Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Disclaimer: The Parliamentary Library does not warrant the accuracy of closed captions. These are derived automatically from the broadcaster's signal.
ABC News (Sydney) -

View in ParlView

(generated from captions) This program is not subtitled

CC

Tonight - another big bank

takes a profit hit. Home owners

feel the pain. We are living

with the consequences of some

decisions. Qantas faces poor investment

questions as its chief hands

over the controls. Terror

strikes in Turkey on the eve of

a political showdown. And a

journey of discovery - tales

from the First Fleet. These

aren't just rare doms, they're

unique documents. Good evening.

It's a lose-lose situation.

The ANZ has become the second

major bank in a week to

announce huge potential losses

because of America's subprime

crisis. Guess who will be

#4e7ing - helping to foot the

bill for those bad debts? ANZ

warn it had couldn't rule out

more interest rate rises

regardless of what the Reserve

Bank decides to do.

One thing you can bank on

these days - the fall-out from

the credit crisis is far from

over. Just ask the ANZ. Having

to announce these sort of

provisions is beyond

disappointing. The ANZ Bank

says it's exposed tote credit

crunch will see its provisions

for bad debts rise to around

$1.2 billion for the second

half of the year to September.

Added to 980 million in the

first half, it could take ANZ's

write-down to more than $2.2

billion. We are living with the

consequences of some poor investment decision that is go

back years. Only 3 days ago the

National Australia Bank shocked

the market with $830 million in

losses. An analysts predict the

bad news from the banks won't

end there. I think it's inevitable in a slowing

Australian economy. The

Treasurer emerged with some

soothing words. We still have a

very strong, well regulated

banking system. ANZ says it

expects its losses to drive

down annual profit by up to

25%. The market wasn't

impressed. ANZ shares fell

today by almost 11%. Ware

probably still relatively early

days into the credit crisis. I

think it underscores the pain

for the banks over the next 18

months. ANZ mortgage holders

can expect more pain too. We

anticipate our fund ing costs

increasing and therefore we

will have to continue to pass

to thank on. Where one bank

goes it's likely the others

will follow. It's now looking

more likely an exploding oxygen

tank caused the Qantas mid-air

transport investigators have emergency last week. Air

recovered parts of the missing

cylinder. Qantas says the plane

was fine on take-off but when a

hole blue in the fuselage that

could've caused other systems

to fail, possibly including the

oxygen masks. The plane safely

on the grounds, the passengers

are back home. But Qantas is

still feeling the turbulence

from Friday's near disaster

over the Philippines. Incidents

do happen, this is a

tremendously bad one. And it's

one we regret. The Qantas CEO

says the jumbo had been checked

and cleared for take-off. Geoff

Dixon acknowledged concerns

from passenger that is some

oxygen masks may have failed

during the inflight

emergency. There is every

chance that what happened to

the aircraft, the trauma

suffered by the aircraft,

would've interfered with other

systems. QF30 is still grounded

in Manila with a huge hole in

its fuselage. Safety

investigators are looking at

whether an exploding oxygen

cylinder was to blame.

Australia's safety watch dog

says Qantas did comply with a

US directive to check the

brackets holding oxygen tanks

in a handful of its

aircraft. ... Subject to only 3

of their aircraft, very small

number, certainly not the

aircraft up at Manila. Qantas

is still widely regarded as one

of the worlds's best run

airlines and it's playing it

safe, appointing one of its own

to replace chief executive

Geoff Dixon. Joyce who has been

- Geoff Dixon is Who is has

been running Jetstar takes on

the role. I Fund it

Again a lot of air Lyns are

not economic if they stand

alone. You can't maintain

standards if you don't have the

staff to make it possible. That

puts more pressure on Qantas,

which is trying to justify job

cuts while protecting one of

the best safety records in the

world. A court has heard the

late stock brober Rene Rivkin

believed Sydney model car line

Byron knew too much about his

business dealings. It was part

of the opening chenning day of

evidence of the murd trial of

Gordon Wood. Wood is accused of

throwing his then girlfriend

off a cliff in 1995. Today car

line Byron's father and sister

arrive end court for the trial

of the man accused of her

killing her, Gower done Wood,

accused of killing her.

The court heard the 24-year-old's death was

initially treated as a suicide.

And that much of the police

investigation was not carried

out properly. The Crown says there is strong scientific

evidence that it was murder.

Jurors heard the thensoever no

Rene Rivkin had been under a

great deal of pressure from his

former boss and that it had

driven a wedge between him and

his girlfriend.

