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.
Lateline Business -

View in ParlView

(generated from captions) hinge on getting better

economic data. He says Barack

Obama has to make the case for

turned the struggling US economy has

turned the corner and the

Republican alternative is just

too self very. What the

President is going to have to

do is convince those voters the

Republican candidates as be the

Republican conditions will not

improve the economy, that

government has a role to play and that that role as articulated by the President

will work. The mayor

He's a Democrat. His vision is

for a local post recession comeback built on affordable housing and growth and bioscience technology and

education. It is on the areas

college campuses, there are 7

of them, where he sees the most

worrying change for the Obama

campaign in 2012. I think

there will be a big difference.

I don't think you'll soot

enthusiasm at all. We have an

orthodox Jewish grade school

near the university of

maybe 200 people at the most Scranton. Any typical election

would vote there. In 2008 1200 people voted there. I don't

think you're going to see that

this time. Brian Jones is a

former US marine independent. He's already

decided that it is time to give

someone else a go. A lot of us

are disappointed. I voted for

him also, but very

disappointed. There doesn't

seem dush if I were it write a

book about it I would title it

the hollow leader. The man

flipping his burger is Bill

Brady. His father worked here before him. He's died in the

wool Democrat and isn't about

to give up on Barack Obama. I

think it is touch and go. You

have some people that feel the

same way I do. Then have you

other people that feel he put other people that feel

us over the edge. You walk

into an economy that's already ripped apart what are you going

to do? You know what I mean?

Tim and Kathleen Bennett like

Barack Obama almost as much as

they enjoy the music of Glen

Miller. They've even met the

President when he was in Scranton campaigning last time. I

have no make up on or

anything. He said who is going

to see you? I said how about

Barack Obama. He turned around

only food on the President's and there's the president. The

plate was saved, another

customer put it up or auction

on the web. Candidate Obama

left an impression here and even

even if he isn't as popular in

2012, the Bennetts say it won't

matter. I think he's okay. The

Republican party, I don't know, I think they're I think they're all whack co.

I'm sorry, I don't think he has

any competition. The city's top

Democrat isn't nearly so sure. I think Mitt Romney is a

serious candidate. He's

Governor, he ran a the

Olympics, he ran the major corporation, he looks stable

and strong and actses like a

leader. Republicans haven't

made their pick yet. The

election still a year away, but the President's job approval

rating is about 6 points lower

here than fast nationally and most pundits regard

Pennsylvania as a must win states.

states. If he wins all win in

a squeaker. If he wins he'll

make history. For that to

happen he needs scandal scram

Scranton to power up for him again. Time for a quick look at the weather now. Showers for Melbourne,

Melbourne, Perth, Adelaide

Hobart and Darwin. That's all

from us. If you would like to

look back at tonight's

interview with Lionel Barber stories and transcripts you can

visit our website and follow us on Twitter and FaceBook. Ali

Moore will be but tonight.

I'll see you next week. Until

Captions by CSI then, good night. Closed


Business. I'm Ticky Fullerton. evening and welcome to Lateline Program is Captioned Live Good

Tonight - we're live to London

as pressure builds on Europe's

single currency. They are

supposed to be working together

to solve this crisis, but

France and Germany are at

loggerheads T doesn't bowed

well. Also on the program,

uranium takes centre stage at

BHP's AGM. Energy has lifted

people out of poverty and has

given people life and

longevity. That's very, very

real. All of the energy

sources have got issues with

them, either carbon or

radiation and so on. And

BlueScope Steel gets a first

strike from shareholders over

executive pay. Shareholders

have found it difficult to

accept some pretty challenging

targets which were met by

management on the one hand and

the poor share price and

shareholder experience on the

other. To the markets, and with

no clear direction, volumes

were low. The ooerds as

supported by big miners and

some of the banks. The ASX 200

finishing 10 points higher. In

Japan the Nikkei was little

changed while the Hang Seng

fell. Mining giant BHP is

flagging a more cautious

approach with customers facing

tougher credit conditions.

Marius Kloppers told

shareholder terse's group's AGM

in meeting that the heightened

volatility and uncertain

outlook was weighing on commodity markets. It was

just one of many and varied

issued raised at what turned

out to be a very long meeting.

