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ABC News (Sydney) -

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Live.

Tonight - tragedy at Tathra -

a father and his two sons drown

in a freak accident. In those

sort of conditions they didn't

have a chance. CFK SOS -

another child-care company

collapses. Affect bit of a collapses. Affect bit of a

shock. Great growth

expectations shrinking as a

recession looms. It is possible

that we could get two

consecutive negative

quarters. And HMAS 'Sydney''s

unknown sailor final ly laid to

rest. Good evening. Juanita

Phillips with ABC News. Police

are calling it a freak

accident. A father and his two

young sons have died while on a

fishing trip on the NSW coast.

Shane O'Neill drowned while

trying to save his two young

boy, Riley and Travis, who had

fallen off a wharf into choppy

waters. The accident happened

at Tathra. Shane O'Neill did

what any father would. Do he

leapt 5m into rough see Seas to

rescue his boys. 15-month-old

tro Traa vis was in his pram

Riley climbed on when his 4-year-old brother

Riley climbed on to it. They

overbalanced and tochleed off

the Tathra wharf. They had

their shoes and clothes on so

in those conditions they didn't

have a chance. Never been so

squared in my life. I jumped

in. I didn't realise how cold

the water was. Another fisher

Member who heard the cries for

his life to help also jumped in. He risked

his life to save others an he

could have had a very different

outcome. All four were pulled

desperately tried to from the waters and they

resuscitate the two boys. You

never know what is going to

happen. Maybe something good

will happen. Riley and his baby

brother Travis were

prounderstand nod dead at Bega

Hospital. Their father had been

profounceed dead at Tathra

beech. The

beech. The O'Neill's live near

Tathra in the tiny town of Kalaru and worked in Bega.

Shane O'Neill had worked at the

same butchry for 13 years. His

boss said he was a popular

family man. In such a small

community, this accident has

had a major impact. The people

here are well known to each

other and the general circumstances surrounding this

tragedy will impact on

everyone, including the police

and other emergency services

that attended. The family was

known to the rescuers who tried

to save them. My wife came home

and she dropped the kids off at

school and said thele - little

fellow was from our school. Now

questions are being asked what

this could have been done to prevent

this tragedy. The tight knit

community has expressed their

concoalences to Stacey Lambert.

Another major child-care

provider has gone bust.