The jurors heard Wood told

Byron and family members that

he had inveghtsed the Offset

Alpine company which was burnt

down and -

Gordon Wood is alleged to

have told a friend -

Jurors were told in a

conversation between car line

Byrne and her father she told

himed ren ev Rivkin thought she

knew too much about his

business and private affairs.

Those affairs are likely to

come under the spotlight

tomorrow when the trial

resumes. It's been 5 years

since 8-year-old Bryce Rolls

was killed in a hit and run

accident, at the coronial

inscregs quest into his death

- Detectives say they believe police have named their suspect

Peter Graham was driving the

car that hit the young boy as

he was crossing a road in

Kogarah with his brother.

Counsel assisting the coroner

described as as a catous and

cowardly act. Police say Peter

Graham has hindered their

investigation by repeatedly

misleading them. The inquest

has been adjourned until next

month to allow the Queensland

man time to apply for legal

aid. The Rolls family say

they're disgusted by the delay.

It's crunch time on Sydney's

transport network. A leaked Government report says that

despite the State's best

efforts commuters aren't

planning to give up their cars

rpremier Bob Carr says rapid any time soon. The forme

bus expressways are the answer

and he is putting pressure on

Morris Iemma to get on board

with the idea. Morris Iemma

says he is taking his best shot

at fixing the public transport

crisis. And today he's feeling

like a winner on one front -

after securing the Australian

golf open until 2015. It's the

year 2016 that's plagueding

him. With leaked internal

modelling showing the

government went reach its

target to reduce car use.

Morris Iemma says there is some

light atted in the tunnel. We

are seeing more families

choosing public transport. will

we get to our target? Yes, and

we'll get to our target well

before 2016. The State's goal

is for 25% of all commutes to

take place on public transport.

Morris Iemma says suggestions

of congestion taxes and hefty

tolls are pie in the sky. Back

on earth the forme rpremier Bob

Carr jump nod the debated. He's

call fundamental a new network

of rapid bus expressways -

rapid bus transitways similar

to the T-Way service in

Sydney's west. It's bus free

way that is offer the most

affordable and the fastest

option here. We ought to go for

it. We have done some very

preliminary work on one

potential rapid bus transit

system for Sydney. The

Opposition says ret and new

metro services do nothing to

change the public network. This

city is condemned to a

continuing car culture. The

Opposition says if the system

can be wrapped up for World

Youth Day visitors, it should

be kept up for those who live

here. If it's not petrol it's

emissions trading - hundreds of

truck drivers today held

nationwide protests demanding

more immediate relief from high

fuel prices. At same time there

is jostling among rival

industries lobbying for special

treatment under Kevin Rudd's

carbon pricing scheme. Politics

below the preliminary Sol line.

Bulk coal carriers off Mackay

became billboards for Green

Peace anger over climate change

before police intervened to

stop them. Eco activists want

cheap coal made more expensive

through emissions trading.

(Horns honk) On land truck

drivers just want cheaper fuel.

We're all going broke and

gonna lose our jobs. From

Brisbane to Melbourne and

Adelaide... Every tiemt I foil

ni My truck up it's 3.5 grand! The Transport Workers Union

doesn't back their action, it's

looking to a cleaner and more

profitable industry once

emissions trading comes in.

Government support for

converting to natural gas

should be extended from 50% of

the cost to 75%. One by one

industry groups are waking to

the Rudd Government's looming

decisions on carbon pricing,

miners and energy producers are

mounting rear guard lobbying

campaigns for concessions. The

seconders I represent are the

sectors where there is a lot of

pressures at the moment. Rival

industries to be exposed to the

strayeding scheme sigh the resources sector should get no

new favours. They've got no

right to do it, no right to

complain and their submissions

ought to be rejected by a

government that has a clear

mandate. Just as it divides

industry, the Government's

emissions trading scheme

divides the Coalition. Tomorrow

Brendan Nelson puts his

alternative to shadow cabinet,

his goal - to proceed more

slowly than Kevin Rudd and to

keep his job. Our policy today

is exactly the same as it was

just before the last election.

Who knows what tomorrow

brings. The Federal Government

says it won't back down over

its tax increase on premixed

alcoholic drinks. Research by

the liquor industry has

revealed total sales of spirits

rose by 10% despite the tax

hike. This afternoon the

Government released its own

data contradicting the industry

numbers. It says tax Office

figures show a 23% fall in

spirit sales since the change.

What we've done is level the

playing field there. They made

a motsa out of that, we've put

an end to T new you have their

special pleading out there.