Emily Stuart reports. In the

midst of a mining boom, some

shareholders are not so worried

about returns but focus on the

big picture. Uranium, climate

change and peak oil are the

frightening issues that really

a lot of older long-term type

shareholders, not the share

trader types, are getting

interested in because we're

children and start to worry about our

grandchildren. Surely they can

make enough money out of mining

every other mineral, but

uranium needs to be in the

ground. This group of people

have travelled from the

Northern Territory, South

Australia and WA to attend BH A P's annual general meeting

today. Around 30 of them have

proxy votes and that he will be

asking the board some questions

about environmental and social

concerns. Those issues

dominated today's meeting

taking up around two and a half

hours of Question Time. But

BHP says it is not contemplating changing its

portfolio and added it is the

Government's role to regulate

the sale of uranium. Energy has

lifted people out of poverty

and has given people life and

longevity. That's very, very

real. But all of the energy

sources have got issues with

them, either carbon or

radiation and so on. The world

will continue to make

choices. On Monday, the company

a produced spending $1.2

billion on the nirs phase of

the expansion of the Olympic

Dam project which mines copper,

gold and uranium. BHP Chairman, Jac Nasser says the

project has been through a

six-year exhaustive review.

The board has confidence that

if all of the functions and

parameters that we've reviewed

stay in the same place, then -

and we get total approval, then

the board will have all of the

data they need to be able to

proceed. The Board also faced

challenging questions from employees. Renee Hughes and

her family live in the mining

region of the Bowen Basin in

Queensland. Her husband has

worked at BHP for five years,

but she says inflated prices

mean rents are high, food

expensive and infrastructure is

overcrowded. We have no issue

with the drive in and drive out

workers, but they need to

provide services to cater for a

growing town. The Board says

BHP Billiton pays more than

$900 million in royalties to

the Queensland Government which

should be enough to upgrade

services. When attention

turned to the business of

mining, Marius Kloppers told

the meeting global market

uncertainty and price

volatility will weigh on

commodity markets until

Europe's sovereign debt issue

use are addressed. In the long-term, he believes the

outlook is positive. Far from a

shortlived phenomenon or a

routine boom in commodities, we

are in the early stages of a

structural shift in the global

economy that will last for many

decades. Over the next five

years, the company plans to

push on to acquire some more

strategic assets, despite recent expensive failures, as

well as investing more than $80

billion on mites being and

petroleum asset. Bluescope

Steel has become the latest

company to be given a first

strike by shareholders over its

remuneration reports. 39% of

shares were voted against the

report which included big

bonuses for executives who

presided over a billion dollar

loss. Andrew Robertson

reports. A billion dollar loss,

1000 jobs axed, a share price

decimated and no dividend.

Despite all that, shareholders

going into BlueScope Steel's

annual general meeting had

mixed views. I want to see a

management change in

management itself. I would like

to hear a positive way for

BlueScope. The company is doing

its level best, I think; but it

is a very difficult situation.

As Chairman Graeme Kraehe led

his directors in to face shareholders, he knew he was

going to have to defend the

company's dreadful performance

as well as the decision to pay

bonuses to senior second

testifies. The billion dollar

loss was blamed on the high value of the Australian dollars

as well as the rising costed commodities used in steel

making. It was BlueScope's

remuneration report which riled

investors with nearly 40% of

shares voted against it. A

prominent talking point at the

AGM was that executives had

received bonuses whilst shareholders had received

nothing. Shareholders have

found it difficult to accept

some pretty challenging targets

which were met by management on

the one hand and the poor

share price and shareholder

experience on the other. One of

those targets which contributed

to a $730,000 bonus for the

Chief Executive was successful

negotiations with the Federal

Government over the impact of

the carbon tax. BlueScope

refused to pay bonus twos years

ago after a much smaller loss

than this year and Mr Cray says

it cost the company greatly. We

had a dozen second level very

senior anarchy people in the

organisation targeted by

resource companies and left the

organisation and we took a view

if we were to take the same

approach we took two years ago,

we would risk a significant

drain of talent at a time when the business needs that talent.

That may be true, but not all

shareholders the ABC spoke to

as they left the AGM shared

that view. I believe in the circumstances it shouldn't have

been put up at all.

Meningitis when times are pad

they should toe the line too.

