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(generated from captions) Getting the Budget back to

surplus. Big spending cuts expected in today's budget update. That will chart the

right course between the global uncertainty that we see,

particularly in Europe, and the

importance, the imperative of

supporting jobs and economic

growth. A vote for the

future, millions of Egyptians

turn out for the first free

elections in 60 years.

TRANSLATION: This is the first

time I came to the polling

station to elect someone. I am

66 years old and now I now

right place. Floods ease in believe my vote will go to the

northern NSW but thousands

look wholing attack for the remain stranded. And a new remain stranded. And a

first Test against New Zealand

in Brisbane. Live. This Program is Captioned

Good morning. I'm Paul Kennedy. Big spending cut are expected when Wayne expected when Wayne Swan hands

down his Budget update today. The economic turmoil in Europe has taken its toll on the

Budget bottom line. $20 billion has been wiped off govern has

government revenues over years. That means the government revenues over four

Government will have to splash

its spending if it is to have

any hope of delivering its

promised Budget surplus next

Melissa Clarke joins us now financial year. For more,

from Canberra. Just what are we

expecting to hear from Wayne

announcement in a couple of Swan when he makes that Swan when he makes

hour? It will focus around the

increasing cuts in the Budget

announce to account for the that they are going to have to

fact that their revenue does fact that their

have a hole in it because of

the continuing financial crisis the continuing financial

in Europe. We know that it

thait's taken an extra billion off the thait's taken an extra $20 estimates than what the billion off the forward Government was predicting Government was predicting back in May when it released the

Budget. We could see as much as

$5 billion more in terms of the

deficit - sorry, in terms of how much has been written in

this financial year which means the deficit rises from what was originally forecast at $22.5 billion to potentially more than $30 billion this year. However, the Government has

has still maintained all the

way through that it is determined to bring the budget

back to surplus in 2012-13, and

that, although it is only a

small surplus that had been

forecast at around $3 .5

billion, they still want to

keep the budget in the black

next year so we will hear of

budget cuts and some spending deferrals when they announce the details in the details in Canberra in about two hours time. And we're

going hear Williams our Europe going hear from Phillip

correspondent to talk about

Europe's situation with what

the OECD has most recently

said. Wayne Swan is going to be mentioning Europe's situation mentioning

is where he is laying most of as well because I believe that

the blame. He says that the EU

crisis, what that is doing knocking global confidence, so crisis, what that is doing is

that effects generally that effects generally the business conditions around the world. It affects economies that need to borrow world. It affects Australian

money on international market.

I makes it harder for them and also harder for Australian

exportsers in some sectors

because there is not as because there is not as much

global demand. So that means

lower company tax profits. When

it comes to lower share markets

returns that means lower

capital gains tax for the

Government. Is these element s

are crintding to that $20

expected ing to hear about when billion black hole we are

the mid- year Budget update unveiled. No doubt Wayne Swan the mid- year Budget update is

will s will be pointing to Australia's performance relative to the EU and relative to the EU and other OECD nation. Because in latest

OECD economic update, OECD economic update, it shows

that Australia is doing

relatively well compared to

other nation. I still has a

strong growth forecast for 120

20 12 - that calendar year. It

they it will be around 4%

slightly from their previous economic growth, which is down

forecast but still quite strong

from other nations tbluvenlt is

a warning from the OECD that

there are two things Australia could be concerned about - first the sustained high

Australian dollar, which does

business sectors in Australia, make difficult for some

but also the fiscal consolidation. That is, the Government bringing the Budget

back to surplus which means

pulling some money out of the economy by contracting and

pulling back some of their

spending which is what the opposite of what some

economists would like to see

during globally uncertain times. So the Treasurer today

will take from the OECD report

what he likes and what he likes and speak about

that in a couple of hours and

we will see what's made of

it. And what we'll have Vale ly

is the Government setting is the Government setting forth

an economic argument that it's an economic argument that it's

trying to prosecute on a trying to prosecute on a much

bigger scale - that is, that

the Government can balance the

needs of trying to assisting

the local economy, assist jb creation

creation but s will be fiscally

responsible. It will see it butt heads with the Coalition

which are calling on the Government to make further

fighten ing when it comes to

the Budget: They say there's

still more fat to be trimd out.

