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(generated from captions) helped America helped America and her allies

from defeat. Today a small group of vet watch a re-enactment of the landing. North Asia correspondent Mark Willacy

reports from Incheon. At

the invasion began. 15 seconds

before the marines hit the

beach, the bombardment was lifted. Audacious, brilliant, lifted. Audacious, brilliant,

stunning - the Incheon landing

behind enemy lines turned the

tide of the Korean war, pushing

Communist troops all the way

back to the Chinese border. It would be General Douglas

MacArthur's last great success,

a gram bell which would break

the spirit of the North

Koreans. It was a masterpiece.

It was a marvellous piece of

work. He was a brilliant man,

brilliant man. The landing was an unqualified success. It was brilliant. It was brilliant,

but Macah thour gambled on

that. He gambled 70,000 men on

that one operation and he could

have lost two-thirds of wouldn't have survived. It's them. If we didn't come, they

unreal. It's beautiful. Six

decades after taking part in the so-called forgotten war, these Australians have returned

to the Korean peninsula as

guests of a grateful government

in Seoul. When these men fought

here, this city was in ruins.

Today it is a monument to the

capitalist cause and the

resilience of its people. Oh,

it was people. I think they could crawl

what they've got. You must take

your hat off to them, you

must. By the morning of 16

taken September, Incheon had been

taken against light

resistance. But without the

Incheon landing 60 years ago today, this peninsula could

have been united under the

Communist banner. 13,000

soldiers stormed ashore that

day, surprising the North Koreans

Koreans and taking back Seoul.

John Gubbins was part of anti-submarine unit on board

HMAS 'Bataan' that was part of

the fleet. The logistics was

mind boggling but yet they done it, they done T it was so huge

the landing, we were only

little cogs, grains of sand in the whole big operation. During

their visit, these old sailors

got to catch up with another

Australian veteran of Incheon,

HMAS Warramunga, not the incarnation. Before they even reached the gangway, they were

lauded by the locals, in case a South Korean

Admiral. The Republic of Korea

is founded upon the is founded upon the sacrifice

and devotion that you have

offered. Thank you. More than

17,000 Australians fought as part of the United Nations

multinational force in multinational force in Korea.

340 died. 1,200 were wounded,

among them Keith Hazel, hit

an arresting wire on the

carrier 'Sydney', he was almost

killed. The padre was giving me

quite agree the last rites and I didn't

quite agree with him. I believe

I said some nasty words to

him. These days, nasty words

are a matter of course across

the border between the two

Koreas. Six decades on the

veterans came to see the thin

red line which is supposed to

keep these enemies apart. Within a few kilometres

of this demilitarised zone there are there are already a million

battle North and South Korean

troops and also thousands of

rockets and artillery pieces.

For these veterans it is a stark reminder that the war

they fought in so many decades

ago is still not over, at least

officially It does worry me. I

hope I can live to see it

reunited, I really do, because that's what it was all about. 450,000--odd graves up there.

That's tremendous, isn't it.

I You think was it all worth it?

come cheap. The sinking earlier

this year by a South Korean warship by a North Korean

torpedo once again pushed

peninsula towards the brink and

many believe it's along the

disputed sea border where war

could again erupt. Today just

south of that maritime border

old allies staged a

re-enactment of the Incheon landing. Through the smoke, land ing land ing s charged towards the shore. Nestled amongst the

armada was HMAS replaying its role Like I've

been reborn again. I didn't see

I would ever see it

again. Today's re-enactment was

seen by many who fugt under the banner. It was Douglas MacArthur who said "old

soldiers never die, they just fade away." Something I

thought I would never see again

in my lifetime. It was

been a blast from the spectacular. Today may have

been a blast from the past, but

on the border of the peninsula,

a real battle remains. Time for

a quick look at the weather:

That's all from us. If you

would like to look back at tonight's interview with

Alexander Downer or if you want any of Lateline's transcripts,

you can follow us on the website.