The management are doing the

best they can the problems

they're facing. They have to

be paid for the work they're

doing. Graeme Kraehe says

he'll be speaking to

shareholders in coming months

to try to find a compromise on

executive pay. At 25% vote against Bluescope Steel's

remuneration report next year

will see the whole board have

to stand for reelection. Off to

Europe we go now where things

have taken a dramatic turn for

the worse this week. Culminate

ing ina series of explosive

rows overnight between Germany

and France over the way out of

this current crisis. With

Italians, Spanish and French

borrowing costs climbing,

France is demanding the European Central Bank step in

to calm the markets. Gimpl is

still refusing. I'm joined now

from London and from the BGC

partner's London office by even

jer economy Howard Wheeldon. I

see this phrase coming back

again kicking the can down the

road. Yesterday the European

chief of the IMF and he was the

guy responsible for the bailout

of Greece, Portugal and

Ireland, he resigned for

personal reasons. A couple of

months ago we had the chief

economist of the World Bank a

resigning for person reasons.

Is this becoming a euphemism

for something. One hopes there

is a a degree of coincidence in

this. Like you I don't know

the actual details. Leave that

aside. The one certainly

possibly is certainly personal

reasons, the other we'll leave

open. The point is the

situation in Europe is getting

worse by the day. It should be

getting better. We're not

having the unity of purpose.

In fact, there's no unite of

purpose. Britain is pulling

one way, Germany is pulling

another way, France is pulling

in a another direction. The

Greek situation is far from

satisfactory. We have got big,

big problems here. It is getting worse and it is

affecting America as well as it

was always going to do. France

and Spain both carry out

government debt sales today.

How do you think they're going

to go? I think they'll get

part of it away but not

necessarily all of it, but they

will be paying at a rate which

is unsustainable. They can do

it for now, but it is

unsustainable long-term. We

have to find a proper political

solution for this with or

fall by the wayside. At the without some countries who may

moment, the European Union and

the Eurozone is far too large

an area to be allowed to

collapse as one. We have to

find a solution which brings

about a positive basis for

those who can move the global

economy forward, move their own

economies forward, Germany,

France, Holland, Belgium, the

northern countries, and we've

got to let I think some new

form of IMF come ECB support to

be put behind the southern base

of European countries or

Eurozone members who are

falling by the Wayside. You

sigh see that solution really

Europe and staying together as

snuch I think the EU will stay

together, but I think the U EU

I would say peaked in terms of

its political powers four to

five years ago. I don't think

think we'll have fiscal union.

I don't think we'll have full

economic union, neither do I

want it. Is certainly wouldn't

be acceptable in this country.

We could see some re verse

Saleh in reversal in terms of

EU powers in the coming months

and years. I for one certainly

hope we will. You painted a horrendous picture going

through the individual

countries a moment ago.

Italian borrowing costs are now

through again 7%. Last week,

that was going to trigger a

crisis. Why is it okay now?

Why is the market reacting how

it is? Yes. That's a very

good point. I would answer

that by reminding you that

Italy is a very different

country to Greece. Within

Italy there is a lot that the

Italian Government once it

pulls itself together to can.

There is inherent wealth there.

There's huge savings there.

This is a country that has a

economy, Greece really doesn't

have an economy. There's a lot

the Italians can do to help

themselves. They can raise

taxes, they can cut their

costs, their government costs

down by a lot, if there is the

will to do it. Under the

previous regime, under Mr

Berlusconi, there wasn't the

will to do it, but I think

generally markets believe that

Italy can do a lot more to help

itself. Do you think this

technocrat tick leadership will

solve thing in a better way

than politicians could? Yes. That's a new term of course.

governments since 1945, I If we look at Italian

haven't got the number in front

of me, I think it is well into

the 30s, you could argue that

they've existed on Coalition

Government form for most of

that time. This is just a

different form of coalition.

For Greece there really was no alternative. Meanwhile Britain

pretty grim there. Youth

unemployment past the one

million mark and the Bank of

England has slashed growth

forecasts from 1.7 this year

down to 1%. Unusually the Bank

of England seems to be a bit

behind the market curve. It is

virtually saying what markets

have been anticipating for

weeks, if not months, and

that's why if we look at the

FTE index yesterday it didn't

badly react to what the

government had said. It is

serious. We're likely to head back into a period of

recession. We have to learn

and cope with it as we've done

in previous recessions. I think we can get out of

this. Finally, one finance

journalist here went and had a

chat with a few bankers I note

and he reports back that our

bankers were saying that the

only solution to Europe was

that at some stage everybody is

going to realise they need to

build the biggest printing

press the world has ever seen

and run it 24-7 euro printing.