Australia's second largest

operator, CFK, has gone into

voluntary administration. It's

been only weeks since ABC

Learning collapse and the

Childcare Workers' Union has

described it as an absolute

crisis. Parents whose children

attend CFK centres have been

told it's business as usual, at

least or the moment. The

financial crisis affecting

Australia's child-care

providers lookeds - looks fob

contagious. Bit of a shock. Bit

of a shock CFK told parents the

company was being placed into

administration. In the

short-term it will be business

as usual: What that means in

two, three, four months time

who is going to be running the

centre, what changes and the

possibility of being left without child care at the end

of that. Like ABC Learning, CFK

has been on a growth spurt

buying 43 centres since it was

listed in 2005. We've got

around 5 00 or so employees

impacted by CFK. About impacted by CFK. About 4,000

children that rely on the

services being open every

day. CFK has been losing

$00,000 a month and has come

under additional strain since a

deal to sell eight of its

centres to ABC Learning fell

through. The Federal Government

was told about the latest

collapse just a day ago. We've

got to get the information and

work with the administrator but

I can say to mums and dads

child care oh child-care

centres in this country can't

close without giving 30 days

notice. The union covering

child-care workers says it's

the biggest crisis ever to

affect the industry. In some

superbs intsh intsh - suburbs

up to six child-care centres

are operated by either ABC

Learning or CFK. Analysts say

it's further evidence that big

business should stay out of

child care. Where there's a

race on to accumulate assets or

centres at a rapid rate you

find that your returns

drop. The Deputy PM says the

majority of child-care centres

remain perfectly viable and

stable. The State's public

school teachers say they will

start the next school year with

a 2-day strike, un less the

government doubles its pay

offer. This morning thousand of

teachers walked off the job for

two hours, they voted

overwhelmingly in favour of the

Teachers' Federation

resolution. They want an annual

rise in pay of 5% without

losing conditions such as sick

leave. Teachers are determined

to have the Government have a

reality check, to have the got

sit down and negotiate in good faith. The State Government has

offered a rise of 11.4% over

three years. It says that's

fair and it hopes further

strike s can be avoided. Every

preschooliner NSW will have

their eye sight tested. Free

screen willing be offered to

more than 80,000 4-year-olds

over the next year. The first

tests began a couple of months

ago and doctors have already

declared the $14 million scheme

a success. A number of

children have been detected

with a vision problem with a vision problem and early

detection at the age of 4 gives

us the chance to treat that

child's vision. 350 of those

children already tested have

been referred for specialised

treatment. Westpac says litd be

touch and go for the economy

early next year with the real

chance of a recession. The

banks' growth index has

collapsed, leading to the dire

forecast. But the Reserve Bank

is still upbeat. For the

economy, 2009 will be the year

of liftd living

dangerously. All of the

forecasting at the moment is

indicating that growth will

hover above or below that 0%

and it's possible that we could

two consecutive #234egtive

quaertsd. That's what the text

books call a recession and it's

what Westpac says is a decent

risk in the first half of next risk in the first half of next year, as household wealth

continues to fall. The bleak

prediction comes from the

bank's leading index which

tries to forecast the economy's

performance in three to six

months. The latest readings saw

the index plunge from 3.5 to

1.1% in September. The biggest

percentage fall between two

months in 20 years and sharper

than '90s recession. The news

coincided with yet another

monthly fall in new car sales

in October. They're down more

than 10% for the year. It's a

big blow for all the families

that work in the industry and

the multiplier effect. It's a

big blow for the t dealers. Car

manufacturers like Holden have

responded by closing down their

plant for five weeks in the

first quarter of next

year. With the financial

crisis beginning to play out in

the real economy, an appearance

by assistant governor of the

Reserve Bank Malcolm Eady at an

economics outlook conference

was fraught with danger. Dr

Eady played the straightest of

bats when asked about the

chances of a recession next

year. All I can say is that we

are forecasting growth to

trough at 1%, so I just re

affirm that that is the number

that we're working with. At the

moment because Dr Eady did

acknowledge that forecasts in

this environment were subject

to a great deal of uncertainty.

America's three big car

companies are warning of catastrophic consequences if

they're allowed to crash. The

CEOs of General Motors, Ford

and Chrysler have gone cap in

land to congress seeking

billions of dollars in

emergency funding. Washington

correspondent Mark Simkin reports. It must have been

galling and humbling. The

highly paid CEOs begged for

tense of billions of taxpayer

dollars, saying they need the

money to save their once proud

companies. This is all about

a lot more than just Detroit.

It's about saving the US

economy from a catastrophic

collapse. General Motors

dominated the global car

industry but it's lost billions

of dollars. Its share price

recently hit a 65-year low and

it could run out of cash by the

end of the year. What exposes

us to failure now is not our

product line-up, what it

exposes us to fail ure now is the global financial

crisis. Many people do blame

the executives and their plan

force the failures. The

politicians are reluctant to

pump cash into companies they

think have been driven into the

ground. They're seeking

treatment for wounds that I

believe to a large extent were

self-inflicted. Are we in the

Senate being asked to

facilitiate a stronger, more

competitive auto manufacturing

sector or to per pet quaet a

market failure? - perpetuate a

market failure? If the big

three car companies crash, the

impact will be felt around the

world. It's estimated 3 million American American jobs could be lost,

around 2% of the US work

force. This is really an

important industry. It is a

pillar of our economy and we

look forward to working with

you to be part of a solution on

the road to economic recovery

in the United States. It

appears un likely the bail-out

will pass the Senate when it

goes to a vote tomorrow. A new

congress and a new President

will try to revive the issue

next year but it is not clear

if the car makers will be able

to survive until then.

A damage bill from Brisbane's

violent storm on Sunday is more

than $100 million. Insurance

assessors have dramatically

increased their estimate s as

they get a better Road of the

extent of the devastation.

Today the sun finally shone

through in The Gap. Storm

battered residents able at last

to dry out some of their

salterated belongings. Been

able to get the tiles back on

the roof. Roads are gradually

being cleared of debris,

allowing repair crews access to

the worst hit homes but it's

going to be a slow process.

Today Anna Bligh announced a

storm taskforce to oversea

repairs to more than 6,000 repairs to more than 6,000

homes damaged on Sunday: The

advice I have this morning from

the building and insurance

industry is there are many

hundreds of families who will

not see their homes fully

restored for up to several

months. The first stage is to

get with the insurance

companies and establish the

priority of damage to homes. Already fatigue is

starting to set in among

hundreds of SES volunteers and

council crews who have been

working around the clock since

the storm hit. There's a lot of

emergency service workers who

are working day and night,

they're exhausted. New teams

are coming in. The Army is is

end sending in more troops.

Already 800 soldiers on #0 on

site. Insurance assessors used

the break in the weather to

converge on the disaster zone.

