patient's life that can

make a difference. Because they

were low doses of the drugs,

there were few side effects. There's tremendous

hope that these drugs will

improve cancer therapy over the

coming years. The two drugs are

being trialled separately in

patients, a combined trial is a

few years away. Well, there's

no avoiding it, it certainly is

better than the alternative,

getting older is said to be the

focus of a major new study,

Australian and British

researchers team up to conduct

the world's largest

investigation into the effects

of ageing. The '45 and Up'

study is tracking the health of

250,000 Australians. The

research will form part of a

broader study involving more

than a million people in the

United Kingdom. We'll be able

to look at people over a range

of environments, from the far

north of Scotland to tropical

northern NSW. We'll be able to

compare the health systems and

what are the effective ways of

caring for people in later

life. The combined study will

focus on fractures, a major

cause of disability in death in

the elderly. You are watching

ABC News. The top story - the

Federal Government says

Treasury figures back its case

for a carbon reduction scheme

by 2010. Still to come - Sydney

drivers line up to fill up on

cut-price petrol. Paul Keating

has touched a Raw Nerve

suggesting Australia was

neither reborn nor redeemed by

the Gallipoli landings, the Melbourne Stormer Prime

Minister criticised the

commemorations of the World War

I campaign at Anzac Cove,

saying he didn't want to dimin

irk the bravery of the men that

fought and died there but it

was misguided to use Gallipoli

to define Australia's

wealth. We go on to say the

nation was born again or

redeemed there, that is an

utter complete nonsense, I have

never been to Gallipoli for

these reasons and never

will. Mr Keating was accused of

being out of tune with the

nation Many Australians would

have difficulties with the

comments he made today, they

are regrettable. Mr Keating was

speaking at the launch of a

book about Australia's troubled

relationship with Winston

Churchill, conceding it was

Winston Churchill that inspired

him to enter politics, not a

Labor icon. Americans say an

act of knod can delay the world

series baseball finals, then

along came Barak Obama, the presidential candidate pushed

back the start of the game with

a prime-time television pitch

costing his campaign millions,

capping off an extraordinary

night he was part of a

Democratic double play in the

swing state of Florida. Mark

Simkin is there. The rally

didn't start until close to

midnight but they stood in the

cold in their tens of

thousands. Ladies and

gentlemen, the 42nd President

and the next President of the

United States of America. It's

the first time the two men have

campaigned together since Barak

Obama defeated Hillary Clinton.

The former President still

bitter about the primaries, but

he buried the hatchet, passing

the baton. Are you ready for a

new President.

ALL: Yes. And are you ready

for this new President.

ALL: Yes. Earlier Barak Obama

flexed his financial muscle

with a prime-time info

Melbourne. We've been talking

about the same problems for

decades, nothing is done to

solve them. The 30 minute ad

aired on three networks

simultaneously at a cost of $4

billion. I will not be a

perfect President. I can

promise you this - I will

always tell you what I think

and where I stand. Sports fans

tuning in to see the decisive

world series baseball game saw

a political pitch instead. It

used to be only rain or some

other act of god could delay

the world series. I guess the

network execs figured an Obama

infomercial was good enough.

More than 1 million Floridians

have cast their ballots, queues

so long, an emergency auger was

issued extending the hours,

Florida is the biggest prize in

the closest contest, which is

why both nominees spent the day

here. Barak Obama trailled in

Florida, now it's too close to

call, a sign of the Democratic

tide threatening many States

the Republicans won four years

ago. The United Nations has

warned of a humanitarian

catastrophe in the Democratic

Republic of Congo, tens of

thousands are fleeing a rebel

advance in the east, Government

troops are fleeing the

fighting. Rebels called a

cease-fire around the capital.

Goma, 800 UN forces are trying

to defend the city. They are

said to be stretch stretched to

breaking point. 175 people have

been killed in an earthquake in

Pakistan, it triggered a series

of landslides and flattened

thousands of homes, searchers

are trying to reach people

trapped in the rubble. Many of

the dead are being buried in

mass graves. Relief supplies

are being flown in to help the

survivors. There have been

violent clashes between

protesters and riot police in

Denmark, police fired tear gas

and the rioters threw rocks and

firebombs. The demonstrators

were protesting about the

eviction of squatters in

Copenhagen. As we reported

earlier Australian shares Rose

strongly today despite the fall

on Wall Street. As Alan Kohler

explained it was largely due to

soaring commodity prices buoyed

by the US rate cut. The

Federal Reserve board cut the

cash rate from 1.5 to 1%, which

is back to where it was in

2003, when some say all the

problems began, through the

creation of a credit bubble.

