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(generated from captions) years of writing the editor are

preparing for a backlash over those left out. Anne Maria

Nicholson reports on the book

with a potential to ignite

1,000 arguments. Paul Keating

is in, Gough Whitlam

Robert Menzies in, John is in, Gough Whitlam out.

Howard's out. And that's just

the policitians, included and excluded in excluded in the Anthology of

Australian Literature that will

have all book lovers arguing

the toss about the worthiness

or otherwise of the 300 who

made the final cut. We define

literature broadly, it's not

just poetry, fiction and drama,

but every kind of writing. but every kind of writing. One

of the strengths of Australian

writing is in those letters and

diaries, and journalism, and

even political speeches where

someone says something that

really, you know, makes your

handstand on end or makes you

laugh, cry. Nicholas Jose

oversaw the editing of the book

covering two centuries of

Australian writing, costing

$1.5 million, money from public

and private purses. Every

reader will have a favourite

author who is not there, I hope

every reader has one favourite every reader has one

that is there, and maybe they

discover a new favourite from

some of the others. Many of the

greats are included from Banco

patter son, Tim Winton, Patrick

White to Germaine Greer. Miles

Franklin to Thea Asley, those

looking to names like Ruth

Park, Ion Idriess, Colleen

McCulloch will have no luck.

They may be surprised to find

humourist John Clarke and humourist John Clarke

Michael Leunig. Humour is a

strength of Australian writing

throughout. If you ask who are

the great humourists of now,

using language, John Clarke using language, John Clarke and

Michael Leunig are two that,

you know, come near the top of

the list. While there might be

doubts about some of the

choices there is certainty that

this anthology is a this anthology is a publishing

landmark and was accorded a

vice-regal welcome. A

touchstone and milestone of our

literary landscape. The

Governor-General told the

access why she thought the book

was a landmark

publication. Extraordinarily

important. We couldn't possibly

overstate its significance and

its role in telling us what it

means to be Australian. Our

history, our ideas, the

characters, the landscape, our

spirituality, every aspect of

our lives. Any anthology

attempting to cover 200 years

of Australian writing is going

to put some noses out of joint

by who it puts in and who it

leaves out. What is your

reaction to the anthology. I

think what it will do will be

to stimulate a new interest in

Australian literature, for

those of us familiar with a lot those of us familiar with a

of it, it will get us reading

again. I have certainly learnt

about many authors that I

haven't read before. But I

hope, too, that it will make an

enormous difference to reading

in our communities, our

universities, our schools, and

bring to people that richness

and enjoyment and enhancement

of our lives that comes through

those stories. The beauty of

the words, and the description

of us as Australians. There's a of us as Australians. There's

lot of indigenous writing in

the anthology, do you think

this redresses the so-called

black armband view of history

that polarised Australia. Oh,

that's terribly important. I

think that's one of the great

contributions, brings us new

unconsciouses, awareness,

knowledge and - understandings,

awareness, knowledge and voices

from right across Australia.