The Government is saying if the

Opposition are to make that

call they can outline their own

mesh source we can see plenty

in the wider political dise bait about this as you, Melissa Clarke. As Melissa bait about this as well. Thank

Clarke has just mentioned, the

latest report from the OECD shows Australia's economy remains growth with the growth

of 4% expected next year. That

is in contrast to other

developed economy bus warns the

United States and the UK could follow the Eurozone in deepen ing recession. Phillip Williams

reports. There was no surprise

but it was still unwelcome news

just the same. The OECD predicting the Eurozone predicting the Eurozone is

sliding towards recession. With

Britain and the US not far

behind. The situation in the

euro area is rapidly detear

yaeth and contagion is

spreading. Policy continue s to be behind the curve. And warns the OECD 2 situation will be

made much worse if a country defaults on its dents. That

will trigger, if nothing is

done to stop it, a significant

negative impact which could

take different steps, hitting

the euro area itself. But the euro area itself. But also

other areas. The Paris-based

OECD has urged the European central bank to cut interest

rates and buy more bonds in struggling Eurozone country, effectively printing money,

something the German Government

is strenuously is strenuously resisting.

Another proposal to establish a

2-tier bond market in the

Eurozone to protect the

stronger economies isn't finding much favour either. Trying to divide either. Trying to divide even

the euro area and having them organised into

groupings seems to be a very bad idea. The British economy

too is heading for recession.

The OECD says there will be a

slow recovery late er next

year. The Government is trying

to stimulate growth with a raft of multibillion-dollar business

and housing initiatives, but

no-one is pretending the Corrs

is over. I think it's the right

thing to do at the time like this. We have this. We have to take our

country through the difficult

times. We have to weather the storm and lay the foundation of

future economic success. In the

OECD is right, then unemployment here in unemployment here in Britain is

set to rise and not fall set to rise and not fall until

2014. While that is a political

liability for the Coalition,

far more important lit it's a

hard slp for the hard slp for the millions looking for jobs that simply

won't exist. Still overseas,

Egyptians have begun voting in the first parliamentary election since President Hosni

Mubarak was top lted in

February. Officials say despite some minor hiccups, the elections have elections have been proceeding smoothly. Making history, one

finger at a time. Old and

young, mothers and daughter,

some casting their first ever vote.

TRANSLATION: This is the first

time I kaimg to the polling

station to election someone. I

am 66 years old and I now

believe my vote will go to the

right place. There were long

flierns polling Staces but

there was calm. Even those give

s d - b giving Ord irrings were

good natured. Some poll ing

otherwise it went to Stace s didn't open on time but

otherwise it went to plan. It

was a heady mix of patriotism

and politics Trans-I love I

jipt, I love Egypt too much.

May God make Islam win.

TRANSLATION: I tell my children

to go and vote. It's for their

future to have a better chance

than us. And the young have turned out.

TRANSLATION: I voted in 2010

and it was very bad. There was bribery, I

bribery, I saw money exchanging

hands. Thank God this one is

different. There's still

protesters in Tahrir Square,

and no-one is forgetting why this vote is taking place.

TRANSLATION: Thank God this

election is much better than

before. Mercy upon the young

martyrs who died. They are the

ones who urged us all to go and out vote. If today's turnout is

anything to go by, ejipt's

first free and fair elections

are now off to a are now off to a great start. Now military is Now military is under pressure

to make sure the to make sure the security

provided today is continued in

the weeks ahead. The United

Nations report has Nations report has accused

committing crimes against Syrian government force of

interviewed humanity. An Independent panel

interviewed more than 200 Victoria iments, witness and de-Family Courtors. It More than 3,500 people have reported

ly died in the violence since

March. UN talks on climate

change have started in the

South African city of Durban.

Representatives from am will 200 countries are 200 countries are attend ing the 12-day conference They be

discussing the fate of the

Kyoto protocol which expire s

at the end of next year. at the end of next year. They

will push ahead with a green climate sphund to developing countries affected by climate change . Back home and

Melbourne police have found a

burnt out car they believe

belongs to a man who was shot and killed

and killed in inner Brunswick and killed in inner Brunswick e

yesterday. He was shot several

times in the chest outside a

ji. He remains in condition in hospital. Police ji. He remains in a serious

are still searching for the

gunman. The floods in NSW

starting to ease. The waters gunman. The floods in NSW is

are beginning to recede but

there are still flood warnings

in place for nine river

are stranded in Moree and Wee systems. More than 2,000 people

Waa. More rain is forecast Waa. More rain is forecast for

the area tomorrow but

authorities don't expect it

will cause river levels to further. The Western Australian

Premier has promised the

River bushfire will be investigation into the Margaret

independent. And could be

conducted by Mick Keelty, the

man behind 2 Perth man behind 2 Perth Hills inquiry. Colin Barnett is

refusing to guarantee the

future of

Minister Bill Marmion but says

he doesn't believe he's done

anything wrong. Ministers

arrived for their first Cabinet

meeting since the bushfire

which destroy ed 40 properties and were throwing their support behind the Environment Minister. The Minister is Minister. The Minister is a