They can go jump. The Treasurer

says the tax hike will be

passed by the senate but if not

he won't say what will happen

to the extra revenue already

raised. Turkey's been hit by

one of its worst terrorist

attacks in year. Two bombs

explode end a residential part

of Istanbul. The first only

caused injuries but when people

ran to help a second bigger

bomb went off, at least 15

people were killed. The

attackers seemed to have a

cruel but effective Central

strategy designed to cause as

much death and injury as

possible. All of the dead were

victims of the second bombing

drawn to the scene to help

those hurt in the first

explosion. The first blast was

the smaller one, it explode end

a rubbish bin. People moved

closer to see what happened,

but 10 minutes later the place

got crowded and the second

explosion occurred. This was

the worst terrorist attack in

Turkey for 5 years. Kurdish

separatists, leftist groups and

Islamic extremists have been

blamed for previous attacks.

Officials say they don't have

enough information about the

latest bomb togs name the

culprits. It's a volatile time

in Turkish national affairs

with the ruling party facing a

court challenge to its

legitimacy. At the same time,

secularistses and - accused

Government of intimidation.

India is facing heightened

tension after a series of bomb

attacks. New vision has emerged

showing the aftermath of one of

the explosions in Ahmedabad

yesterday. A little known group

called the Indian Mujihadeen

claimed the attack. Tonight's

top story - ANZ becomes the

latest bank to announce huge

potential losses because of bad

investments. Still to come -

Beijing's pollution problem -

Olympians told they can pull

out.

Have rice, may travel.

Farmers in the parched

Murray-Darling Basin could be

forced to up sticks and head

north to greener pastures. One

possible destination is a

region flush with rain which is

just produced its first

commercial rice crop.

Scientists say growing rice

where the water flows naturally

is a move in the right

direction. This lush coastal

country is typically home to

sugar cane, but growers are

turning to another crop that

survives floods and pouring

rain. This is dry land rice you

just plant it like you would

barley or wheat T grows in the

natural rainfall. After 7 years

of trials, Gary Woolley is

harvesting his first major rice

crop near lis mar. It's looking

good. This crop's had 1,500 ml

of rain on it and it's growing

time, it's also had a flood

over it. Words of his success

has spread, and 40 more farmers

in the region have signed up to

plant rice next season. This

rice just sounds unbelievable,

it, Gary grew it, it's still

here, he's getting some money

out of it. The key to farming

in this region is there's no

need for irrigation, there's

plenty of water all year round.

Unlike the traditional rice

growing industry in the

Murray-Darling Basin. where

farmers are on their second

year with no water allocation

and this year will produce just

5% of their annual crop. To

some, moving water-rungry crops

to new regions makes sense. To

use a natural rainfall to

produce rice without

irrigation, that's the

opportunities that exists along

the coastal strip. Next year's

coastal crop is set to expand

to more than 500 hectares and

talks are already under way to

export the product to Papua New

Guinea. In finance, investors

ignored positive leads from

overseas to focus on ANZ's debt

problems. The news took its

toll on the market and the

banking sector. The sub-prime crisis is

almost a year old, to celebrate

ANZ upped its bad debts.

investors joined the

festivities selling everything

that lends. Here's today's most

serious casualtyly list led by

ANZ. Everyone took a sizeable

hit, NAB fell another 3%. The

big five banks have lost $27

billion in market value since

Friday, ANZ says it expect as

full year cash profit of 3 billion compared with nearly 4

billion the previous year.

Needless to say, there was

only one way for the all ords

to go - the market added to

Friday's losses. Not much good

news here either. Just Group

reject add revised $810 million

takeover bid by Solomon Lew,

Orica slumped 15% as it sold

new shares at a discount to cut death and fund growth. Property

group Australand is seeking

more than 500 million from

shareholders after first-half

profit dropped nearly 80%. It's

hardly surprises then the

National Australia Bank's

measure expected business

confidence for the September

quarter continued falling. At

minus 8 it's above the shaded

area where which is recession

territory. But at its lowest

point since the 1991 recession.

Pessimists outnumber optimists

in just about every industry

expect mining.

The Aussie weaker against

most major currencies. The NRL

and the Bulldogs have begun

legal action in the Supreme

Court to rein in rugby league

run away Sonny Bill Williams.