It's only 1% away from zero,

where many say it's headed.

Yesterday's massive rise in the

Dow Jones and S&P look like the

old buy on the rumour, sell on

the fact story. Investors sold

last night taking the index 1.1% 1.1% lower.

Commodity prices reacted

differently, soaring as much

last night as the Wall Street

share indexes did yesterday,

especially the metals in

London, but also oil, wheat and

other commodities represented

by the CRD index. Commodity

traders were more excited about

the rate cut this China than

the one in the United States.

It was smaller and at 6.66% the

benchmark rate is higher, but

China is more important for

commodity prices. Also,

although the London metals

exchange jurched 8% it should

be put in context. It halved

since July, 8% is a blip.

Australian share investors

liked it shoving up the prices

of resources, Woodside by 13,

Rio and BHP by 9%. Financial

sector settled down, NAB up 4%,

Perpetual up 7", this grap puts

into pictures what you know

indeed. That we live in

interesting times. This is the

standard measure of volatility,

called the Vix index, based on

options trading in Chicago.

Speaking of volatility, it's

been a huge day on foreign

exchange markets, the Aussie US

rate jumping 5 cent to $68.5. That's That's finance.

India is hitting Australia

where it hurts, piling up a big

score on day 2 of the Delhi

test. Unsavoury onfield

behaviour is being reviewed. It

can't take away from

the00mside's total domination.