The anthology is about to be

released and the arguments may

well be about to begin. Well,

we seem to have sorted out our

technical problems, we'll turn

to London and the interview

with the writer Tariq Ali,

sorry, sir we lost you in space. You were saying before space. You were saying

we were cut off that one of the most disturbing figures you

came across in researching your

last book on Pakistan was the

height of the average Pakistani

is declining due to

malnutrition, that's

extraordinary in this day and

age. It is totally

extraordinary, and it is, you

know, an indication that

Pakistan's rulers, military and

civilian really live in a

bubble world, running a state

and doing little for the every and doing little for the

day lives of the people, and

the surprise is despite this so

extremism or anything like few people turn to religious

that. I mean, I travelled to

that country regularly, all

over it, the big demand of the

people is for food, for

education, for health, for

shelter. Last week in one of

the largest cities in the

country, Lahore, in incredibly

hot temperatures, there was no

electricity for over eight

hours. Now this is a country

without an infrastructure, and

spending enormous amounts of

money and being encouraged to

spend more on military expenditure is really not doing

the trick at all. In terms of

religious extremism which you

mentioned and the efforts to

stamp that out. On a regular

basis we hear in the news about

US military strikes into the

Pakistani tribal areas along

the Afghan border, what effect

is that having an Pakistani

nationalism. It is stoking it,

and with good reason, I mean

when the American President when the American

Barack Obama, the very day he

stood up at a press conference

and mourned the death of an

Iranian woman killed during the

recent repression in Tehran,

that very same day US drones

killed 60 civilians in attacks

on Pakistani villages, many of

them women and children. Now,

you know anyone with some intelligence would understand

that this sort of activity

stokes anger, fuels despair,

creates a mood of revenge and

bitterness in young people who

lost relations, who say, lost relations, who say, "OK,

we are going to fight back",

and they do it, it's a vicious

cycle. Until and unless the

West develops an exit strategy

to get out of the region

quickly the situation could get

worth. The #1k6 nagga zeen -

the Conservative magazine

standpoint says the country

blames everyone for the woes,

how do you respond. Cabin that

reads my books know I - anyone

that reads my books know I

delve deepering eer. The United

States has ran this country for

a time. It's a problem. I blame

the policitians that could have

brought about change, and

didn't. One can't ignore the

fact that the United States is

the world's single empire at

the moment, that what it says

is accepted by many countries

without question, including

Australia and Britain and other

countries in Europe, so this is

just a fact that we have to contend with. There are many things for which the United

