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(generated from captions) commandments about speaking out

or disavowing the

Church? That's considered a

high crime and the punishment

for a high crime is a

suppressive person declare. So

you will get an issue put out

on you internationally that is

supposed to be issued to all

Scientology organisations and

missions around the world that

labels you as a suppressive

person and that means that you

can no longer have

communication with any of your

friends or family members who

are associated with the Church

of Scientology. You are

indebted to the organisation to

pay back any money for any

training or processing and

counselling that you have ever

had within the Church and a

series of amends project s and

different things that you are

required to do to get yourself

Scientology before you're back into good standing with

allowed to have any contact

with family members and friends

that are within the Church and

that can be pretty devastating

for people. That happened to me

where I decided there was so

much pressure on my mother to

disconnect from me and we've

always been extremely,

extremely close and there was

so much pressure on her that

she had to make a decision

between staying connected to me

or getting a divorce from her

husband who was still on

services within Scientology and

that was just devastating to

her and it got very, very

serious and I won't go into the

specifics here but that is the

point where I made the decision

that I was going to expose the

abuse within Scientology and

speak out and I know that

there's ramifications with

that, I've been followed by

private investigators, my

family has been threatened with

disconnection and that the fact

that they can no longer achieve

spiritual freedom if they stay

connected to me. They've put my

name into a freedom magazine

labelling me all sorts of different derogatory terms and

basically saying that I can't

see what I saw when I'm

exposing the abuse and I did

see what I saw and I am

exposing it and it should be

made known and I am really

grateful to the people who had

the courage to come out and

speak out and say what they

experienced so many years

ago. The abuse that you're

talking about is physical and

verbal violence from the head

of Scientology, is that

correct? The leader of

Scientology right now is David

Miskavage and he's a very

abusive leader. He's committed

assault and battery several

times on senior executives

within the Church of

Scientology that I witnessed

personally and I have exposed

that in the media and also in

my book and I have spoken out

about this because it needs to

be made known. The head of a

religion should not be

committing assault and battery

on people who have dedicated

their lives toward helping

people. So it needs to be

exposed and he should not be in

that position. So I am trying to make the information

known. There are calls in

Australia for a judicial

inquiry into the Church of

scientology. Do you think that

would have impact beyond

Australia? Would that have a

global impact if there was such

an inquiry? I absolutely

believe it would be and I

really appreciate the work that

is being done by senator Xenephon. I've been informed

about the actions that are

ongoing. I really think that

it's important and I do think

it would have an impact internationally because it will

set a precedent on the fact

that the Senate there is

standing up and saying it is

not OK to allow an organisation

under the banner of religion or

"Church" to commit crimes and

to violate human rights that

hurt people. Amy skoo bsh,

we'll have to leave you there.

We've run out of time. We thank

you very much for taking the

time to come and talk to us tonight. Absolutely, thank you for having me.

The United States has tabled

a set of tough new sanctions

against Iran at the United

Nations Security Council. US

Secretary of State Hillary

Clinton announced the nesh wrur

ures at a hearing and said it

was backed by all other

permanent members of the

Security Council. The goal of

this resolution is twofold.

First, to increase the cost to

Iran's leadership for their

continued defiance of the

international community and

second, to persuade Iran that

it's in its interest to peacefully resolve concerns

about its nuclear program. The

draft seeks to support and not

replace our efforts to engage

Iran diplomatically. The

announcement is a swift and

decisive response to Tehran

which had hoped that existing

sanctions might be lifted after

reaching an agreement with

Turkey on Monday to swap its

enriched uranium for nuclear

fuel. And a cook look at the weather:

That's all for tonight.

Tomorrow night the

controversial journalist and

author Christopher hitchens

will join news the studio to

talk about his memoir. And if

you'd like to look back at any

of Lateline's stories or transcript yous can visit our

website or follow us on Twitter

and Facebook. Before she heads

off to ABC News 24 here's Ali

Moore's farewell presentation of 'Lateline Business'. Thank

you, Tony. Tonight - resource

tax squeeze. Fortescue warns it

may have to sell 2 Pilbara

projects to China. They must

happen with other countries

owning Australian assets

because we can no longer

finance them ourselves. The

slow road to a communications superhighway. Negotiations drag

on over Telstra's involvement

in the national broadband

network. It is a purely

commercial issue and we can get

to an outcome we'd be

delighted. If we can't, we

can't and life will go on. And

AWB still confident of better

times ahead despite a big drop

in half year profits. We've got

a long way to go to consistently deliver adequate

returns in our business.