good Minister. And I see a lot

more than what the public does obviously . To attribute blame

to the Minister for one of

these things going wrong like

that I think is a very simplistic and premature ju. I

will wait to hear all the

facts. I look forward to hearing from Bill and if

Premier. The Premier emerged

announcing the area had

officially been declared a officially been declared

natural disaster zone, meaning

financial assistance for and small businesses will affected resident, producers

become available. He says the

details of the investigation into the blame are yet to be

determined. But it will be independent. And independent. And it's possible

the man behind the Perth Hills

bushfire inquiry Mick Keelty

will return. Something clearly

burn. That went wrong in this

went wrong in this prescribed

burn. That was an operational

matter, a decisions were made

and they will be thoroughly

investigated. The Premier

refused to speculate on whether Bill Marmion will be

Environment Minister next year.

But says he doesn't believe

he's done anything wrong. Look,

I think Bill is a good

Minister, sometimes he perhap s

gets caught up in the emotion

of the NSW as I think we all

can. I don't think media

performance is the criteria of

necessarily. The Opposition a good Minister

says it has no doubt says it has no doubt Mr Marl marm should go. This is

Marmion should go. This is a matter of standards in government. This is government. This is a test of

Mr Barnett's leadership. The

safety of my job depends on the Premier. The Premier's call will be made shortly with a Cabinet reshuffle expected within weeks. The Catholic

Church in Adelaide says sexual

abuse allegations against a

priest raised by Nick Xenophon

have been found to have have been found to have no substance. But the Church won't

release the report as it

contains sensitive information. Adelaide priest monsignor Ian Dempsey was

accused as a rapist in the

Senate. And a QC's report has

cleared hip. It's a been a long

few months since those accusations became public through the Senate and it's

been a very trying and

difficult time. The naming of Ian Dempsey by Senator Xenophon

came away after John Hepworth

claimed he had been abused as a

young man by three Catholic,

two of whom have died. The

Senator justified the naming of

Ian Dempsey as the third abuse er saying

er saying the Church had had

four years to investigate John helpworth's story. The Catholic Church appointed Michael Abbott

to conduct an inquiry. Archbishop Philip Wilson says

people and examined many Mr Abbott interviewed 29

document Mr Abbott found there

is no substance to is no substance to the allegations made by Archbishop

Hepworth. Mr Abbott also

cleared the Church of undue

delay but Senator Xenophon said

John Hepworth did not take John Hepworth did not take part in the inquiry. Any inquiry

that doesn't include speaking

to the person who has made the

allegation can't have any hepworth was not available to credibility. Archbishop

comment on camera but is understood to be seeking legal advice on his advice on his captions. The

top stories this morning -

Treasurer Wayne Swan will

unveil billions of dollars

worth of spending cuts when worth of spending cuts when he releases his Budget today. $20 billion have releases his Budget update

today. $20 billion have been wiped off government revenues

because of the economic turmoil

to cut spending to keep its in Europe. The Government needs

promise to deliver a Budget surplus next financial

turned out to vote in Egypt's year. Millions of people have

first parliamentary elections

since President Hosni Mubarak was ousted in Officials say despite was ousted in February.

Officials say despite some minor hiccup, voting has minor hiccup, voting has gone

smoothly, the mood in Cairo is

in stark contrast to last week's violence in week's violence in which more

than 40 people died. And the

flood threat in northern NSW has begun to ease. More than 2,000 people in Moree and Wee

Waa remain strand. More rain is forecast in the ary. Tomorrow but authorities don't expect it will cause more flooding. WikiLeaks founder Julian Assange may have won a Walkley award for out standing contribution to journalism but the United States has reiterated its strong stance against him. The US Ambassador relationships and the world and to cause damages to dis inyim - in discriminately United States and it was put up stole this information from the were exacted by someone who against Assange. We have always still considering legal action Breakfast that his country is Jeffrey Bligh told ABC News