States, of course, is not to

blame directly, and these can

be laid on the shoulders of the

people running Pakistan, who

are the most callous and

corrupt elites in the world today's. Let's turn to today's. Let's turn to the

Middle East. What do you think, overall, of the Obama

Administration strategy to try

to win peace between the Israelis and the

Palestinians? Well, it's well

intentioned obviously, and it

marks a step forward compared

to Bush and Cheney, but the

Israelis have already said Israelis have already said that

Obama Administration's demand

that no more settlements be

built on illegally-held

Palestinian territories is

unacceptable, that they are not

going to accept this advice

from the United States, they

are carrying on building settlements, Binyamin Netanyahu

has attacked some of Obama Administration's advisors of

Jewish origin as self-hating us

Jews. The United States can't

just talk, something has to be

done. The more time passes, the

more it has to become obvious

that a two state solution is

not going to work. What will be

left to the Palestinians is

tiny little enclaves, and

battle stance, and sooner or

later in that region you need a

single state with equal rights

for Jews, modderates,

Christians, whatever else, that

is the way things should be

moved forward. It seems utopian

at the moment given the state

of Israel and the right wing

Government, but that is the

direction in which all genuine

friends of the Israelis should

be pushing them. What is the

path to that. The path to path to that. The path to that,

I think, is for the United

States, which regards itself as

the closest friend of Israel on

the globe, and the European

Union, have to say to the

Israelis, either you pull Israelis, either you pull back

to the 67 frontier, stop the

settlements, or we are going to

impose sanctions, and I think

the sanctions in the case of

Israel, which is heavily

dependent on US subsidies would

bite, a campaign for boycott,

divestment and sanctions like

the one mounted by activists

with the apartheid regime with the apartheid regime in

South Africa has been started

in Israel, it's having a minor

impact. If they were taken up

by states, I think the impacts

would be dramatic. How likely

is it that the US would ever

impose sanctions on

Israel? Well, it seems

unlikely. That is absolutely

true, unless the Israelis did

something which the United

States thought damaged American

interest in the region, like

carrying out lightning raids in

Iran like US blessing, were

they to do that, I think

they to do that, I think the

United States would have to

act. They would not act out of

the needs of the policemens,

because had they wanted to do

so, they could have done so on

the Clinton, etc, but that

never happened. Then things got

worse under bush, Obama

Administration is making some

efforts, but they are still

remaining incredibly weak, and

I think the only language the

Israeli leaders will understand

is that of sanctions and

pressure. The editor at pressure. The editor at large

of the Israeli newspaper Haretz

wrote that Obama addressed

Arabs, Muslims, Africans,

Russians, but not directly

Israelis. Do you think it would

be useful if he did that. Quite

honestly, I'm a bit astonished

he said that. Every US

Government has been so closely

involved with Israel that the

relationship between Washington

and Jerusalem is - is

symbiotic, it's incredibly

close. The senate and the

congress passed resolutions

more or less giving the

Israelis a bland cheque. I

think when Obama went to Cairo

and spoke directly to the

Arabs, this is something an American President hadn't done

for a very long time, he did it

precisely to bend the stick

slightly, just a little bit the

other way. Now, of course he

can go and address the Israelis

all the time, on different

levels, if the Haretz man

suggests that Obama go and

address the Israeli parliament,

he should do so and say the

things he says elsewhere, "Stop

building the settlements", I

would have thought that wasn't

that necessary. Tariq Ali,

thanks for joining us, and for

persevering while we got the

gremlins out of the satellite Thank you very

much. Now to the weather,

showers possible in Canberra,

Adelaide, Hobart and Melbourne.

Increasing sunshine in Sydney,

sunny in Perth, Brisbane and

Darwin. That's all from Darwin. That's all from us,

Lateline Business coming up in

a moment. If you'd like to look

back at tonight's interview

with Tariq Ali or review

stories or transcripts, visit

the web site at abc.net.au/lateline. abc.net.au/lateline. Now

Lateline Business with Ali

Moore. Tonight - building

momentum, home approvals surge,

but chronic undersupply remains

the issue. It's been an issue

for a long time. I can't see it

really easing up in the short

term. ANZ chief economist

reflects on 14 years at the top

of his game. I wouldn't claim

to have been the best or most accurate forecaster in the

Australian market. I got some

things right, I certainly have

plenty wrong. Staying afloat in

the downturn. This boat is a

Rolls-Royce of these type of

vessels, worldwide they are

selling even though it's hard economic economic times.

First to the markets, First to the markets, and

local stocks shrugged off the

negative lead from Wall Street

to close at an 8.5 month high,

the All Ords closing 1%,

banking stocks leading the way,

ASX 200 more than recovering yesterday's losses climbing 47

points, in Japan the Nikkei

rose half a per cent. Hang Seng

doing likewise, and in London

the FTSE higher.

There were more encouraging

economic signs, with a solid

rise in house prices, the

building sector doing better

than expected, approvals with

their biggest monthly gain

since 2005. Building approval

numbers are volatile, and

activity is well short of what

is required to meet demand. Finance correspondent Philip

Lasker reports. In case you

haven't noticeth the

residential property market is

back from the dead. I a lot of

people expected more of a boom or bubble. I don't think we are

doing that, it's the first

stage in a sustainable

recovery. Across the country

house prices jumped 3.7%,

Darwin a massive 11% rise,

Hobart 7%, and Melbourne almost

6%, with Sydney also above the

National average. Adelaide and

Canberra jumped over 2%,

Brisbane's increase was more

modest, and Perth prices fell

slightly. Initially the

recovery was lead by first home

buyers, now the return of

investors to the market and

upgraders. And the well heeled.

After falling sharply through

2008, high end property is now

beginning to turn up. The

yellow line showing mid-price

suburbs is rising, while the

red line representing the lower

priced areas has been rising

for longer, supported by the

first home owners grant. Beware

the housing market head winds,

the phasing out of the

Government's first home owners

grant, higher interest rates

and rising unemployment. Our

forecasts suggest that the rate

of growth over the next year

will be very low. But right will be very low. But right now

there are more houses being

built. Building approvals

rebounded almost 10% in

June. Today's building approval

numbers would provide some

comfort for a Reserve Bank

worried about a housing shortage, pushing up property

price, but there's a long way

to go. The number of new homes

built is still 30% less than

what is needed. It's been an

issue for a long time. I can't

see it easing up in the short

term. That is because it

requires more accommodating

state and local state and local governments as

well as banks willing to

provide easier money to a

property sector tarnished by

the global financial

crisis. Rising house prices may

make owners feel wealthy, make owners feel wealthy, but

David Murray argues they come

at a huge cost to the broader

economy, the Future Fund

Chairman saying Australia must

adopt a new approach to housing

before global banks take that decision out of our decision out of our hands.