First to the markets and with

Germany banning naked short

selling and America's financial

reform bill close to becoming

law, investors worldwide were

running for the exits. All

sector of the all All Ords were

in the red as the market fell

nearly 2%. The ASX 200 closed

at an 8-month low. In Japan in

Nikkei was down. The FTSE has fallen. Fortescue Metals group says 30,000 jobs will be

jeopardised by its decision to

shelve two new projects in the Pilbara. Andrew Forrest has put the blame on the Federal

Government's new resource tax

and is warning the company may

have to sell some projects to

China. The Fortescue boss had

bad news for his shareholders

and he says it's the fault of

the Federal Government's new

tax. We cannot finance Solomon,

we cannot finance the western

hub. Andrew Forrest say s the

proposed projects worth more

than $17 billion would have

created about 30,000 job. The

plans included developing a new Pilbara port and constructing

two new rail lines. Mr Forrest

warns he's now left with no

choice but to turn to China. If

they're still going to happen

then they must happen with

overseas investment now. They

must happen the other country's

owning Australian assets

because we can no longer

finance them ourselves. But the

Federal Government is not

backing down. It is not

surprising to me that some

countries that have to pay a

bit more may be opposing this

tax. Unions say Andrew Forrest

is using scare tackics. At the

end of the day these jobs are

going to go forward and I don't

see why they should be using

working families potential jobs

as a pawn in a political

game. Some analysts see the

announcement as a veiled threat. So basically this is

the consequences of your

actions, you're forcesing us to

sell these projects to Chinese

owners. The Premier Colin

Barnett says FMG's decision is

being mirrored by other

businesses. Every day we are

hearing of new reports of

companies either shelving

projects, of investors pulling

out. FMG's future projects may

be in doubt but its plans to

expand the hub for its cloud

break and Christmas creek mines

will go ahead as scheduled. In

the meantime the company says

lit keep a very close eye on

the tax debate in the lead up

to the federal election. Telstra chief executive David

Thodey says life will go on

even if an agreement can't be

reached with the Government

over the national broadband

network. Hagling has dragged on

over the terms which will

persuade Telstra to tip its

copper wire network into the

NBN. When David Thodey stood up

to address business leaders in

Sydney he went straight to the

issue which will define the

company's future and that's

Telstra's involvement in the

national broadband network. It

is a purely commercial issue

and we can get to an outcome

we'd be delighted, if we can't we can't and life will go

on. Telstra is under Government

threat of being broken up and

denied 4 G wireless spectrum if

it doesn't embrace the NBN. Negotiations have been long and

complex with the two sides far

apart on issues such as the

price at which Telstra should

sell its network into the NBN.

With national broadband network

boss Mike Quigley sitting in

the audience, Mr Thodey devoted

the bulk of his talk to the

merits of wireless Internet but

denied it was a shot across the

bows of the fixed line NBN. It

was about the mobile Internet,

it was nothing to do with NBN.

It is something that is a real

reality in terms of what is

happening around the world, not

just in Australia, and so we

wanted to talk about, you know,

what that means and how it's

going to change. As he showed

the audience an Apple i pad bought back from the United

States Mr Thodey explained the dilemma facing all telcos in

the changing technological

world and that is keeping World

Cup demand. The thing that

we're challenged with is that

the usage on these networks is

growing so quickly. The amount

of data carried on the wireless

network doubles every 9 months.

I'll say that again, every 9

months. Any of you out there

would die to have a business

like that. Telstra shareholders

would probably die to have an

investment that's rising in

value. In the year Mr Thodey

has been in office Telstra

shares have fallen 5% while the

market has a whole has gone up

15%. Since August Telstra has

lost 19% as the Government has

toughened its approach to the

company. While David Thodey was

speaking in Sydney, in Tasmania

where the first stage of the

national broadband network is

being built there was the first

indication of how much

consumers will pay to use it.