Many stunned at the damage they

found. Some of the trees that

have come down here are amazing

how no-one was hurt or any

further damage has been carried

on. 85 home also be have to be

demolish and the re building

cost also be substantial. The

number that's been nominate is

$7,500 but I think it's well

over $10,000 and the cost has

been quoted as $75 million but

I think it will be over $100 million. But there was some

cheer for students at this

devastated high school. A visit

from the Australian rugby

league team provide ing a much

needed morale boost. The owners

of a hijacked Saudi supertanker

have made quact the pirates who

seized the ship flee day s ago.

The 'Sirius Star' is now moored

off Somalia and the owners say

they're yet to receive a ransom

demand. The 25 #25 crew are

report to be safe. The Saudi

Government has called for a

coordinated effort to fight

piracy. This outrageous act by

the pirates only reinforces the

resolve of the countries of the

Red Sea and internationally to

fight piracy. Since the 'Sirius

Star' was captured, pirates

have hijacked two smaller ships

off Somalia. Despite the

presence of warship s WAAPA

trolling the area, shipping

firms have begun diverting

their fleets to alternative

routes. For the first time in

67 years, Australia has been

able to honour the sailors of

HMAS 'Sydney', knowing their final resting place. Services

have been held from the Indian

Oaks to the east coast, to

honour the 645 men who died. At

the same time, the ship's unknown sailor

unknown sailor was buried in

Geraldton. Through 66 uncertain

Novembers, the 67th was a

journey like no other. It had

a destination. Afloat above

the 'Sydney's resting place,

230 relatives have never been

closer to the loved ones they

lost. From ship to shore... The

worst naval loss in Australia's

history is seen in a different

light ever since that moment in

March when HMAS 'Sydney'

revealed itself. In Geraldton

they laid to rest the unknown

sailor. His body was exhumed

from Christmas Island and may

yet be identified as one of the 'Sydney's

'Sydney's 645. He will be the

one around whom many people

will gather when they think of

all of those who are lost at

sea. In the nation's capital,

the Prime Minister honoured the

ship and all who sailed in

her. Her lines were beautiful.

Her men well seasoned. Her

captain bold. And his

Government moved to guarantee

that the wreck is never disturbed

disturbed or recovered. The

order means this life raft will

forever be the only relic the

'Sydney' left behind. But there

are those stunning pictures and

for many that's

enough. It. It's a war grave.

Let's leave it there. John

Ravenscroft left the 'Sydney'

five days before its fateful

voyage. He is still looking for

answers. Till I know what

happened to my ship mates as

far as I'm concerned the

mystery still exists. Lilly

Daniel has the memory of her

brother Kevin. He was

lovely. And comfort that he is

out there. I think it's nice to

know where they are. Where they

can be found for many Novembers

to come. Tonight's top story

- communities on the State's

South Coast are in mourning

tonight for a father and his

two young sons who drowned

while on a fishing trip. Shane

O'Neill died trying to save his

children after they fell off

the wharf at Tathra. And still

to come - how do you spell

P-O-L-I-T-I-C-S?

The State Ombudsman has recommended suspending the

rollout of tasers to general

duties police officers for at

least two years. A report

released today looks at the use

of tasers by specialist police

units over a 5-year period. It

make s 29 recommendations,

including a further independent

review of the use of the stun

guns. We've recommended

improvements to their

procedure, their training, the information that office

relevance. Have we've also

identified what we see as being

the risks associated with the

different training that general

duties officers have as

distinct from special unit officers. The Police Commissioner says concerns a

tbt appropriate use of tasers

are un warrant - unwarranted. I

can guarantee you I've seen the

train ing package. There are

clear rules in there that say

these are the circumstances

where you should not use a

taser. The police force began

issuing the weapons to general

duties police last

month. There's a new pill which

claims to protect against skin

cancer and its main ingredient

is a common vied min.

Scientists from the University

of Sydney say vitamin B 3 can

boost the immune system and

reduce damage from UV

radiation. In human trials they

found the vitamin was equally

effective in lotion or tablet

form. We started out with a

fairly high dose of

nicotinamide and it was very

immune protective. But even at

a dose three times lower, in

equivalent to a daily

supplemental dose, it was still

immune protective. There will

now be trials done to see if it

works as well in sun

screen. The gloomy economic

data we reported on earlier

triggered another change on the

share market. The collapse in

the Westpac leading index which

tries to predict what the

economies might be doing in six

months time is worse than

anything seen in the 1990s

recession. It's an unfucial

piece of data but fairly

credible and the local share

market didn't like it one bit,

falling at less than 1%.