website. See you again tomorrow

night. Goodnight. This

Program is Captioned Live. sh

Good evening and welcome to latline business, I'm Brigid

Glanville. Tonight, paying for

a greener future. The head of BHP Billiton

escaping the cost of acting on BHP Billiton warns there's no

climate change. There really is

no easy answer. All of us who

care about this issue need to

recognise that making a difference price. Once bitten, consumer difference comes at a

confidence slips amid fears of

a second glow gallon financial

crisis. The fresh memories

they have potentially losing

their jobs and the fact they have high levels of

debt. Taking on the loan

sharks. The big banks venture into dangerous waters consumers struggle. High cost,

short-term lending really is a

form of sub-prime lending, the

extension of credit to those

who cannot afford to borrow. To

the markets: the All

Ordinaries made good gains and

was up 36 points.

The chief executive of BHP Billiton has easy way to tackle climate

change N a speech in Sydney,

devoted almost entirely to the

issue of carbon emission,

Marius Kloppers said a single

carbon trading system is not the answer. He called on the

government to avoid the

temptation to see a price on carbon emissions as a new

source of revenue. Andrew Robertson reports. Federal

Labor has just paid a heavy

political price for backing

down on its 2007 election

commitment to tackle climb mate

change. Marius Kloppers

believes also will pay a

action is taken soon. A global initiative will

eventually come and we do

believe that when it does come,

Australia will have needed to

act ahead of it coming in order to maintain its competitiveness. Mr Kloppers

believes the fight against

climate change must start at a local level, slowly expanding

to the global initiative he

talks about. In Australia's

case he cites the heavy depeen

dense of coal for power and it

is time to look beyond is time to look beyond coal for other sources other sources of energy. We

need to anticipate a global

price for carbon when we take

decisions of long dated impact.

The decisions we take now on

power production will still be with us long after a global

price for carbon is finally in

place. In Australia's reshaped political climate, the newly

powerful Greens will be pushing

hard for big targets to reduce

carbon emissions through a variety of market mechanisms. The single Imam encompassing

the sometimes academically

elegant economics surrounding

it is not the solution. What is the solution according to

Marius Kloppers is a multi

facet add approach which as

well as a price on carbon includes regulations and

pricing measures across a range

of areas to modify business and

consumer behaviour. It is a

task he concedes will take

courage from politicians. No government relish telling

consumers need to cost more.

Through higher and more

expensive standards, double and

triple glazing and through higher In this case there really is no

easy answer. All of us who

care about this issue need to

recognise that making a

difference comes at difference comes at a price.

And it cannot be glossed

over. On the subject of price,

Mr Kloppers says the public

won't buy into the concept of a

price on carbon if it is just

seen as another tax. seen as another tax. He believes it is crucial that all

revenue raised is returned to

the community. For example,

through reduction in company taxes, personal taxes indeed, a block grant to

individuals at the lower end of the socio-economic spectrum.

Not surprisingly for the head

of Australia's biggest exporter, Mr Kloppers also

believes trade

industries should have a

missions costs rebated until all their competitors are

operating in a world of carbon

pricing. If they don't, he's concerned BHP Billiton will

become uncompetitive. He also

points out that heavy polluting

industries will gravitate to the countries with the most

carbon friendly regimes with no

net reduction in pollution. Australia's competition watchdog, the watchdog, the ACCC, has again

delayed its decision on Rio and

BHP's proposed 116 billion iron

ore venture in the Pilbara.

The world's second and third

own or miners have been wath regulators decision. A

statement said the delay was at

the request of the companies so

they could have further

discussions with the overseas

regulators and provide

additional submissions to the

ACCC. More than 80 per cent of Australian households believe

their financial situation will

improve or hold steady over the next six months. That's the view of Australians surveyed by the

Commonwealth Bank. Its chief

economist Michael blooith joins

me in the studio. This this time around you decided to have

have a look at the impact on

the mining sector. Why did you

choose to focus on that area?

What was the out sized nature

of the financial transactions

occurring in those mine pg

regions. We know how important

that mining story for Australia

is we decided to have a closer

look at it. When you looked at

it, you looked at a number of

different areas. What sort of areas, if you look at salaries

within the mining sector and

other people that live in those regions. Everything about the

meaning story is big including

the salaries. In our survey

one extreme that remote area northern Western Australia

mining salaries are 1.6 times

the national average. Once you

move beyond mining there is a

bit more of a divide there.