He sent shock waves through the

sport when he left the country

at the weekend apparently to

play with the French union club

Toulon. Williams still has 4

years left on his contract with

the Bulldogs. The Club's

seeking an injunction to stop

him playing for anyone else. He

needs to know that the

ramifications are quite broad

for what's' done to their

club. It is our understanding

if Sonny Bill Williams breaches an order of the Supreme Court

it will be a contempt of the

Supreme Court which will have

significant repercussions for

him. As for his team-mates,

they'll be doing their best to

focus on tonight's clash with

the Dragons. He just missed out

on winning theived Tour de

France, now it's time to chase

Olympic gold. For the second

year in a row Cadel Evans

finished the Tour as runner-up,

this time behind Carlos Sastre

of Spain. As the ABC's Philip

Williams reports from Paris, the Australian won't have much

time to rest before hitting the

road in Beijing. Once more into

the saddle. The tactics and the

mind games of previous stages

were gone, replaced by a

camaraderie forged in the

shared pain of 3 gruelling

weeks. The sheer relief it was

almost over. Waiting for the

big welcome down the Champs Elysees, many of the

Australians that have followed

the Tour with intense interest.

Especially the ups and downs

of Cadel Evans. Almost shed a

tear in a French pub yesterday

watching him come in, a minute

too late. There's always next year.

APPLAUSE The blur of bikes

witnessed by countless

thousands there to support the

140 survivors of one of sport's

most demanding events. For all

these riders it's amajor

achievement just getting here

forks Cadel Evans the added

incentive of coming back next

year for another go at the

yellow jersey. So many had

predicted he would stand taller

than all others this year but

the podium belonged to Spaniard

Carlos Sastre. With 3,500km now

behind them the emotions were

finally free to flow. It was

champagne and hello partner for

Australian Robbie McEwen,

though he has to be

careful. When you're in racing

a Tour de France nearly 4,000

k, you're this skinny, it

doesn't take much to get

wobbly. There were no wobbles

for Cadel Evans. Surrounded by

his team-mates, fans and

family. Happy, it's fabulous.

Cadel Evans gets just a day

and a half off before the next

race. Then it's the

Olympics. From the Tour to the

Olympics, 12 days. Shouldn't be

too much trouble. No

guarantees, though. What he can

guarantee is he'll have no rest

and that he'll give his all in

the quest for Olympic gold. For

a few hours at least, he can

reflect on his extraordinary

achievement. And dream of the

race that just got away again.

One of the big problems for

the Beijing Olympics is the

pollution. Even on a good day

the air is thick with it.

Australian Olympic officials

have now told athletes they'll

understand if they don't want

to compete. 11 days from the

start of the Games and thick

haze is still hanging around

Beijing. Olympic champion

Ethiopia's Haile Gebreselassie

pulled out of the marathon some

time ago on health grounds. If

Beijing's pollution become toos

much the Australian Olympic

committee says it won't force

any of the its team to

compete. For us, the athletes'

attitude to the event is

paramount. They won't be, if

they don't want to compete,

fine, they will be absolutely

under no pressure to compete if

they feel uneasy or don't want

to compete. The AOC says that

isn't expected to happen

because Australia has been

preparing as well as anyone in

the world to cope with the

conditions. Pollution is still

only part of the problem. I

think from our side and also

what we're hearing from

athletes it's probably a

greater concern to them than

the air quality is the heat and

humidity of the

environment. The Australian

women's Hockey and canoeing

teams arrive tonight. The

Hockey roos hope their early

arrival Wilhelm them

acclimatise. The popularity and

growth of women's soccer has

contributed to the

establishment of a national

women's competition, the

W-League. Even the young kids

have somewhere to a-aplier to

play now. The telephone vsed

compet wigs - televised

competition. It's seen as not

just a career path and home

coming option for overseas

stars. Hopefully we can lure a

few of the Europeans or

American girls here to play in

the league. The Government has committed $32 million to the Football Federation over 4

years. A large proportion of

that was ear marked for the

women's game. In a country that

does idolise our sporting

heroes women's sport does not

feature - gain the rewards. We

know we can sustain it for

years to come. NSW jockey

Robert Thompson has broken the

Australian riding record he

equalled yesterday by taking

out the 6th race at Port

Macquarie. Race call: The

former champion

jockey...Bush 50-year-old

Thompson booted home the

favourite Promised to take his

tally to 3,323, one ahead of

Jack Thompson, his mentor but

no relation. In netball, the

grand final of the transTasman championship got under way a

short time ago.

At the end of the first

quarter -

Just a few clicks of a mouse

can now bring to life the

moment of white settlement in

Australia. More than 400

illustrations and documents

have gone online tonight

including an on-board sketch of

the first Fleet's arrival in

Sydney. It's the brain child of

the swaems State library. It's

been a long time coming, more

than 3 years in transscribing

and digitising these written or

drawn works. These are unique

documents. They can not be

replaced. There are 450

journals and illustrations by

the First Fleet's officers as

they arrived first at Botany

Bay then at Port Jackson.