Andrew Robertson reports. On

Tuesday it was the Reserve Bank

Governor. How do we turn ready

availability and low cost of

housing finance into more dwellings, not just higher

dwelling prices. Today it was

the Future Fund Chairman

sounding a warning that

Australians have their economic priorities wrong, David

Murray's concern is that

Australia is a capital poor

country relying on overseas

borrowings to keep the economy

growing. We asked them for the

money to build larger houses,

more square metres per more square metres per house,

year on year, and we ask for

the money to put less and less

people per house at the same time. Which David Murray, time. Which David Murray, like Glenn Stevens says is not Glenn Stevens says is not the

best use of that money Why in

Australia is not that money

going to fabulous new

infrastructure public goods,

why isn't it fuelling great

companies, you know, we are now

going to have to invent a

corporate bond market because

this money isn't flowing

right. David Murray thinks our

obsession with housing may

edgely threaten the supply of

money coming into Australia. I think our friends around the

world who have a habit of

saving money and helping us

with it are entitled to ask,

"Is this the best return for my

precious savings dollar?" In a wide ranging speech wide ranging speech the Future

Fund Chairman took aim at

rating agencies playing a rating agencies playing a role

in the global financial crisis

by giving their highest ratings

to complicated financial

interests which turned out to

be worthless, the major issue

the arbitrary way they are calculated. The ratings

standards which govern that are

not a publicly held starntd.

Having seen what happened, and

given the importance of these

standards, that governments are

somehow going to have to

sponsor a new system. The

future fund was established to

generate money for what is an

unfunded liability for the

superannuation of public

servants, the first withdrawals

won't be until 2020, which is

why it's taking a long-term

approach to its approach to its investing,

David Murray is hoping that

long-term approach will be the legacy, rubbing off on other

areas of society. Taking a

long-term view about saving,

which is a critical problem in

the Australian economy, taking

a long-term view about our next

generation not just ourselves,

taking a long-term view about

stability of employment and

skill building whether it's in

the future fund or anywhere

else, and a long-term view

about the pride in our

institutions. But it will be institutions. But it will be a

long time before we know

whether the future fund is one of those

of those institutions. With

Barack Obama saying he sees the

beginning of the end of the recession in the United States,

all eyes will be on America's

latest GDP numbers due out

tomorrow. For his thoughts on

what we can Speck I'm joined

from Lexington Massachusetts from Lexington Massachusetts by

Nigel Gault Chief Economist Nigel Gault Chief Economist at

IHS Global Insight. The market

is looking to for attraction in

the US economy, nowhere near as

bad as last time. That's right,

we think that GDP will go up

about 1.1% annual rate,

comparing with a 5.5% rate in

the first quarter, so it's a

shallower rate of decline, shallower rate of decline, some

of the big items declining,

business equipment spending, residential construction,

they'll fall, not as sharply as

in the first quarter,

consumption is dune a little

bit. Foreign trade is - down a

little bit. Foreign trade is it

a plus, there'll be another

quarter of a big inventory adjustment. Inventories will be

a drag on the second quarter

number. Is it likely to be the

last quarter of negative

results given the beige book

results and as we heard Obama

Administration the optimism

about this being the about this being the beginning

of the end. It should be the

last quarter of the negative

growth since there's a negative

contribution from the inveptry

cycle. It will swing up

cycle. It will swing up words

in the second part of the year,

firms will risk falling short

of cutting inventories too

much. It appears, with the

inventory cycle about to turn

upwards, it looks like we'll

see positive, albeit modest

growth in the second half of

the year. How key are the year. How key are the

numbers to maintaining the

steps of optimism we've had in

recent weeks. I think markets

will be disappointed if they

see a number which is, say,

worse than 2% decline, everyone

is thinking it will be

somewhere between zero and -2.

Any number this in that range

will keep the optimism going,

the markets will focus on how

much of the decline comes from

inventories, the bigger the

swing in inventories in the

second quarter, the more

encouraged they'll be that growth will resume in the

second half of the year. The

sus around about at the peak of

its reporting season at the

moment. How would you rate the

performances so far. From this

side of the world it seems

while the results have been

bad, they are not as bad as

expected. Yes, I think the

general story for most companies reporting is that

earnings have, indeed, come in

better than expected, that has

encouraged the stock markets.