You step down to the essential

services in the retail areas,

what you're get something a

group of workers earning half

to a third of what they are in

the mining sector. Very wide diversity there. Did go on to talk about the mining

sector and the impact it is

having on these regional communities. Yes. One of the things we're particularly

interested in how does this

mining boom spread through out

the Australian economy. While

the incomes were being earned

in these mining areas a lot of

the spending was being done

somewhere else. Looking at northern Western Australia, 78 per cent of the income earned

there is being spent in Perth,

Adelaide and so on. That's one

of the ways the benefits of the

binding boom is spreading through out the Australian

economy. Is that because of the

fly in fly out nature of the many of the meaners. exactly the case. In Central

Queenslander there's I much

wider base, we don't see that

fly in fly out. Much larger

proportion of the gains remain

in the local community. Better than 60 per cent in that

case. In the survey did anyone

raise the concern or does the Commonwealth Bank raise the

concern about a mining bust or concern about a mining bust or the possibility of it? What

that story really underlies is

how leverage we're to the

China's story and the

commodities story and the income flows that are

generated. At the moment the

China story looks very

encouraging and I think there's

plenty more to come on that

front. We can see the income

through our measures. We can

see the capital spending that's tied in with that income demro

as well. That's putting as well. That's putting a

certain base level of growth into the Australian economy

that looked to be that looked to be pretty much locked in for this year and

next. What happens to those

mining towns currently relying

on that boom? That's the

sharpened and you get the

benefits on the way up but certainly are

certainly are more exposed on

the way down as well. Those

regions with that broader

economic base again they're

obviously better placed to deal

with that situation should with that situation should is occur. The survey overall found

more than 80 per cent of Australian households are

confident that their financial

situations will improved or

hold steady. That's despite

the latest consumer confidence

figures out today that show a

drop. What our survey is fleekting most people are confident about their

employment prospects. We've

seen very few people in our survey worried about losing

their job and that strong Labor

backdrop is colouring things about current circumstances. What about the levels of debt

concerns have subsided we've

seen increased worries about

housing costs, rents and

mortgage payments as well.

There is still an underlying

level of concern about household budgets. Did they

talk about at all the

respondents to the survey about

their own consumer confidence

or spending habits? There's a

fair degree of caution there on

the consumer side. People are

certainly very positive about

their prospects. There is

quite a regional divergence

coming through. Queensland

tends to be running a bit the national average in those confidence levels right at the

moment. There's a strong male

female divide in those confidence levels. There are concerns evident about the

ability to withstand any financial shock that might

along. Do you know why

Queensland is much lower in the

confidence levels compared to

WA and not just looking at the

fact maybe WA has a larger mining community. That was a

surprise given how exposed

Queensland is to the mining

story. You're seeing some of

the negatives from that mining

story coming through. The Australian dollar is where it is at the moment because of

that mining story. It is very important in Queensland,

less so in WA. What did this

survey show about the broader

economy overall. It suggests

the economy is doing pretty well. We certainly expect that

to continue. That income flow

generated by this commodity

boom is flowing right through

the Australian economy. It is

boosting incomes. It will

boost spending and support a decent rate of growth, we

think, this year and

next. Thank you for joining us tonight. Thank you. The

lead-up to Christmas may be

tougher than expect forward

retailers with consumer cover

difference falling

unexpectedly. After two months of sharp rises, measure of confidence has slipped on concerns about the

global economic outlook. The Australian dollar has avoided

the malaise. Simon Palan reports. Consumers have plenty

of reasons to feel optimistic

on paper. Steady interest

rates, good recent jobs data,

improvements on equity markets

and a rest lution to the political uncertainty. practice it is it is a practice it is it is a

different story this month.

The sentiment index for September has fallen 5 per

cent. I think there is a

degree of consumer caution all

around the world now and obviously related to the

aftermath of the global

financial crisis. The fresh

memories that they have of

potentially losing their jobs

only a couple of years ago. The fact that they do have

higher levels of debt. In the survey of 1200 Australians survey of 1200 Australians the

greatest weakness came in

response to questions about the

economic outlook. The index measuring expected economic fell by more than 7 per cent.