Arthur Bowes Smyth a surgeon, journalist and illustrations

recorded the arrival. They are

sailing from the south, he has

forgotten the reality of which

was north Head and which was

South Head. It's parts of 21 online election collections

launched on the State Library's

web site. It includes varying

accounts of the first contact

with the Aborigines. Ghts the

jewel in the Crown will be this

First Fleet online collection.

It's the first time aum all

journals have been transscribed

and made available to the

general public. Not all the

documents flattered the

commander of the fleet. Arthur

Bowes Smyth describe the

decisions Philip took as a

"Mere abortion of the

brain". There were diversions -

drawing the unique plants and

wildlife, the kangaroo for

example. This is the first one

that's been done from a living

specimen rather than Cook's was

done from a skin that had been

stuffed and taken back to

England. When captain Cook went

back to England on a ship

almost identical to this he

took with him the name of a big

animal they'd found hire, the

Kangaroo, but when the First Fleeters arrived they had no

name to call the big bird they

found pecking around Port

Jackson. It was possibly the

first of many big things to be

proclaim end Australia. The big

Chook.. the Big Chook, it has

just been described as a new

genous of bird at Botany Bay

and not actually named

emu. That came later. The

barbecue came first. Time to

check the weather. I think

we've had enough of the cold.

Any chance of it warming

up? Think of Friday. By then we

should see temperatures back

towards 20 degrees.

Temperatures across Sydney may

have reached 13 or 14 today.

They weren't at that level for

long. The suburbs dropped into

single figures just after 3.

showers were widespread through

the afternoon, falls of 10-18mm

in the eastern and southern

suburbs. The cold has unfolded

as an upper level low moved off

the north coast triggering a

low pressure system in the

Tasman Sea. Snow is reported

from giera on the northern

tablelands. Showers were

widespread along the southern

and central coast. West of the

divide it remained dry, partly

cloudy. Yesterday's falls were

widespread. Heavy totals from

Good falls were widespread

along the coast. Since 3:00 pm

totals of 10-20mm have fallen

from the Illawarra through to

the southern parts of the mid

north coast. A very chilly

Monday for Brisbane. The extent

of the cold air - it's

indicated by the mass of cloud

sitting over eastern Australia, cloudinging the west is

associated with a front. That

front will weaken and dip to

the south t will produce

nothing more than a bit of

cloud and a late shower in the

far south-west of New South

Wales late tomorrow. It's the

high that will dominate the

weather for most of the week.

As winds shift more

south-westerly tomorrow,

showers will quickly become isolated, then clear most of

the coast by late in the day.

The southern capitals, they're

going to remain under the

influence of a typical winter

weather pattern tomorrow. The

northern cities are going to be

bathed in warm winter sunshine.

In New South Wales, showers

alog the coast will become

isolated as the day progresses.

They should mostly clear by

evening. We expect to see a few

more brief snow showers across

the alps. It will be dry

elsewhere, frost along the

ranges and inland. There will

be the chance of a shower in

the far west south-west of the

State. A shower or two and cold

winds in Sydney. Tops of 14-15.

A couple of degrees below the

July average.

Some dangerous surf

conditions at first, a gale

warning continues along it's

coast. Those winds will ease

later in the day. With clearer

sky that is means we can expect

frosty start Wednesday,

Thursday. Warm one Friday.

Strong winds ahead of a change,

leading to a windy Saturday.

Tonight's headlines again -

the ANZ Bank is threatened to

raise interest rates to cover

huge losses from the global

credit crunch. The Bank's bad

debts this year could add up to

$2 billion. The chief executive

of Qantas says a plane that

made an emergency landing in

Manila was fine on take-off.

It's also been revealed some

oxygen masks may have failed to

work after a huge hole blew in

the jet's undercarge. -

undercarriage. Sonny Bill

Williams is being chased

through the courts, the NRL and

the Bulldogs are trying to stop

him playing for anyone else.

That's ABC News for this

Monday. The '7.30 Report' is up

next. I'll be back with updates

during the evening. For the

latest headlines 24 hours a day

go to the ABC online.

Goodnight. Closed Captions by CSI

Tonight on the '7.30 Report'

- fortress Beijing. Will

China's security clampdown

strangle the Games. The

officials have put a tourniquet

around the event and will they

allow the blood to flow? We are

... We really don't know. I

think the security always the

top of all Olympics. This is

like previous Olympics, Athens,

Sydney, will be the same.

Welcome to the program. That

story shortly. First to the

latest upheaval in Australian

banking - although we've been

told constantly since the US

subprime crisis began to unfold

that Australian banks were

largely quarteren teened from

America's financial disasters,