of value. So we are not fans of it didn't accomplish anything WikiLeaks. On the other hand, in terms of whether or not you take legal action, that is something which is a completely different area. The controversial film director Ken Russel has died at the age of 84. He's best known for the film adaptation of DH Lawrence's Lawrence's novelWomen in Love. He also directed the Tommy. Nick hiem has this report from the BBC. Ken Russel's portrait of the composer el guard, one of a series of acclaimed arts documentaries he made for the BBC in the 1960s. They were

beautiful to look at, beautiful to look at, seductive to listen to and thoroughly self- indulgent: They marked him as a film maker of talent and some said genius. Camera speed. 339 take

one. At the BBC, he learned

his craft as a director and

developed his trade mark style

- flamboyant and visually

extravagant. He moved into cinema, where his second major

feature Women In Love was

acclaimed as a master piece. We

shan't save them. There is no knowing where they are. I

would need guilty! But as time

went on his film s became more

extreme. The Devil's preflectd

his fascination with sex and re lij on. I started to lij on. I started to make

films around 1972 and he disturbed

disturbed me whether you liked

it or disliked it. You had a

strong reaction to the work

either way and this is rare.

Tommy made in 1975 was typically overblown. It

followed more than 30 years in

which his films which his films grew progressively less progressively less successful

and the difficulties he faced

in financing them grew. in financing them grew. I

sent a script to Channel 4 the

other day and it eventually

came back six months later

signed by somebody I had never

heard, saying thank you for

your script, it's not your script, it's not cinematic

dluf. - enough. I narily went

mad. Not cinematic enough from

me! He was and his me! He was and his films

remain the work of remain the work of a genius. As genius, he was extraordinary

and like all geniuses sometimes his films

his films were much less his films were much less than genius. Action,

music. Better to remember his

success like the musical success like the musical the

Boyfriend, starring Twiggy. Boyfriend, starring Twiggy. A

reminder that rils, however

self- indull jentd and in

disciplined he sometimes was, could s will be

wonderful. Let's go to the

financial markets now. The financial markets now. The Dow closed 291 points higher.

All the latest sports news.

We've still waiting to see what will carry the drinks but it

won't be an old guy. It will be

interesting to see if they're

going into w the two right

handers or mi. It up. But this

time Michael Clarke is involved in

in the selection panel whereas

obviously for many years the

last 20, 30 years of home Test

matches he hasn't been

involved. Just change s the

dynamic. That's what Michael

Clarke and his fellow four selectors are pondering two

days out from the start of the

first Test against New Zealand,

still trying to decide which of

the new bowlers will end up as

Twelfth Man, so it's Twelfth Man, so it's Mitchell Starc, Ben Cutting and James Pattinson who are all looking to make their debut against the Kiwis at the Gabba. But they

were restricted to light

fielding work and hang fielding work and hang ing around and having a chat with

their new squad member

teammates. On the batting side, one of the veterans of the side

who is very much under pressure

is Ricky Ponting. It's been two years nearly years nearly since Ponting's

last 100. At this level. He is

well aware that time is running

out as he heads into the

Australian summer. I have had & nearly

nearly a week off. So I nearly a week off. So I felt like I made a big of progress

there. I know I have to be a

consistent run scorer and consistent run scorer and I haven't been that for a fair

while now. If I want to keep myself in the team, then I've

just got to score more hef Li

than I have. Is it than I have. Is it crazy to

suggest that age has anything

to do with it? There's a lot of

older blokes around the older blokes around the world

doing boater than me, look at Tendulkar. Dravid Tendulkar. Dravid and callus

and those guys. I don't think

age has anything to age has anything to do with

it. Age does hurry things up a

bit so pontd willing have bit so pontd willing have to

make some runs this summer. Berrick Barnes is Berrick Barnes is recovering

well from a back injury and is now expected to play for the

Wallabies in Saturday's Test

match against Wales in Cardiff.

Barnes's confident of recovering in time for the

watch match which will be major staged at the million yam

Stadium after his man of the

match performance in last

month's World Cup play-off.

Barnes hurt his back during

Australia's easy win over the Australia's easy win over the

Barr barians in Twickenham. Melbourne Victory is adamant

its A-League season is back on track after track after noshing the second win of the campaign on Sunday.

The signing of hul Harry

Kewell in the winter make

Victory many people's tip for

the finals this season but it

hasn't gone according to plan.

