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Lateline Business -

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(generated from captions) Treasurer's forecasts now,

three weeks ago, they would have contemplated what was

obvious - the United States was

going into deep recession, the

United Kingdom is in recession,

Having said that, China was going to struggle.

Having said that, since MYEFO

came out the Chinese Government

has announced a massive fiscal

stimulus which should improve

our prospects, not diminish our

prospects. The fact is they

have no economic narrative. If

you are arguing that they must

refuse to do a stimulus package

in this country that might put

the economy into deficit, what

do you is your alternative. What plan

do you put forward? The

starting point is this: the

first fiscal stimulus of $10.4

billion hasn't even hit the

economy. It hasn't even

happened yet. So now they are

talking about spending more

money before the first tranche

is delivered. The second thing

is the Reserve Bank still has

cash rate is the 5.25%. Now,

they've got tremendous capacity they've got tremendous capacity

to stimulate the economy. Those

two factors need to come into

play. The third factor is we don't know what trains are

coming down the tunnel. So why

are they asking the Australian

people to go into Labor's debt

and deficit without telling us

what they want to spend the

money on, that's our problem

with it. They are not telling

us what they want to spend the hard-earned savings of Australian people on. You Australian people on. You know

the irony is this: in MYEFO, three weeks ago they

projected... Are you not

prepared to wait for the

answers to those quens,

economic stimulus pack ints --

questions, economic stimulus

packages will have to be set

out. We are not in deficit at

this point. A plan will have to

of that you are saying they be put on the table. In advance

don't have a plan. Kevin Rudd said said today, he's asking

basically for permission to go

into deficit. He's asking for

permission to take the

Australian Budget into deficit

before presenting a plan. He

has no plan. That's your words,

he's asking permission, he

doesn't have to ask permission,

is he not actually preparing

the Australian voter and

Australian workers for what is happening in the rest of the Australian workers for what is

world and putting us in line

with what all of those other

countries that I just talked

about earlier are preparing to

do include ing, for example, a

similar economy to ours in

Canada, run by a Conservative Government. Isn't it interesting that only a few

weeks ago, a few days ago in

the case of Lindsey Tanner,

they were saying you can't talk

down the Australian economy, "

We'll see this We'll see this through", now

Kevin Rudd is going down the

path of saying it will be bad,

really bad, using the term

ugly, and all of these words,

and they are - there are plenty

of add up to the fact that he

is focussed on a political

strategy, not an economic

strategy. You do not take the

Budget into deficit unless you goo to the Australian people

and explain why, and what -- go to the Australian people and

explain why and what you will

spend the Australian taxpayers

money on, he's done none of

those things, he's looking for

a leave pass to do all the

things, bail out the State Government, deliver on the 2020

Summit. Health and hospital,

maternity leave, grab bag

things he couldn't fund he

wants a leave pass for. wants a leave pass for. Are there any global circumstances

at all in which it would be

reasonable for this Government

to go into deficit to fund a

stimulus package to save jobs

and save the Australian

economy. Well, if you had an

Australian economy that was the

samesst as the United States or

some of the other economies

that had to go into deficit the

Government should explain

that. We are not in that

position. You can't argue the that. We are not in that

Australian economy is immune to

what is happening in the rest

of the world, that's my

point. Not but for the

last... Let me ask you this:

are there any circumstances at

all that you envisage where

going into deficit to fund a

stimulus package would be a

reasonable thing to do. You are

asking me to be Nostradamus, I

do am not that qualified, what I

do know is this. You don't have

to be Nostradamus, you just

have to look at what happened

in the rest of the world. Three

weeks ago Kevin Rudd and Wayne

Swan said the economy would

grow at 2%, we asked how do you

get 2% whenevery economist in

Australia says it won't be 2%,

they said it, we took them on

trust. On 12 October, when they

announced guarantees on bank deposits, we took them deposits, we took them on

trust, and then discovered that

in fact they haven't consulted,

they hadn't consulted the

Governor of the Reserve Bank,

which is the equivalent of

going to war and not consulting

your generals, these guys have

no plan, no economic plan, they

have a political solution, not

an economic solution. Joe

Hockey, we are out of time.

We'll have to leave you there,

thank you for taking the time

to come and join us on to come and join us on 'Lateline'. Any time, Tony.

There was another sign today

that the global financial

crisis is hitting home.

Mortgage defaults are worse and

more widespread. Sydney's west

tops the blacklist. The Gold

Coast and Perth are up there

long ago too. Michael Troy reports. Not

long ago WA was the unstoppable

growth state, but now the

mining boom has run out of

steam, Perth property prices

look set to record a double

digit percentage drop in a

year. What had become some of

the priciest real estate in the

country is showing the

downside. If they were to sell today, they would actually lose

money on the house, and so it's

decision - it becomes a difficult

decision to make as to whether

or not you stay on and try to

meet those mortgage payments.