It seems that a lot of the

improvement relative to

expectations has come from very

aggressive cost cutting, not so

much from top line revenue

growth, consistent with a story

shown in the GDP numbers, shown in the GDP numbers, GDP

in the second quarter was down

1%, hours worked in the economy

were down 7-8% recollection

there was a huge improvement in

productivity, that seems to

have flown through and flowed

through to the bottom line and is helping the profits

numbers. What are you

forecasting for, I guess, the

next 6 months, are you

forecasting an end to the cost

cutting, propping up results,

seeing revenue flow? Cost

cutting at the moment is heavy.

Most of the indications coming

from a Labor market are still

fairly negative. Job losses

severe, not as severe as

earlier in the jeer. Yes, as we

move further into the second

half of the year we should

start to see top line revenue

growth picking up, the housing

market stabilising, the big

cuts in business equipment

spending are behind u so by the

end of the year business

spending will start to improve.

The weak link is the consumer,

the shadow hanging over the

recovery. We think consumer

spending will improve, growing

slightly in the second half of

the year, it doesn't look the year, it doesn't look like

it will be a big driver as in

the past. Against the backdrop

of expectations, how is Wall

Street looking for the opening

tomorrow. So far it looks like

the futures are pointing to a

higher opening, and it seems to

be very much the same story

we've had for a little while,

that it's optimism on earnings,

coming in, beating expectations

which are again pushing the

stock market higher. Nigel

Gault, thank you for joining

us. Thank you.

And it is less than 10 minutes before the opening of

the US market. It seems pay

television is one of the few

parts of the media capable of

growing during a downturn. growing during a downturn. Most

media companies struggled with

falling advertising revenues

regional Pay TV operator Austar

added subscribers turning last

year's loss into a healthy

profit. Desley Coleman reports.

Austar is blooming as Austar is blooming as people

spend up on home entertainment

instead of going out. Handing

in a solid first half the

group's Chief Executive John

Porter says the Pay TV business

is almost recession proof. I

would say that we are recession

resistant. There's no question

that entertainment at home is

something that people value in

good times and bad. After

suffering a loss in the same

period last year, Austar staged

a 43 million turnaround, and

tabled a profit of 35.5 million. They were great

results. A little stronger than

we thought. The revenue

expectations were in line, but

the cost controls were better

and as a result margins

increased, and they beat the

market forecasts. The number of

Austar subscribers sits at

around 729,000, which is a 5%

increase on last year. A

reduction in the number of

people cancelling subscriptions

and an increase in subscription

prices boosted the average

amount spent by customers. We

are seeing penetration close to

30%. So you know, with average

revenues, at 82 a month,

there's a solid business in those sets of

numbers. Investors liked the

numbers too, Austar shares

shooting up 6%, to 97 cent and

ended slightly below that at

96.5. The company's first half

results also benefited from results also benefited from the

Federal Government's cash

handouts. We certainly felt the

stimulus in a positive way, our

delinquent accounts dropped

dramatically in the month of

may. That's good news for the

customers and ourselves. Austar

plans to announce a new product

in March, it says that will

have a positive impact on the businesses growth, but the

company is sticking to a 10-15%

growth forecast for the full year. The conversion to high

definition TV, and the

emergence of Internet TV, and

the multichannel environment

embraced by the free to air

networks does not worry the

Austar chief. He says the

increasing fragmentation of the

media is not a cyclical shift

but a structural change in the

industry. We are in the right space, certainly the

subscription space is a lot

more resilient. We don't rely

that much on advertising at

all. I think it's really a

matter for these more

traditional media companies to

figure out what role they'll

play in the next generation of

media consumption. John Porter

is unfazed by the manoeuvring

of James Packer and Kerry

Stokes on the share registerster of Consolidated

Media, the owner of Austar's

bigger rival Foxtel. Analysts

are placing odds on the next

move in the battle to gain control over Consolidated

Media, and its assets. One

analyst placing a 60%

likelihood on Kerry Stokes, the

owner of Seven making a full

takeover bid within the next 12

months, Elders put its shares

in a trading halt but not

before it surged 12%. There's

speculation they'll announce

asset sales or capital raising

to reduce debts of $100

million. Rural Bank tabled a

10% rise in full-year profit to

$45 million. To other major

movers, broker upgrades helped

the Commonwealth Bank rise 4%.