Primus Telecom will charge $90

a month for unbundled

connections at 25 megabits per

second. As yet there are no

prices for super fast broadband

at up to 100 megabytes per second. These are good

interductry prices and we hope

things will improve with

competitive forces coming

in. Tasmania's other NBN

service providers are yet to

announce their prices. There's

been a sharp fall in consumer

confidence this month in the wake of the latest interest

rate rise. A key consumer

sentiment index has recorded

its biggest fall in 19 months adding fuel the Reserve Bank

will hold off on any further

rake hikes for at least a few

months. There have been 6

interest rate rises in the past

8 months but it seems the

latest one has made the biggest dent in consumer confidence. The Westpac

Melbourne Institute consumer

index fell by 7%. That's a

substantial fall, the biggest

one we've seen since October

one we've seen since October

2008. This month's hike pushed

the variable rate to 6 pvernt 7%. Any further rises will have

a negative impact on confidence. The Federal Budget

is also partly to blame for the

weakening in consumer sentiment

with more than a quarter of respondents saying it would

have a negative impact on

family finances. As a result

it's unlikely there will will

be any more rate rises until

August even though inflation

continues to be a concern. We

don't get another guide on

inflation until late July and

so I think we can be pretty

confident that the Reserve Bank

won't be doing anything more on

rates for three months. The

lack of confidence caused by

the rate hikes is already

playing out in the housing

market with the Real Estate

Institute in Western Australia

declaring a collapse in the

first home buyers market. It's

a trend not lost on mortgage

brokers who have been noticing

a drop off in business. First home buyers have dropped off

because the boost has gone so

that was expected but we're

also seeing second and third

home buyers still being fairly

tentative about coming back

into the market. There's some

signs that they're coming back

and investors are slowly coming

back too. But if you compare

loans that are written this

year to the same period last

year we're kfably off the

pace. But while rising interest

rates are hurting home buyers,

they're a blessing for those

with savings in the bank and

strong competition in the term

deposit market has meant the

rates being offered by banks

are considerably higher than in

previous years. But an

assistant governor with the

Reserve Bank has questioned

whether the intensity of

competition is sustainable,

describing it as somewhat

overdone. There do seem to have

been some instances of anom

nously high rates being offered

on occasion. It seems likely

that over time banks and other

deposit takers will get better

at managing these more competitive conditions and

avoiding paying rates that are

unnecessarily high relative to

the market. Also helping take the heat out of the deposit

market is the improving conditions in alternative

funding markets. A look at the

day on the local markets I

spoke to Simon Robinson from

HTM. More worries about Greece,

even Germany's ban on naked

short selling saw billions more

wived off the local market

today? Absolutely. The market

doesn't like uncertainty. You

have to ask why the German

governor's basically put a ban

on the short selling. Takes us

back to initiatives that were

put in place through the global

financial crisis. It's not a

standard manoeuvre to ban short

selling, so, you know, the

markets don't like that sort of uncertainty. Can you see

anything shifting or turning

sentiment? Listen, I mean I

think the European issue is

under control in terms of

you've got that trillion dollar

rescue package that's out there

but having said that sort of

these markets have become a bit self-sul filling and

perpetuating in terms of

downward spirals. No-one likes

to see sort of the Australian

markets off 12%, you know n a

rolling month sense and that

sort of tests investors' nerves

and, you know, some people like

to go to safety and park their

cash on the sideline. You say

12% down for the local market,

that's 3% more than the Dow's

down, do you think that extra 3

is probably to do with the

resources super profits tax

which just today caused more

couldn't have put it any consternation? Absolutely. You

better. You know, the

Australian market's been hit by

a range of black swans which

are becoming more usual. No-one

envisaged that this super tax

profit would be announced in

the form that it is by this

government. You're seeing

Fortescue and the likes

basically pull projects and,