It is seen as adding weight to

the argument that the veer of

bank should raise interest rates

rates any time soon. I think things are still quieten with

us. We saw in that long period

of consecutive rate hikes coming from a very low base

that really did have an impact

on the consumer. We saw a very cautious consumer and we saw the retail sector really

struggling. I think an early

return to rate hikes would have

that sort of effect again. I

believe that we can wait until at least early next

for consumer sentiment is a

rising Australian dollar and

overnight the currency sored to

levels not seen for two years.

The dollar touched a The dollar touched a peak of

94.57 US cents, climbing almost a full cents in the minutes

after midnight. That's part of

more generalised weakness of

the US dollar, so the

Australian dollar has been

higher but most other currencies

currencies have been higher

against the US dollar as well. The US dollar weakness

comes after rumours the Federal

Reserve is about to

buying one trillion dollars of

Treasury bonds this year. It aims to

aims to spur growth in the US

economy. The blood of US

dollars in current... People are concerned about paper

currencies. They want to see

hard assets. We're seeing that

across Asian. Asian buying.

We're seeing investment funds going I don't really know

what's going to happen with the

global economy, but I'd better

just buy a little bit of gold

and put it my portfolio . US gold prices hit a record high

overnight rallying to $1275 an

ounce. Good news for ounce. Good news for gold producers like Kingsgate

couldn't some dated. Gold goes

up and M&A activity, it

inspires investment bankers and hedge funds to get in behind

that sorry. Kingsgate will

either grow rapidly or the it's

got a target on its back. It's

not only private investors to

piling in gold. The price was

boost bid predictions central

banks will be net buyer of

bullion for this year for the

first time in two decades. For

a look at today's markets I spoke to David Halliday from Macquarie

Private Wealth. Thanks for joining us this evening. No problem. There was a broad based

based rally today. What were the main drivers?

interesting. The market was a bit bit fatigued yesterday, it

looked like it had run out of puff,

puff, we hit a four month high.

It did look again it was new

money coming into the market.

It wasn't money switching from

one sector to another. It is just this positive economic situation. It doesn't look

like the US is going to have a

double dip. Asian economic

data coming out is pretty

has been very strong. It does

appear people are very much

over the fact we're going to

interest a double dip recession

and on that basis equities look

good. Interesting was the turn

over, $6 billion changing

hands. That's up around the

sort of levels would you see

the market firing. Pretty encouraging signs all around. We reported last night

that NAB has terminated its bid

for AXA Asia Pacific. That happened after the market

closed. Has there been any

reaction today on the

stockmarket? There certainly

has. What you reported is the reason why the today and they were up around

72 cents or 3 per cent at

$25.94. It is just the

market's relief, if you like,

there's no longer a $13 billion take over hanging company. There's the

acquisition risk and all those

things the market would have been factors into the share price prior to this and also

the fact maybe the company

might have had to go out and

raise some more money, that's

NAB. A all those things are

relieved. The bid has been

dropped officially and the

market responded positively.

AXA held up pretty well too. Some rumours are circulating

AMP might have another look at

AXA. Maybe they'll have another look at it now. Origin

Energy has announced plans for

a joint venture hydro electricity plant in Papua New

Guinea. Has that sparked

interest today? Quite the

opposite. It sparked selling.

The shares were down 17 cents

or 1 per cent. The best word

to use is probably fanciful.

There's a lot of big terms used

in the announcement. Multi-billion Multi-billion dollar investment, Papua New investment, Papua New Guinea, undersee cables supplying

electricity to Australia. The

market said at the moment that's far-fetched and there are a few

things in there that make us a bit nervous. Any one of

multi-billion investment in PNG is enough to unsettle people and that's why and that's why the share price

fell. What sort of reaction fell. What sort of reaction has there been with gold stocks here in Australia? As would you

you expect, the reaction has

been positive. The biggest company in the marketer in,

Newcrest had a 50 cent gain to

$39.50 in round figures. It's

record high was $40 so it's

knocking right on the door

after I record high. If it wasn't the fact the Australian

dollar has so strong it an have

broken through to Australian

high in Australian dollars term. term. When inflation is a

problem and people have other

concerns about the economy,

none of those appear apparent

within the equity market going

up, positive economic data and there doesn't seem to be there doesn't seem to be huge

signs of inflation globally.