Our interpretation is that

they've been impacted by

falling property places. A

study by international ratings

agency Fitch Ratings found

mortgage defaults are spreading. If anything goes

wrong, you are left with no

options, it's pay or won't pay options, it's pay or won't pay your mortgage. Struggling NSW

was top of the lift are in the

six months to September. WA

went from the least troubled to

having the second highest level

of mortgage problems. Default

rates are up in Victoria, Tasmania and South

Australia. With the other big

surprise the growth state of

Queensland. 1.6%. The big

problem area is the Gold Coast

with Helensvale the worst with Helensvale the worst performing directed in the

nation, nearly 8% of mortgage

value in distress. I think it's

true to say the Gold Coast is

one of the hardest hit areas in

Australia. We have seen since

March our unemployment number

rise from about 2.9% to now

well over 5%. The top end of

the market isn't spared. With the market isn't spared. With

Vaucluse on Sydney Harbour,

number 7 on the list of worst

postcode performers

nationally. The rate of

mortgage defaults is low, it's

spreading out, no longer

limited to western Sydney.

That's a sign of the really

high interest rates that we had

earlier this year, starting to

impact on households where

their earnings levels are strong. The defaults are

occurring despite the lowest

interest rates in three years,

analysts fear the problem will

spread further and quicker if

unemployment goes up. People

who are even more established

or only j small loans if they

lose their job may struggle to

support that. The good news is

Australia's default rate is

still relatively low compared

to the United States and

Britain. That will be little Britain. That will be little

comfort for people struggling

to meet mortgage

repayments. Now for a quick

look at the weather, all the

capital cities wet tomorrow.

Thunderstorms along the eastern

seaboard. Evening showers for

Adelaide, showers clearing in

Perth. That's all from us u

'Lateline Business' coming up

in a moment. If you'd like to

look back at the interview with

Joe Hockey, or Joe Hockey, or review the

stories or transcript visit the web site at

abc.net.au/lateline. Here is 'Lateline Business' with Ticky Fullerton. Tonight - the

broadband battle begins, Optus

and Telstra hit hard over plans

for a national network. We have

had 10-15 years of Telstra

stalling this process, they get

60% plus margins on the fixed

network, that's what they are

protecting. This as Telstra

calls on Optus to stump up the

cash. They can't fund it. They

are unable to. No, they have

no money. No regrets, Rio Tinto

takes stock of BHP Biliton's

aborted takeover bid. We were

never emotional about what was

going on, we had a clear

rational line of sight on value.

value. First to the markets.

Ignoring Wall Street's modest

but positive lead Australian

shares settled well below the

gain line.

All Ords closing 2 .5%

weaker, the ASX shed 83 points,

BHP Biliton and Rio Tinto

dominating trade. In Japan, the

Nikkei losing over 1%, weighed Nikkei losing over 1%, weighed

down by concerns about a

stronger yen, it was a

different story in Hong Kong,

the Hang Seng jumping 4%, in

London, the FT-100 down 1.5%. London, the FT-100 down 1.5%. The pressure is on the

Government tonight to stand up

to Telstra after Australia's

biggest telco failed to comply

with the conditions for an

official bid for the National

Broadband Network, after months

of threatening not to lodge of threatening not to lodge a submission, Telstra did so at

the last minute, but in the

form of a proposal, falling

short of what was originally

required by the Government.

Australia's biggest telco says

it can't take broadband to the

whole country, Andrew Robertson reports. Under Sol Trujillo

Telstra does nothing quietly,

today was a prime champ, giving

ammunition to its critics with a submission in breach of the

Government's guidelines. We had

10-15 years of Telstra stalling

this process, they get 60% plus

margins on the fixed network,

that's what they are

protecting. Imentsds Telstra

doesn't want anything in a

National interests, they just

want the higher profits, that's

a problem we are facing. The

two main conditions for bidding for the National Broadband

Network, and a $4.7 billion

Government subsidy was a

minimum speed of 12 megabits

per second and 98% population

coverage. Telstra promise up to

50 megabits but a network

reaching 80-90% of

Australians. The costs of

providing nodes in that last

10-20% of the population is

considerably higher than the cost of

cost of providing it elsewhere. Optus says providing

broadband to outback areas is

achievable and affordable We'll

start with those areas that

don't have broadband and move

in to the areas in the city

that do have 12 meg speeds and

start boosting those

speeds. One of the biggest

sticking points continues to be

the opt us led demands for

Telstra to be broken up separating the network separating the network from the

retail arm. Telstra said it

will walk away if that happens.