you know, investment decisions

being delayed in terms of the

Australian resource market and

from an international sense,

Ali, that basically means that

offshore investors are less

willing to invest in Australian

resource companies which is,

you know, being exceptionally

damaging for the Australian

stock market given the large

component that resources make

up of the market. And along

with stocks, the Australian

dollar has taken a big tumble

as well? It has, Ali. We're a

resource based currency and

given, you know, the overseas

money that is flowing out of the Australian market you'd

expect that to be the case. The

other thing is that you're

seeing the banking sector at

one stage Westpac was off 3%

today and you go back a month

it was $28 hitting 22 something

today and a lot of offshore

money is piled into the

Australian market on the - and

the banking and resource sector

on the basis of a strengthening

Australian dollar. Now when you

actually see that dollar coming

under pressure what invariably

happens is that the overseas

investors sell those stocks

because they no longer want

exposure to Australian dollars

which means no longer, you

know, you need to be overweight

Australian equities. Thanks for

joining us. Thanks,

Ali. Discount electrical

placed into voluntary retailer Clive Peeters was

administration. Its shares last

strait traded at 15 cents.

David Jones finished up

slightly after a 1.5 Supreme

Court rise in third quarter

sales figures. All other

retailers bar one were in the

red. Woolworths slipped more

than 1%. Bank of Queensland

fared worst of the financials

down 4.5%. On currency markets:

So what next for markets and

how serious is this latest bout

of volatility? BaryWein is part

of the blackstone Group which

has $100 billion in funds under

management. He's also a supervisory director of George

Sorres quantum funds. He's

currently in Australia and

joined me earlier in Melbourne. Welcome to Lateline

Business. Good to be here. If

we can start with right now and

the gyrations on global equity

markets, it seems to be a

mixture of Europe's debt woes

and regulatory concerns

depending on what day it is.

The Dow's off 9% in the past

month, what's happening? I

think what's happening is that

in the United States at least

we're worried about the

confusion in Europe spilling

over to the US. The situation

in Europe has been temporarily

solved in the sense that Greece

was not able to pay its

obligations, now it is, but

it's doing that by getting

loans from the European Union

and the International Monetary

Fund and 3 years from now those

loans will have to be paid

back. In the meantime Greece,

Spain, Portugal, and the other

southern tier countries will

have to undergo fairly

significant austerity measures

in order to meet the targets

that these loan guarantees have

provided. So the worry is that

Europe slows down and that has

an impact on the US but I think

that worry is excessive. Why,

given the size of the debt and

indeed the social issues that

are going to be involved in the

crackdown on spending in those

countries? The fact that Europe

is in trouble is a big issue

and I do think you're on to

something right when you say

that the social issues cause ed

by the austerity measures are

going to be severe and

unacceptable. So Europe is

likely to be in a very slow

growth mode and there are going

to be tensions between Germany,

France and the Netherlands and

the other countries but I still

think Europe is going to grow

at a 1% rate this year. I don't

think Europe is going to go

back into recession and even if

it did, I don't think it's

enough to drag the US down but

that's the worry. Do you worry

about the bigger issue of not

now Europe but in the US and

the UK the big debt there, it's

running at around 80% and 70%

of GDP respectively and yes,

they can borrow at cheaper

rates but their huge deficits

are also going to crimp growth for years to come, aren't

they? I'm not so much worried

about the debt to GDP ratios.

You're right, they're large but

Japan has debt to GDP ratio of

165%, Greece is 113%. What I'm

more worried about is the

servicing of the debt. I don't

know whether this debt will

ever be paid back. I don't know

that the Second World War debt

was ever really paid back. What

I worry about is the cost of

servicing it. Right now it's

about $300 billion a year but

if the debt keeps on accruing

at better than $1 trillion a

year and if interest rates rise

then we could see the cost of

servicing the debt rise faster

than real GDP growth and that's

the spiral we don't want to get

into. What about this region?