Gautam Gambhir registered his

first double century, VVS

Laxman scored 100 in a

partnership of 278. Gautam

Gambhir's lusty blow to bring

up his century was a measure of

his mind-set. Glorious Gautam

Gambhir. There were other

commamps throughout the course

of his innings, Gautam Gambhir

keen to block out the

Australians banter, pleading

accidental elbow on

Watson. Archie bargy. It wasn't

deliberate. It was more a

chance - there was no option

for me, there was no - it

wasn't a need to stick my elbow

out, it happened. Gautam

Gambhir continued the

front-foot approach in a tangle

with Simon Katich. Billy Bowden

has to get in the middle. All

the players must just get on

with the game. Australia's only

respite from the Indian batsman

was the wicket of Sachin

Tendulkar. That was a distant

memory as Gautam Gambhir, duly

posted his 150 and VVS Laxman

chased him down. Two men in the

deep. Half chances were like

gold, but of little

value. Frustration for the

Australians. Gautam Gambhir

found all parts of the bat

moving toward 200. While VVS

Laxman notched his 13th Test

100. Gautam Gambhir reached a

vial stone with 200. First

double hundred. Before losing

his wicket on 206. Australia

counter-punched with successive

wickets having a belated feel

about it. A day after last

year's winner pulled out

another is in doubt. Caulfield

Cup champion All The Good is

suffering from the same leg

problem forcing Efficient out

of Tuesday's race, the

Godolphin galloper was third

favourite but is likely to be

scratched in the next 24

hours. The Wallabies will have

a different look in Saturday's

clash with the All Blacks in

Hong Kong. Coach Robbie Deans

made five changes, some forced

on him by injuries, Luke

Burgess returns at half, Drew

Mitchell fills in on Lote

Tuqiri's win, Dean Mumm and

Mark Chisolm come into the

forwards, and Richard Brown

replacing Wycliff Palu at

number 8. After 28 years, this

was the drought-breaking moment

for Philadelphia. Phil ris

world champions. Leading 3-1 in

the best of seven against the

Tampa Bay Rays, and locked at

2-2 in a fifth game delayed for

almost two days by horrid

weather the homeside closed out

the victory adding to the score

in the sixth and seventh

winning 4-3. The Pennsylvania

won its only other world series

crown in 1980. It didn't last

long, but long enough for

tempers to frey, the cut-price

petrol war revved up today,

drivers line up to fill up for

under $1 a litre, offered by a

group of angry independents

fighting back against the

supermarket chains. They lined

up patiently, hopefully facing

the mirage of cut-price

petrol. Every sent makes a

difference. They could chew it

over with handouts of bread. We

are having a loss. We are

trying to show everybody prices should be cheaper than what

they are. This was one of 11

servos, all independent,

reverse colluding to fix prices

lower. People are pushing in,

we are waiting for hours, it's

not fair. It's not fair. They

are pushing in. I waited two

hours, waiting. He'll get the

people. Everyone has to do the

right thing. It's true. It's

not fair. The best advice is

don't force yourself into a

queue for cheap petrol. I'm in

my pyjamas, I came from Bass

Hill. The service station's association admits the exercise

was a stunt. The big thing this

protest is looking for is to

catch Government attention. Any

Government. Everything has gone

down here because of bloody

America, because they just

hopeless. Is that good

enough. It may be a stunt. It

shows how far people will go if

they think they are saving a

few cent on petrol. No matter

how well it's science posted

some should have looked the

gift-horse in the house. The

discount was on the ethanol

blend alone. You waisted your

time lining up. Yes. And pushed

in, look what you done to

us. Did you end up filling

up. I did, I like to say thank

you to the staff, they gave me

bread for the kids to make

sandwiches, $100 will last me

for four weeks, say. Have a

good day. After one hour,

things returned to normal. And

a star is born. Good luck

everyone. Let's check the

weather, yesterday's light wran

in Sydney was lighter across

the catchments. It was, hardly

registering, the and catchments

recorded their largest weekly

drop since 29 May, with a fall

of almost 1% over the past six

weeks, the overall storage is

sitting at 65.6 and Warragamba

dropping to 61.2.

dropping to 61.2.

There have been a couple of

light showers in Sydney. High

humidity and cloud keeping the

minimums to 20 degrees

overnight. Looking at what's

happening around the State or

what happened today - partly

cloudy along the coast, drizzle

patches and thunderstorms

forming along the central

ranges, and severe thunderstorm

warning for damaging winds

issued along the southern

border, still current, there

was little more than a few

sprinkles of rain. Sydney

suburbs managed better falls

yesterday, but it was a dry

story across the State till 3pm

showers and storms through

Melbourne. Little rain there.

Adelaide had ith sixth

consecutive day above 35

degrees. The significant

feature on the satellite is the

cloud stretching to the

north-west of the continent,

indicating a tropical moisture

feed influencing rainfall

amounts in NSW over the

weekend. Ahead the high in the

Tasman directing hot and dry

north-west winds ahead of a

gusty southerly change. Rain

limited tomorrow, late Saturday

and during Sunday that we will

see better falls developing

across the inland. Cooler with

light showers in the

south-east, and day seven of

the heatwave for Alice Springs.

Hot northerly winds developing

over NSW, ahead of a cooler

south to south-west change,

reaching Sydney in the Central

Coast around midnight. Isolated showers and thunderstorms

bringing strong wind gusts. We

are not expecting much in the

way of presip itation, and

there's a fire ban for the

Central West plains. A total

fire ban in Sydney, dry and hot

with a top temperature of 36.

We'll have strong north-west

winds ahead of a late gusterly

change, arriving around

midnight bringing the chance of

a shower or thunderstorm. Those

unsettled conditions persisting

through the weekend. The best

falls in Sydney are overnight

and through Monday with another

burst of colder southerly conditions conditions Tuesday.

Thanks for that. The top

stories again - Treasury

figures predict the Rudd

Government's Emissions Trading

Scheme will be affordable for

families and business. The

Government is pushing for a

2010 start update. The Prime

Minister is teaming up with big

business to train and employ

50,000 indigenous Australians,

and pub hot spots are targeted

by the State Government in a

crackdown on alcohol-fuelled

violence. And that's ABC News

for this Thursday. The '7.30

Report' is up next. I'll be

back with updates during the

evening. Goodnight. Closed Captions by CSI

Welcome to the program.

First up tonight some analysis

and reaction to the

Government's release today of

Treasury's long-awaited

modelling to measure the

impacts of an Emissions Trading

Scheme to force the pace of

reducing carbon pollution in

response to the long-term

threat of climate change. We'll

also be talking with the Prime

Minister about whether he's

determined to stick to his plan

to introduce the scheme in

2010, the modelling covers the

various scenarios for carbon

emission reductions covered any

the Garnaut report including

carbon knosts on business

starting at $23 a ton, going as

high as $52. In a nutshell the

conclusions were that the

Australian economy will grow as

greenhouse emissions reduce,