It is interesting to watch the

gold price go up. It does

appear at the moment it is a momentum

momentum trade a juggernaut and

people want to be part of it,

but too the action hasn't just

been at the big end. The

has had a real boom. It's been

almost a frenzy in that space

as explorers produce as explorers produce good results. More importantly,

consolidation is a theme for

those mid-and those mid-and juniors. It's

been an exciting sector for the

past month or two and looks set

to continue for a little time to continue for a little time

yet. Thanks for talking to us

tonight. To the other major movers on the local sharemarket. Commonwealth bank

wants too increase its stake in Vietnam international bank from

15 to 20 per cent and moved up 20 cents today.

Turning to currency markets: On to the commodity markets


Consumer groups are calling

on the government to extent an

interest rate cap on short-term

loans in an attempt to shut

down dodgy loan sharks. alarming number of Australians

are taking out high interest

short-term loans in order to

pay for every day expenses. The Government is looking at ways

ways to control the industry

but the big banks are showing

an interest in the market. Emily Stewart reports. Emily Stewart reports. The big

banks are on the hunt for loan

sharks and are wading into the

murky waters of

loan market We think we have a

role to extend finance to

people who normally can't

access it but do it in a

sustainable way, but be part of

the debate that says this is not the right practice. With

interest rates of up to 700 per cent, short-term loans are being taken

being taken by half a million

people each year with many

using the money to pay for

bills, rent and food . High

cost, short-term lending really

is a form of sub-prime lending.

The extension of credit to

knows who cannot afford to borrow. Industry regulations

were tightened in July when

ASIC set out national

responsible lending

requirements for all non-bank

lenders. But consumer groups

want more to be done to protect

vulnerable borrowers. What we

would like to government to do

is bring is a comprehensive

interest rate cap which limits

the price of consumer credit in

Australia to 48 per cent APR as

an absolute maximum which would

mean a lot of these products simply wouldn't be

available. Last financial year

the biggest short-term lender,

cash converters, lent consumers around $150 nil on, way up from around $150 nil on, way up from

$11 million in 2002. There has been some

been some growth for a number

of reasons, not least of which we've established ourselves as

legitimate and trustworthy

lenders. The national financial services federation doesn't

believe a cap will work, saying

interest rate caps do not

address the real market

failure, debt spirals. It is maths

maths 10 is. The big banks say

they support the cap and are

providing their own products

with interest rates of 14 and 28 per cent to pull customers away from non-bank

lenders. What we're really

trying to top into here are

people who find it very

difficult to access finance from a bank, for example, from a bank, for example, and are then going to fringe

lenders who really end up

charging them very high

interest rates and they end up getting caught up in getting caught up in debt that

they cannot manage. They say it

is a community service but it

needs to be commercial to

survive. Some of the work that

we are doing is to say how can

you actually provide loans like

these at affordable interest

rates but also sustainable interest rates, such that at the end of the day it maybe

it's break even or very small

amount of margin. A NAB report

into fringe lending found that for the

for the lender to break even on

loans between $1,000 and $5,000

an annual percentage rate of

almost 33 per cent is the

minimum required. The national financial services federation

chief executive, Phil Johns,

says bottomline, it's a great

spin job by the NAB and others,

but I express they aren't

providing or creating an alternative lending product for

our industry sector. too are reticent to relax lending criteria with another

NAB report into their own small

loans program finding 94 per

cent of applications between

April and June this April and June this year were rejected leaving little help

for people in urgent need of a

urgent loan. Graham Bradley was

at the National Press Club

today to outline the organisation's concern about

the new Federal Government. He the new Federal Government. He

said the business council felt

short changed by the recent election campaign by both the

policies put forward and the quality of the debate. With a minority power sharing he's called for a re focus of goals where there

was already broad was already broad agreements,

such as tax reform and the need for better infrastructure. With

strong terms of trade falling unemployment and rising workforce

workforce participation, it is tempting for governments to

ride on the short-term rather

than doing the hard work of explaining the reforms that are

needed for the longer term. He

said it would be best to go

back to the polls if the

current opportunities couldn't

be capitalised on. Now a look

at tomorrow's business diary.