That would be the least harmful

way out of the problem. What

do you make of that? Of course

printing money is always a

solution. Devaluing your

currency say solution. It is

not the right solution because

we all know what it causes,ion

going inflation. There are

those out there that argue a

little bit of inflation is actually good for you and

perhaps it is, but not on the

scale that if we try and print

our way completely out of it,

devaluing the debt at the same

time as devaluing your

currency, I don't think it is

the way out. Thank you very

much for joining us tonight.

To what's been happening on the

local market earlier I spoke to

Ken Howard at RBS more gons.

Another day of very little

movement overall despite a

slide on Wall Street. Do we

take any encouragement from

that? Probably not. The big questions as far as Europe are

concerned still remain

unresolved. It was a very big

slide on Europe on the US

market. It was down the best

part of 200 points. That was

attributed to some concerns

that Fitch the credit rating

agency raised general concerns

about the US banking system

exposure to European sovereign

debt. It is an issue clearly

that global investors remain

very jittery about. By the

Australian sharemarket those time they came around to the

concerns were put to the side

and it was a pretty flat day on

the Australian sharemarket. The

Spotless group has knocked back

its $700 million private equity

bid. As would you expect? Not

really. It is the second time

Spotless has been approached in

12 months from private equity.

Clearly I'm sure the private

equity investors see a lot of

value, but the price they put

on the table was some 30% above

the volume weighted average

price of the last six months.

It clearly is an appealing

offer relative to the

sharemarket and something like

19% of the shareholders of

Spotless have actually already

signed up for the deal if it

were to spread. Dismissing the

offer out of Hannerbury the

Board is probably a fairly

short-term strategy. I'm sure

they'll have to reconsider T if

you've got 20% of shareholders if they're keen to accept

it. Watching breach on that.

What about the James Hardie

half-yearly results. What due

make of that? Positive news for James Hardie's

shareholders. It's been a

hockey road with dispute with

ASIC. The ATO and the asbestos

issues they've had to deal

with. Dividends have been

kicked off again for the first

time in four years. James

Hardie was running a share

buy-back over the last six

months but going back to

dividends is a sign they expect free cash flow to be

sustainable into the future and

therefore, to kick off that

dividend routine again would be

very well received by

shareholders and think think a

6% lift in the share price

today certainly endorses

that. Goodman Fielder had an

update on its strategic review.

What signals to the market

there? Not a lot of change in

the food Goodman Fielder share

price. Thief got a new CEO who

has been in the role for three

months. It they signalled

there's a lot of things to

consider and review. Good man

field recently raised $250

million and refinanced $500

million of debt that was due to

mature next year. The board is

concerned where credit markets

are going and where Europe is

going. Still, there's a lot of

strategic matters that Goodman

Fielder needs to see its way through. They were flagging

$100 million of cost out

opportunities over the next

four years, but not a lot of

details. A lot of work to be

done by the NCEO. Ken Howard

good to speak to you again. To

the other major movers on the

sharemarket. Aston resources

plunged 16% after its Chief Executive and chief financial officer resigned. BlueScope

Steel fell. A first loss after

excluding $500 million in restructuring costs. Macarthur

Coal lost some ground after

Peabody reacheded 30% threshold

in its take over and honouring

its commitments to give all

Macarthur Coal share others $16

a share. The property market

was still challenges. The

dollar is still hovering around

parity. It is up a little up

against the yen. On to the

commodity markets. In New York

oil has shot back over $100 a barrel for the first time since

July. More of which later.

Gold is also up. Seven West

Media as confirmed its support

for newspapers despite falling

advertising revenue. Seven's

media annual general meeting in

Perth heard the share price had

halved since the merger of

seven'ses from in West

Australian in April. David Leckie said business conditions

in the media sector were the

worst he had ever seen but it

was too early to write off

newspapers. Chairman Kerry

Stokes attributed the start

fall in the media group's share

price to the turmoil on equity

markets but said investors will

revalue the group after a debt

refinances. Kerry Stokes said

Seven West media were in strong

shape with television ratings

better than they had area been

and the earthmoving equipment

business revenue growth of 7%

in the first-half. The Environment Minister's version

of events following the Orica

chemical leak has been called

into question by the head of Orica himself. Graeme Liebelt

says he tried three times to ring Tim Palmer but he was told

she was too busy to talk. Last

week, the Minister said she'd

never heard from the Orica boss

nor can she think of her name.