You've been bullish about China

for some time now but do you

see anything in the recent

contractdowns on liquidity and

credit that makes you concerned

about Beijing's ability to take

its foot off the accelerator

fast enough to stop a bubble

but slow enough not to cause a

crash? Well, I'm very impressed

with what China has done. If

you look at where China was in

1976 when Mao died, Ching had

reform he was very deliberate

about what he planned. I think

what here doing now to try to control excessive speculation

in the real estate industry

restrain the banks from making makes sense. They're trying to

the loans to these developers

sanld I think that's the right

thing to do. Do I think it's

going to bring the whole

economy down? No. I still think

the Chinese economy will grow

in high single digits and

that's as fast as the Government wants it to

grow. And Australia, do you see

Australia as perfectly

positioned to leverage off that

growth in China or is that too

strong a description? If I

weren't so old I'd move here,

this is a great place. The

population to natural resource

ratio is very favourable. I

just hope the Government

doesn't do something that

really retards the growth of

the natural resource industry

in this country. And is that

something that you hope the

Government doesn't do the

resources super profits tax? I

think if they really analyse

the academic evidence on this

they will find that severe

increases in taxes don't really

raise that much revenue because

countries that have done that

have found that the targets

figure out a way around it or

reduce their activity and

concentrate on other parts of

the world where the tax

conditions are more

favourable. Well you're bullish

about China, gold is another

one of your favourites

currently sitting at around

$1,200 US an ounce, where is it

going? It's going to $1

#5rkz00. I don't know when,

maybe not this year but next

year. I think, you know, people

have to realise that gold is

viewed by investors as

something real, they're going

to want an offset to their

financial assets and I think

they're going to move the price

of gold up. You've seen a lot

of market cycles in your time, this one doesn't bother

you? No, this is not as bad as

some of the ones I've seen for

a couple of reasons. First, the

excesses weren't as great. If

you look back to where the

market was in 1980, the

excesses were great and we

suffered a 2-year bear market

certainly at the end of the

'90s when the technology boom

was in full force, price

earnings ratios and valuations

got excessive. I don't think

we're at a point where

valuations are excessive today.

The market may correct but I

don't think we're going into a

bear market and I don't think

the economy's of the developed

countries are going back into

recession. Byron Wien thanks very much for joining Lateline

Business. It was great to be

here. Agribusiness company AWB

says it's optimistic about the

year ahead despite posting a

first half loss and the

Australian agricultural company

which held its AGM today is

also expecting conditions to

improve in the sector. After

recent boardroom tussles

sharehold ners the Australian

agri cultal company are hoping

for a less troublesome year. It

couldn't be any worse. I think

it's fairly positive, I think

it's pretty good. As the

previous chairman of the

company I think it's

wonderful. It's hoped former

Telstra heavy weight Donald

McGauchie will bring harmony to

the leadership team when he

takes up the role as chairman

in 3 months time although he

couldn't make the AGM. It would

have been nice to hear from

him. He's the third chairman to

be appointed in less than a

year. Numerous changes have

been made to the board since

the messy transition from major

shareholder Elders to

International Food Group IFFCO

in 2007. I think the company's

been to hell and back and we've

now got all the building blocks

in place to store the company

back to shareholders. Interim

chairman Nick Burton Taylor was

himself voted off the board in

2008 before being reinstated.

He told shareholders the

company needs to start delivering results and

opportunities have been created

by the company's two major shareholders. They take us into

some of the Islamic markets

which Australia has

traditionally not been as

strong as we might. That's one

of the major benefits that

comes from the IFTCO

shareholder. Felda which is the

Malaysian shareholder, they're

major producers of palm oil and

we believe they will be able to

take us into the evolution of

the beef industry. Another

company in the agribusiness

sector trying to put its

problems behind it is AWB. It's

posted a first half loss,

partly because it's settled its Australian class action over

the Iraqi oil for food scandal.

The first half loss came in at

almost $65 million compared

with a profit of $8.5 million

for the same time last

year. We've got a long way to

go to deliver adequate returns

in our business. I was pleased

with the results in our rural

services business. It had a

fairly slow first few months

but the latter part of the half performed very strongly as there was good rains up and

down the east coast. The reported number doesn't look

very friendly, very attractive

but when we look through to

rural services, which is the

core of the business, that's

landmark, they've grown that

very well despite some very

tough head winds. While

shareholders again missed out

on a dividend, the company

expects a much stronger second

half because of a better

cropping season and with the

sale of 50% of its Geneva

commodities business to US

grain company Gavilon due to be

completed in June. Before we go

a look at what's making news in the business sections of

tomorrow's papers. The 'Herald

Sun' says it's no longer easy

for Clive Peeters has plunging

sales and crippling debts

forces the chain into administration. The the

'Australian' says the ANZ is a

front run tore buy one of the

big Indonesian banks. The Australian 'Financial Review'

says the Opposition has staked

its economic credibility on

finding $47 billion of Budget

savings over the next 4 years. And the 'Sydney Morning

Herald' reports on Fortescue

Metals boss Andrew Forrest

claim that the resource tax

will cost 30,000 jobs. That's

all for tonight. As I leave you

the FTSE is trading down 98

points or 1.8%. The Dow's

trading down 38 points or 0.4%.