Babcock and Brown put out a

trading update today and said

it would sell a lot of assets

and sack about 1,000 staff,

which is most of them, in an

effort to stay afloat. The

shares sank 20%, so investors

were not encouraged. Fortescue

dropped 16% as the iron ore

market continues to unravel and

Fairfax Media dropped 12%. BHP

fell 4% but the Banks all went

up, led by ANZ. The Dow Jones

rose 1.8% last night but

interestingly the Dow has been

very volatile over the past

month but there hasn't been a decisive trend, unlike

Australia where the trend is

definitely down. Likewise,

shares in China, India and

Japan. They were mixed today

but over the past month they've

all been running on the spot.

Even though the news on their economies have been getting

worse. Tonight's graph is an

index of earnings per share of

stocks listed on Wall Street.

Two things to note - earnings

have fallen back to the

long-term trend line having

gone well above trend between

2005 and 2007. But surprisingly

in each of the previous

recessions earnings have fallen

back to the same level, shown

by the hor sont am dotted line.

Whether that happen s gn this

time we don't know but what

never happens is that earnings

hit the trend line and then

bounce back up. And finally the

Australian dollar had another

dull day, trading slightly

lower at 64.5 US

cents. Australia's waste

recycle plant is open for

business but how many company

also use it? Re cycling of

computer, it was and mobile

phones is still done on a

voluntary basis and very few

companies actually bother to do

it. Most of us Australia's

electronic waste end unhere -

dumped in land fill sites with

harmful toxins seeping into the

Earth. Now a new re cycling

plant will go some way to

eliminating that waste. There's

about 29,000 runs a year or

about 2 million computers we

can handle all of the handle

all the computers in Australia

being discarded today. But

nowhere near that amount is

brought here because only a few

combiz businesses volunteer to

recycle. It needs a lot more

community support in order to

get the necessary volume s into

the plant. Only 4% of

electronic waste is recycled in

Australia, compared to 80% in

Europe, the US, Japan and

Korea. Groan groups and the

company that runs this plant

say Australia is lagging way

behind the rest of the world in

its re cycling policy. They're

calling on the Federal

Government to make the re

cycling of electronic waste

compulsory. Australia has done

an awful lot of talking and we

haven't seen much action over

the years. At the very minimum

what we need to to see is

Minister Garrett and other

Ministers do is ban any

electronic waste going to land

fill. While the Federal

Environment Minister was happy

to open the plant, he wasn't

giving anything away. I am not

ruling anything in or out. I am certainly Ngo not talking certainly Ngo not talking about

a tax but I am talking about a

national waste policy. That is

the first step. Everyone agrees

Australia has a long way to go.

If you drop a tool while

you're fixing the roof it's

usual ly just a short trip down

the lad tore get it back but if

you're an astronaut with butter

fingers you can kiss it

goodbye. Two of Nassa's finist

were fixing a solar wing on the

space station when one of them

dropped her bunld. Oh great, we

have a lot tool. This is

Mission Control, space walkers

outside the International Space

Station reporting that one of

their cool bags has drifted off

away from the space

station. Aside from that bag

lost in space, the complicated

repair mission has gone flawlessly. Andrew Symonds is in Australia's final

in Australia's final 11 to face

New Zealand in Brisbane tomorrow: His inclusion means

that a player with more form on

the board will miss out. A

decision on whether it's Shane

Watson or Jason Krejza will be

made in the morning. Between

Australian captain and chief

selector, decisions were being

made, unbeknownst to the Gabba

scoreboard selectors who left

out Andrew Symonds. Andrew

Symonds will definitely play the game back into the game back into the Test team which is fantastic news