Graeme Liebelt is paid $7

million a year to run Orica.

Under pressure to explain his

handling of a toxic leak in

August the chemical company CEO

tipped a bucket on Environment

Minister Robyn Parker. I

called the Chief of Staff on I

think 15th, 16th and 17th of August. I called August. I called the Chief of Staff because I was at that

time seeking to speak to the

Minister. By the time Graeme

Liebelt contacted my office, it

was seven days after the

event. Just a week ago, the Environment Minister said shed

never heard from Orica's

chief. Barry O'Farrell needs to

pick up the phone from India

and sack Robyn Parker today for her negligence in the way she's dealing with this

portfolio. The Orica boss apologised again for the

incident, but couldn't explain

or fail to answer why the

company had taken so long to

notify locals of a leak of

chromium, a chemical which can

cause anything from itchy scoin

skin to cancer. I have no doubt

that the community's trust has

beanie roaded, no doubt at all

about that. In the past three

months there have been three

spills, an ammonia leak at

recently as last week. Since

2001 the company has breached

its licence 115 times, it's

only been fined once. Orica

estimates the government

ordered shut down of its

Kooragang Island plant is

costing the company up to

400-0000 yn a week. Not only

does it want to reopen its

plant it wants to expand it so

it can keep making explosives

for the booming mining

industry. There are growing

calls for it to be shut down

for good. Resources giant

Santos has ditched plans to

build a coal seam gas pipeline

in New South Wales' Central

West. The company told a

parliamentary inquiry that it

is responding to community

angst about the project.

Santos laid blame on smaller

operators with poor practices

for giving the industry a bad

name. Brigid Glanville has

more. Coal seam gas is

expected to generate $3 billion

in royalties for the state over

the next 20 years. But farmers

want it stopped. In the the

long-term effects on land and

water are known. After

protests around the State,

today their voice was heard in

Parliament. Knowing that we

can be forced to spec Tait as

gas companies actually are

given the rights to enter our

land without answering

questions about the long-term

expects of their actions,s that

dis dismayed entire

communities. Farmers own

what's on top of the land, but

the state owns what's

underneath. Mining companies

have the right to explore any

property for resources and this

is the main issue. Santos says

it doesn't force farmers for

access. We won't barge our way

on to people's properties. We

believe the majority over time

will see that we are a good

operator, that we're a member

of the community and we can do

it safely. Farmers say

companies like Santos are rare.

I commend those industry

leaders for taking that

approach. But we have to

remember that there are still

another 17 licence holders in

NSW who haven't. The NSW

farmers want the government to

place a moratorium on any further exploration until

guidelines have been

established that look at things

such as access to properties

and the long-term effects

drilling may have on water. Santos stopped short of

supporting a moratorium but

announced it is a ban being

plans to build a 272 kilometre

gas pipeline through the

Liverpool Plains. Farmers hope

it is the first of many back

Down downs. Before we go a look at what's making business news

in the overseas newspapers.

The Financial Times says US

crude oil futures sprang back

above $100 a barrel on plans to

reverse a key pipeline that

would reconnect the supply of

West Texas ind media to demroeb

market. As US oil a gush of

supply has depressed the price.

The pipeline will start pming

those price to the coast. 'The Wall Street Journal' says

European banks increasingly

concerned access funding are

devising potentially risky new

deals that sthabl them to

continue borrowing from the

European Central Bank. The

banks move which include behind

the scenes of swapping of

assets between financial institutions could heighten

risk across Europe's fragile

financial system. The John

Daly has 'Daily Telegraph' the

US economy will come to a stand

still in the next situation

months raising the prospects of

a second downturn. That's all

for tonight. You can watch

'Lateline Business' Monday to

Thursday 8.30 each night on ABC

News 24 as well as after

Lateline on ABC1. I'm Ticky

Fullerton. Thank you for

watching. Good night.

Closed Captions by CSI push

This Program is Captioned


Hello. Welcome to Parliament

House in Canberra and to a day

of history for the Australian

Parliament. An address to both

Houses by the President of the

United States of America,

Barack Obama. The fourth US

leader to speak to members and

Senators. The special sitting

included speeches by the Prime

Minister Julia Gillard and the Opposition Leader Tony Abbott.

It began with a welcome by the

Speaker of the House of

Representatives, Harry Jenkins.