A poor start has had everyone

under pressure including the

new coach. But the players are now certain things are on

now certain things are on the improve. Everyone can come out

with a million ex s - excuses but at wha we do on the field is our bread and butter. That

is our job. We can't excuses. Eight weeks in now,

we're in a position that we

probably in a way if you look

at the first seven weeks at the first seven weeks didn't deserve to be in third. But the

competition is so tight. A

couple of wins on the trot and

couple of wins on the trot and

you're flying. So we just have

to take yesterday's performance, look at the positives and role from

there. And Victory's there. And Victory's revival

will be tested further with the

news coming through last night that Ronnie vargus will miss

two games after being sent off

last Sunday. Staying with soccer and David Beckham will

be in the country next week for the

the last match of Los Angeles'

Galaxy's worlds tour. Galaxy

will play against Docklands next week but before that he's

I rived in Jakarta for a

friendly came to be played on Wednesday against

Indonesia. Beckham is keen to

force his way into the Great Britain side which is the first

time's been held for a GB side

for next year's London

for next year's London Games.

He is considering a lucrative

to a French side. But now he is

very much a Galaxy man. Right now

I'm a GAM axy player. I have

had an amazing year so far and I have a decision to make.

Right now we've enjoyed this season, we're champions and we're on this tour which we've

we're on this tour which we've

been looking forward to for a

while. So we will enjoy this first. David Beckham there talking in Indonesia. He will be here next week and locally

Melbourne Victory does have its season back on track and

remember the hullabaloo around

Harry Kewell but still every

team is just playing second fiddle to Brisbane Roar.

They're so far out ahead of the pack. Victory have had two wince and now

wince and now they're third on

the ladder. They are so bunched

up on the ladder. The Central

Coast Mariners are cash strand they're struggling to even survive at the moment and they're second and Brisbane

Roar, the points wise they're

way clear and also the way they

play the football is just so

much better than everyone &

else at the else at the moment moment. Photos on the weekend

of the Brisbane Roar fighters -

of the Brisbane Roar fighters -

player fight s ing at training.

How do you And not just win

but they put four past Perth as well. They're winning with some

style as well. They will no

doubt win the league, whether they will go on in the finals

and win the Grand Final that is

another matter. Let's go to another matter. Let's go to the weather with Vanessa

O'Hanlon. The strong north to north-westerly

north-westerly winds affecting

a large area of the interior and into parts of the and into parts of the eastern

State, total fire ban for Alice Springs district and Springs district and Victoria's north-west, also more most of SA's north and south-east. SA's north and south-east. Hot north to north-westerly winds

are being drawn in by a are being drawn in by a high.

That trough is making its way east from the interior. Lf east from the interior. Lf 28

degrees in Melbourne and 22 in

Canberra. A front behind the trough will bring

trough will bring a cooler change and showers. Tomorrow

the northerly winds affecting

western Queensland and NSW.

Ahead of the trough, the trough

will then bring significant

rain to central Queensland and

NSW about 50mm for NSW

north-east region. Clearing by

Friday and that frontal system will rapidly move over Victoria

and Tasmania, also clearing quickly. Queensland, rain

increasing along the coast and adjacent areas this morning. adjacent areas this morning. We will see that

will see that between the

northern tropical coast down to

the Capricornia. A few showers about the central interior.

NSW, scattered showers over the

eastern half and the central

west slopes and plains. In

Victoria, a hot change coming

into the south-west. We can expect rain and cooler

south-westerly winds. In

Tasmania, also showers as Tasmania, also showers as well,

we have a severe warning for damaging winds for the south-west of

south-west of Victoria. A warm

day in Tasmania. In SA also a

very hot day, 32 very hot day, 32 degrees for

Adelaide ahead of a strong south-westerly change in the rest. Reaching the pastoral

district tonight. WA - mostly

fine although showers tant southern coastal district.

Another hot day for Port

headlands, 34 degreases and gusty

gusty storms across Darwin. Looking ahead 20 That is a roundup of That is a roundup of the

morning news. Up next is

Business Today. If you're a

regular viewer of ABC News

Breakfast, you will be pleased to know that Michael Rowland will be back in this chair

tomorrow morning. Thanks for

watching.

Closed Captions by CSI

This Program is Captioned

Live.

Good morning. Welcome to

Business Today for Australia

Network. I'm Whitney

Fitzsimmons. Coming up osh - market boost

market boost - US investors

take heart from signs of a new

plan to tackle crisis. Growth warning - the

OECD warns Europe is in a

recession and the US is also in danger of slide ing backwards.

And economy snapshot - the Government

Government to unveil its

mid-year Budget update. Those

stories coming up shortly but

first let's take a quick look

at the market. We will have

more on what will happen

more on what will happen in

trade moment in in a

trade moment in in a moment. But first the session yesterday was