This is my last night hosting

Lateline Business. I'm joining

ABC News 24 to present an afternoon news and current

affairs program. To all those

here at Lateline Business and

especially to you for watching

thank you. This program of

course will be back tomorrow

night. I'm Ali Moore from this

particular chair, goodbye. Closed Captions by CSI

THEME MUSIC

MYSTERIOUS MUSIC, WIND WHISTLES

FIELDING: Come on, Tony. You can trust me. Trust me. (Echoes eerily) Just one more step. (Pants) ANSWERING MACHINE: You have one message. Please wait. WOMAN: Message for Tony Hill from Karen, Karen Berman. The 20th reunion bash is only three days away now. Clock's ticking. Tick, tock.

(Whispers) Eglee. Eglee! MYSTERIOUS MUSIC All that we're asking is... ..let...Tracey come back to us. Please. (Cries) She's our whole world! REPORTER: Soon after her parents appealed, Tracey Bradshaw was discovered barely alive. Police continued to question the man they believed responsible for this savage attack. MAN: I did it, Dr Hill. (Echoes)

I stripped her and I wrote on her and I raped her, and when I raped her I said, "Do you see me now? Do you? Do ya?!" (Murmurs) Sorry. Dr Hill, this parole board is convened

to consider Mr Eglee's suitability for readmission to society. Do you wish to question Mr Eglee? Yes. Mr Eglee, do you think Tracey Bradshaw is dead or alive? MAN: It'd be easier for me if she were dead. That way I could make my peace with her. But with her on life support, it's like I hurt her all over again,

every new day. Really does my head in. Mm-hm. And what about Tracey's family? Does that do your head in as well? I know I didn't just hurt Tracey, but everyone who loved her. It's like I've... ..like I've torn, you know, the fabric of their lives. I'm trying to make amends. How? I write to Tracey's mum. It was Dr Ozick's idea... ..to try to reach out, help her to get some closure.

And was she pleased to hear from you? She said, um...

She said she hoped I'd burn in hell. But I kept trying. I said I'd never forgive myself for what I did to Tracey...never.

And does that make you feel better? Worse.

I really know what I did. Like Tracey, my crime is a life. MAN: For myself, I believe he has become a reasonable and considerate young man.

He's passed two A levels, he's taking a psychology degree online. (Scoffs) Another psychologist! God help us all. I've had many sessions with Jason over the past four years, and I think he's achieved a degree of self-knowledge that would be surprising even in someone without his troubled past.

Mm-hm. Well, let's talk about the victim's family. Look at this here. (Reads) "The offender has to realise that his or her crime "not only damages the victim, "but also the victim's family and friends." Now, come on! "Violent crime tears at the very fabric of community." It's there. It's in the textbook. Because a person reads something in a book, Dr Hill, doesn't mean he can't feel it or believe it. OK. You wanted my expert opinion? Here it is. In 1996 Jason Eglee thoughtfully planned his brutal crime, and in 2006 Jason Eglee thoughtfully planned his parole board. I don't believe him. Goodbye. SOMBRE MUSIC You know the parole board reversed their decision, released Eglee? 'Cause of his mother's death? Yeah.

Look, this is a joke, Alex. I looked into his eyes, and I saw the same potential killer I put away 10 years ago.

Might be an idea to stay away from Eglee and his family for a while. Absolutely. Course. PRIEST: We have but a short time to live. Like a flower, we blossom and then wither. Like a shadow, we flee and never stay. (Sobs)

In the midst of life, we are in death.

To whom can we turn for help but to You, Lord? You were justly angered by our sins, yet, Lord God most holy, Lord most mighty, o holy and merciful Saviour, deliver us... (Continues indistinctly)

Lord, You know the secrets of our hearts. Hear our prayer. Dr Hill! It was good of you to come. You were just doing your job for the parole board. Even Jason understands that.