Before we go, a look at what's making business news

overseas. The world street

journal says the Japanese government has jumped into

currency markets for the first

time in six years to try to

stem the yen's sharp rise.

London Financial Times says the world's biggest future exchange world's biggest future exchange

came mistakenly placed orders

on the metals market as it was

undertaking a quality procedure. Before we go,

that's all for tonight, can you

watch Lateline Business Monday

to Thursday at 8.30 each night

on ABC News 24, as well after

Lateline on ABC1. I'm Brigid

Glanville, thanks for your

company, good night. Closed Captions by CSI.


WOMAN: That's not very flattering, is it? MAN: He's dead. I don't think he really cares. Well, how'd he die then? Gunshot wound to the chest. See the trail of blood? Oh, yeah, that's gross. I walk up those steps every morning. It was a drive-by. Looks like a shottie.

See the bullet spray? Yeah. Look at this poor bastard. Probably just out for his morning smoko. See the cigarette? Mmm. He's got his apron on. Look. Here's his mate. Used to be a butcher shop there. See? Yeah.

This block must've been in the watch-house overnight. What's a watch-house? Lockup! Wallet and watch on the ground next to him. What about her? She looks like she got lost on her way to a birthday party. Present's been opened. Can you see what it is? Nah. Too far away. Make sure you get the police report for this one, alright? It's going to be the centrepiece for the exhibition. Oh, make up your mind, Richard.

We've already got five centrepieces for the exhibition. It's 10 o'clock, by the way. SHOP BELL RINGS I think he'd like a wooden frame. MAN: The mahogany's always a classic choice. I think he'd rather the pine. This one? No, the one beside it. Perfect, that's the one. Well, there are others. There's the cottage... Careful, Glen.

Oh, sorry. Sorry. of his childhood. They're the only ones he has Let's go with the pine. I think he'll like that. Yep. Yeah. Pick them up tomorrow? Thanks. See ya. Thanks, Glen. SHOP BELL RINGS ALARM SOUNDS It's OK. I work here. Used to work here. You'll need a barcode. It's part of the refurb. It's a security upgrade. OK. Coming back to Homicide then? I'm just seeing someone. That's a weird middle name.

How do you say it? PHONE RINGS Martin. Front desk. Yes, that's right. OK then. BEEPING G'day, mate. G'day, Wayne. How are you? shit around here. Jeez, bloody reception's No-one can use their mobiles. you were hanging around with? How's that hairdresser the job. Karen? She didn't understand

Yeah, it's alright for you. Oh, yeah? Where are we going? They said it was down here... They've relocated the psych's office. There's nothing wrong with you. Oh, that's fucking bullshit.

Mate, it's not optional. And I'm late, so... PHONE RINGS Rob, how are you? the layout isn't the only thing I reckon you'll find they've changed around here. Hurry up and get back here, mate. Make a shithouse coffee. I miss my partner.

(English accent) Yes?

Um, I'm Richard Treloar. with the new psych officer. I've got an appointment Juliet Moore. I'm his replacement. Take a seat.

the last session before my review. So, this...this is meant to be OMINOUS MUSIC So... Tell me why you're here. for three months. Look, I've...I've been seeing Hugo

all over again. I'm not going to start all this immobilised in the line of duty It says here that you were of a police informant. and witnessed the murder apprehended the perpetrator. I see that you eventually That's one way of putting it.

before he was taken into custody. OK, got rough with him Yeah, I was gonna kill him. I was going to kill him.

about what happened now? And how do you feel (Clears throat) from regular duties, I see that you've been suspended so where have you been reassigned? in the file there, alright? Look, it should all be I'm working the museum. What? Like dinosaurs and shipwrecks? The police museum. Oh. What do you do there?