Fortescue Metals climbing Fortescue Metals climbing 6.5%,

Leighton Holdings added 5%, Leighton Holdings added 5%, and

Lihir Gold gained 2% after re

affirm ing full -year

production targets. On currency:

Economic forecasting is far

from an exact science, and

maintaining your reputation and

credibility while giving a

running commentary on global

and domestic economies over

more than a decade is no many

feat. One man that succeeded

with aplomb is ANZ Saul Eslake,

who for 14 years has been the

bank's head economist, he

announced next week he'll love

the ANZ joining the Gretton

institute, a Government,

university and privately

offended thinktank. For a look

at his like as a big bank

economist I speak with Saul

Eslake earlier this

evening. Welcome to Lateline

Business. Thanks for having

me. If we can start with an

economic forecast as we do, you

along with many others belief

the next move in interest rates

will be up, how quickly do you

think rates will move higher. Financial markets moved

to price in the possibility of

a rate rise before Christmas, I

think it's jumping the gun,

premature, given that the

economy will be fairly flat

here in the second half of the year, I don't think the Reserve

Bank will perceive a need to

start raising rates before this

year. I'd be looking, instead

to around the middle of next

year for the first increase in

interest rates, and provided

the economy is on a more solid

recovery tract over the

following 12 months, I think

the rank will move steadily to

take Australian interest rates

up to something more normal or

neutral, that is to say looking

at a cash rate probably by the

end of 2011 that it would be

close to 5%. In your 14 years

with the ANZ, has forecasting

ever been as complicated as

assist right now? It actually

has never been easy, I wouldn't

claim to have been the best or

most accurate forecaster in the

Australian market. I have some

thinks right, I have plenty

wrong. Have you kept a scorecard. Not officially, I

leave it to others, my

experience is that people tend

to remember clearly and more

willing to remind you of the

ones you got wrong, rather than

the ones you got right. I

certainly make no claim to have

foreseen the magnitude or the

timing of the financial crisis

that's consumed our attention

over almost exactly the past

two years, we thought in late

2006, earlier 2007 that the US

housing market was looking

wobbly, but no way did we see

it would lead to the financial

crisis that has since ensued.

We certainly didn't pick the

extent to which Australian

interest rates would fall over

that period. The standard joke

is that economists forecast

nine of the last five

recessions. People say that

about the stock market too. Of

course, forecasting recessions

is a big call, because if you

do forecast recessions well in advance, the Government of the

day tends to attack you, and

blame you if they are

eventually coming one, they

accuse you of talking the

economy down. That shouldn't

stop an economist from making a

forecast of recession if he

believes it, nonetheless,

resisting Government pressure

or criticism of saying how it

is, can be character forming.