I invite members and Senators

to take their seats. On behalf

of the House, I welcome as

guests the President of the Senate and honourable Senators

to this sitting of the House of

Representatives to hear an

address by the honourable

Barack Obama, President of the

United States of America.

Honourable members, honourable

Senators, the President of the

United States of America.

Please be seated.

Mr President, I welcome you

to the House of Representatives' chamber. Your

address today is a significant

occasion in the history of the

House. I welcome guests who are

with us in support of the

President's visit and other

guests who are present in the

galleries. On behalf of the

Parliament, I extend a very

warm welcome to our visitors.

The Prime Minister. Mr Harry

Jenkins, Speaker of the House

of Representatives, Senator

John hog, President of the

Senate, the honourable Tony

Abbott, Leader of the Opposition, honourable members of the Australian Parliament,

distinguished guests one and

all. Mr President, in March

this year, I was the fourth Australian Prime Minister to

speak in your people's

representative house. Like

Prime Ministers mens mensices,

Hawke and Howard, each of us

received as an ally and a

friend. Today you are the

fourth American President to

speak here. Like each of your

predecessors, you come here as

a friend and as an ally as

well. Mr President, welcome to

our Parliament. You meet us as

your predecessors did, a people

enlivened by a spirit of

confidence and resolve. As

friends, we recognise the same

spirit in the nation you lead,

or as you would no doubt

express it in your famous

words, yes, we can. As allies,

in this year of anniversaries,

we recall that spirit in so

much we have done together in

the years we have shared. A

spirit we showed in 1941 when a

terrible Pacific war began

which tested us both deeply and

cost us both so much. But in

which we ultimately prevailed.

A spirit we shared in 1951 when

leaders from both our nations

imagined and then brought about

a new future for us in the

world as allies, not just as

friends. And a spirit we felt

deeply on September 11th when

we began our fight together to

deny terrorism a safe haven and

to bring justice for

terrorism's victims. Justice,

Mr President, which was delayed

but which this year could not

be denied. Mr President, as allies, we look forward always

and this is a year in which we

have made plans for a future

just as great. A year in which

we have drawn on the confidence

and resolve we share knowing

that, together, we can prevail.

Confident we can secure our own

nations and cooperate for

peace. In Afghanistan, where

together we are seeing the

mission through to transition.

In our region, where the

expanded cooperation we have

announced will see our alliance

remain a stabilising influence

in a new century of regional

change. A new step agreed on

your visit here, but more than

a new step for our two nations,

it is a renewal of our alliance

itself. And, Mr President,

confident we can create jobs

and restore global growth. At

the G20 and APEC in our

decisions to forge an ambition Trans Pacific Partnership. In

our discussions here on the

prospects for trade and at the

East Asia Summit this weekend

where we will work together to

keep the doors of trade open so

the whole of the world's

economy grows, creating jobs

for all of the world's people

including our own. Confident we

can secure clean energy and

combat climate change too.

Working together, taking our

part in global action,

encouraging tariff cuts in

environmental goods, promoting

energy efficiency and sharing

plans for low emissions

technologies, and each of us

driving change at home. Mr

President, the resolve and

confidence of our two nations

has always served a high

purpose. Since its founding in

1951, ours has been an alliance

for a secure future, but it has

always been more. Our alliance

was anticipated a decade

earlier in the judgments of an Australian Prime Minister and

the resolve of an American

president and the partnership

between us is still deeply

imprinted with the personal

character and public ideals of

those two great men. For it has

never been simply a treaty to

defend our interests or to

protect our territory. It was

then, and it is now, a

friendship dedicated to the

values we share in the life of

the world. Mr President, in

Perth, there is a library

dedicated to the memory of my

great predecessor John Curtin,

our great war-time leader, the

man who looked to America

without any pangs. There you

find a book given to him during

his visit to the United States

in 1944. Prime Minister Curtin

and President Roosevelt met as

leaders of two great nations at

war, but as two great leaders,

they looked ahead to the peace.

Curtin returned to his country

with much more than a plan for security. He brought back, and

kept as a treasure, an

illustrated book, an edition

dedicated to President

Roosevelt's four essential

human freedomes - freedom of

speech, freedom to worship,

freedom from want and freedom

from fear. Freedom for which so

many diggers and GIs died,

freedomes on which Roosevelt

and Curtin were working on that

final day. We are true to that

charter still, to peace and

security, jobs and growth, with