for team. Ponting discounted

Symonds's recent form, likening

his absence to that of an

injured player. He's been out

for a couple of months and now

he se deserves his place back

in the side. Condition also

beside the un lucky omission of

one of two stars in India -

Jason Krejza who took 12

wickets on debut or Shane

Watson. Krejza has taken Watson. Krejza has taken 12

wickets and at different times

in the Indian series Shane

Watson was probably our best

bowler. The weather cleared in

time for New Zealand to train

on the gab.A The Black Caps are

hoping to exploit a green pitch

which has seen little

sunshine. If you get in there

and win the toss and bloel and

make some inroads. Potentially

this could be Hayden hd's last

home Test though desire and fitness remain. At fitness remain. At the moment

the man in the mirror is

saying, mate, have a crack at

both of them. I think you're

ready to play. Less than a week

after surgery to remove a

cancerous testicle, Craig Moore

is back at training for his

A-League club Queensland. The

defender doesn't know when he

will be ready to play again. I

feel alright. Just the actual

wound is a little bit

tender. On the eve of their

World Cup qualifier in Bahrain,

there was a united show of

support for Moore from the

Socceroos with his name and

number on the back of every

player's shirt at training. Although he's not

here he's definitely in the

thoughts of all the players an

we wish him well and wish that

he could be here. My reply was

thanks very much. Obviously

things are going well back here

but three points over there

would be nice as well. Those

three points s would take

Australia closer to booking a

place at the 2010 World

Cup. Winning tomorrow will be a

big step. The Wallabies are

expected a much tougher French

team in Saturday's Test in

Paris than they encountered in

June in Australia. They will be

pretty keen to make a statement statement. Part of that statement has already been

penned with the recall of

enigmatic fire brand Sebastien

Chabal to the starting

line-up. He is very much the

spiritual core of the French

side. I have a lot of respect

for him, not just because he's

big and scary but how he plays

is very aggressive and they are

players you want to play again

against and test yourself

against. Ben Alexander for Benn

Robinson is one of three

changes to a rejuvenated

Australian pack. Now he may

have a degree in English literature but the Premier

slipped up in his own spelling

contest today and in the junior

section at that. Nathan Rees was crething a misspelling

during the Premier 's annual

Spelling Bee and tripped over

it himself. As Nathan Rees

entered the Premier's Spelling

Bee, the word being spelt could

have described life at the

top. Ard you. A-R-D-U-O-U-S.

Arduous. Correct. For half an

hour Mr Rees appeared to be

doing his homework, brushing up

on his spelling

perhaps. H-E-I-N-U-S. When the

premier took the stand in the

final elimination for years

three and four, he couldn't get

away from politics. The cark

tur of the politician

emphasised his bushy eyebraus.

Cark tur. C-A-R-I-C-A-T-U-R-E.

He spun a curl y one to Grace

Sneddon. My brother refuses to

wear to wear pink because he

thinks it's effeminate. After

afterA-F-E-M-I-T-E. It was a

tough word even for a tough gay

to get his tongue

around: A-F-E-M-I-T-ESorry, I'll start again.

E-F-F-E-M-I-N-A-T-E. E-F-F-E-M-I-N-A-T-E.

10-year-old Jordan Powell

from Warragamba Primary School

had beaten them all. The

Premier included. Would you

like to be a

P-O-L-I-T-I-C-I-A-N? Probably.

Then I could argue a lot. Of

course this is all just

W-O-R-D-S, not P-O-L-I-T-I-C-S,

which for the P-R-E-M-I-E-R

must be a nice bit of F-U-N.

Time for the weather now and

the north of the State is under

a severe thunderstorm warning,

Graham? They are. In fact

they're widespread and severe

thunderstorms are likely to

produce very heavy rainfall,

flash flooding, large hail

stones and damaging winds. Most

areas north of a the line from

Taree to torng Ivanhoe are

covered Tay bithat warning. In

Sydney today, though, it was

drier than expected with tops

of around 22 to 24 degrees. Rain will develop overnight

with thunderstorm s and there

is some potential for damaging

wind gusts an heavy falls with

those storms.

The cloud in the east is

thickening as a low deepens and

thunderstorms feed moisture

through the atmosphere. This

combination is responsible for

the heavy rainfall. The low

will deepen further as it moves

into Bass bass Strait tomorrow.

A front and trough will move

across the State on Saturday as

another deep low forms south of

Victoria. But rain will ease

tomorrow as the low moves away, although shower also continue

on the western slopeses of the

ranges. Rain in the morning and

evening in Brisbane, with Adelaide the only dry city

although it will be part ly

cloudy across that area.

That's ABC News for this

Wednesday. You can keep up to

date at any time on our website, and website, and tomorrow morning

don't forget ABC News breakfast

on ABC two.Goodnight

Closed Captions by CSI

This Program Is Captioned

Live.

Welcome to the program. And

later we will meet the

photographer who captured the

golden age of & roll but first

with a week to go before

tebdsers close for build ing

Australia's fasters broadband

network, Telstra is threaten -

threatening not to bid, even

though it's the biggest player

in the industry. This is the

project Kevin Rudd identified

in the last election campaign

as vital to Australia's future.

Telstra is playing a game of

brinkmanship with very big

ramifications. It says that

before it puts in a bid, the

Federal Government should

guarantee it will not be broken

up in order to improve competition.

competition. The threat could

leave the comfort with just one

bidder for a project involving

nearly $5 billion of taxpayer