Kaj ter forming. Tell me about

the - character forming, tell

me by the economists of

economic commentating, is it a

fraught role, how much politics

is involved, how much

economics. I always tried, I

think most others try to avoid

an appearance of partisan

political debate, we leave it

up to the policitians and other

commentators to make partisan

political points and try to

confine ourselves to well articulated soundly based analysis of what governments

and Central Banks are doing,

often that means you say they

are doing the right thing. I

think Australia has been well

served by the fiscal and

monetary actions taken over the

last two years, but last two years, but broadly

over the last 15 years, even

though from time to time I've

had criticism of the stance of

fiscal policy, less common

monetary policy, I think

Australia is well served by the

way economic policy has been

framed over that period. That

hasn't stopped you feeling the

icy breath of political power. That's true. I wouldn't

deny that. Can you tell us

about those experiences? There

are some stories that are

particularly well-known, I mean

in about 2002 it was I made a

speech to a group of chartered

accountants, down in Hobart, I

think it was, where I made some

observations on the way in

which the Government had

handled the transition to accrual accounting in the

Budget and at the end of that a

journalist asked me if I

thought the then Government had

engaged in any creativinging

and I said, "Yes, they had",

pointing to the way in which

the GST had been classified as

a State rather than a Federal

tax in cav vention of the ABS

guide lines, and the advice of

the Auditor General. I talked

about the way the then

Government, like its

predecessor manipulated the

timing of Reserve Bank

dividends payments to improve

one year's cash results at the

expense of another, and I said

yes, they engaged in creative

accounting but were no worse

than other governments. And to

my surprise the Treasurer

apparently got on the apparently got on the telephone

to the then Chief Executive of

my bank threatening him with

unpleasant regulatory actions

if I said that again, I was

surprised by that because (a),

I didn't think what I said was

worthy of that degree of

attention from the most

important economic

policymakers, and I knew

Costello personally, I thought

if he was troubled by what I

said he might have rung me up

telling me personally as I

understand a previous understand a previous Treasurer

you are used to do in fruity

tones to people that occupied

my motion if the '80s, '90s. Do

you consider it an appropriate

use or abuse of political

power. Whether it's an abuse,

it's for others to judge, I was

surprised by it on several

fronts, other people have

raised their eyebrows browse at

it, it wasn't the only instance

where things I had said a

trackted the wrath of

policitians, sometimes they

engage you directly, sometimes

they ring and tell you they

think you have it wrong,

occasionally they have a right

to do so. I think the debates

are better held in public, or

face to face, rather than

seeking to exert pressure

behind the scenes to silence

someone. You are joining the

Gratton institute, where your

research will be long term, is

it a move to get away from

day-to-day forecasting No, it

wasn't really, I've been doing

that thing, I guess, for 25

years, if you count the job I

have - that I was doing before

I came to ANZ, it's been

enjoyable, rewarding, but, you

know, 14 years in one job is a

long time, while I was away on

holiday in the Northern

Hemisphere in the United

Kingdom, just 2-3 weeks ago, I

happened to read a column by

Shane Warne in the London files

in which he said that when

you've been - London times, in

which he said when you've been

around for a long time it's

better to go than people ask

why are you, until people ask

why don't you, I won't say it

made up my mind but it encapsulated what I encapsulated what I was

thinking about for a while. We

wish you all the best with your

next career. Saul Eslake. From

the humble runabout to luxury

super yachts it's been a tough

year for the marine industry,

but the mood at but the mood at the Sydney

International Boat Show is

upbeat, and this year the jewel

in the crown is a 34 metre

yacht dubbed 'The Floating Mansion'. This report Mansion'. This report from

Nicole Chettle. It's refined

elegance with the comfort you

expect for a cool $20 million,

in the grip of a global

financial crisis , there's a

market for luxury. This boat,

being the Rolls-Royce of these

type of vessels, worldwide are

selling, even though it's

fairly hard economic times. If

you are going to spend

millions, you don't want your

prized possession scratched.

The fenders and covers are the

brain child of Antonella Ianni,

her business become beginnings

a student when her boss asked

if he'd customise covers. We

barely made ends meet. I had

twoos and the business. Six

years on, the 27-year-old's

export in the US and Europe and

filled an order for Monaco,

fashion is the passion, but

she's proud of making solutions. I've been told by

clients that I have dressed the

boats, it's an aspect of

fashion, fashion for yachts. If

that is not your style, how

about something that stood the

test of the time. Built in

1902, 'The Waratah' is

Australia's oldest working

tugboat. I sail on the harbour,

when I here Lady Hopetoun or

this old girl blow the whistle

I get goosebumps. Organisers

expect 80,000 to pour through

the gates by Sunday, the aim to

boost sales in the 7.5 billion

industry and help the sector

survive the stormy waters of

the economic the economic downturn. The

Reserve Bank tomorrow publishes

monthy financial monthy financial aggregates.

Pacifica Group releases half

year earnings, Origin Energy tables quarterly production.

Before we go, a look at the

news in the business sections

of tomorrow's papers, The Sun

looking at Jetstar's growing

share of the long-haul market.

The Australian - the Government

considers a crackdown on four

areas of market trading,

including insider including insider trading.

Financial Review says the

Government is unlikely to lower

the corporate tax the corporate tax rate. Sydney

Morning Herald - Elders may

sell its insurance business to

GBE. That's all for tonight. As

I leave you the Dow is open,

it's trading up 82 points or

0.9 of 1%, the futures showing

a rise of 76 points, the FTSE

trading up 68 points or 1.5%.

I'm Ali Moore, goodnight.

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