For Paul Budde the structure of

Telstra is not the issue We

have situations where you don't have to do structural

separation, it can be done in a

voluntary way, it's the outcome

that we want. Six groups

indicated they'd like to build

all or part of the broadband network. Along

network. Along with Telstra and

Optus with Terria, Acacea

Australia, and Canadian AFLia

net media make national bids.

-- Axia NetMedia, there's two

region at bids, Transact in the

ACT and the Tasmanian Government. The Government has

refused to be drawn into the rivalry between Telstra rivalry between Telstra and opt

us, submissions now in the

Government needs a view on the best outcome and push for

it. It was never the case that

the Government would say, "Give

us three or four different

proposals, we'll pick one".

It's always going to be a case

there'll be detailed

negotiations around the

specifics of the build, the

regulatory regime, price structure and so on. Submissions on. Submissions to build the

broadband network will go

before an independent panel of

experts who have eight weeks to

make a recommendation. More on

that story later when we spoke

to Telstra chairman Donald

McGauchie. Global investors

savaged the share price of

mining giant Rio Tinto over the

past 24 hours after BHP Biliton

ended its takeover bid. ended its takeover bid. Hedge

fund activity is blamed for

much of Rio Tinto's plunge,

some warn it won't recover.

Investors are questioning the

miners' ability to sell assets

and manage its heavy debt burdenment Neal Woolrich

reports. The morning after the

night before and Rio Tinto's

chairman has no regrets on how his company handled BHP

Biliton's aborted Biliton's aborted takeover

bid. It was always driven by

value, we were never at any

point fighting an independence

campaign, we were never

emotional about what was going

on, we had a clear rational

line of sight on value. BHP

Biliton shareholders breathed a

sigh of relief, the share price

rising 4%, Rio Tinto investors

are looking for answers after

watching Rio's share price

tumble 34%. There was a lot of

merit in the bid. They should

have engaged given BHP Biliton the opportunity to put its case

to them. They have great

assets, we know that. They've

got themselves in a pickle at

the moment. As shareholders we

want to see how they'll handle

the situation over the next 12

month, Hedge funds are blamed month, Hedge funds are blamed

for exacerbating Rio's fall,

analysts are predicting a

difficult time ahead for Rio's

shares, forcing the company

maybe to raise more capital. If

the world goes into another

sharp shock and comoddify

prices plunge from here, Rio is

not going to be equipped to

handle that, that will worry

the marketment in the absence

of an issue, we think it will

be hard for Rio's share price be hard for Rio's share price

to recover. A key concern is

the debt level. The group

borrowing more than $40 billion

to buy Canadian aluminium

producer Alcan in 2007. Rio's

debt to equity a srned 120%. In this environment that -- is

around 120%. In this

environment it's not attractive

a lot of like companies are

looking to raise capital. looking to raise capital. What

saves Rio Tinto is a strong

cash flow, their interest

coverage is high. We have $9

billion of debt which is due

for repayment in October 2009.

We don't see any need to issue

equity to meet that. Over the

past year Rio Tinto has

frequently argued it has superior growth superior growth opportunities

to BHP Biliton. Some say the

company's debt burden negates

that advantage. The debt they

have while big, is at

favourable terms to them. I

don't see it threatening them.

It will mean they won't grow as

quickly. Rio Tinto is aiming to

offload $15 billion US of

assets, aside from treacherous market conditions analysts argue

argue that assets are

unattractive They are

downstream, in packaging and

engineering particularly, not

assets that will have a lot of

buyers stacked up waiting for

them. It's going to be

difficult, it needs better

conditions to get a good price

from them. With the World Bank

predicting that China will grow

at its slowest pace, the

outlook for all miners is more testing. Let's take testing. Let's take a look at

the local markets. Earlier I

spoke to Martin Lakos from Macquarie Private

Wealth. Martin Lakos, big

falls on the local market. How

has the trading gone today.

Look, certainly is interesting,

we didn't follow through with a

positive day on Wall Street

despite Wall Street closing up

36 points. We fell 83, a big

focus on the resource sector,

market and the bank sector drove the

market down, to give you an

idea Westpac lost $1.23 to

$16.60, 7%, and 13 points on

the the 83 point fall.

Commonwealth Bank down $1.34 to

$32.66. Westpac down 4%,

accounting for 7 points of the.

The focus is really on the

resource sector. With BHP

Biliton walking away from the

takeover of the Rio Tinto, the

share prices of the two

companies have been polar op

sites. Yes, indeed. BHP

Biliton up 15 ps in London

trading, achieving a 4% gain,

or $1.03, 14 points for the

index gain, or accounted for

that. And Rio down about 34%,

in line with the trading in the

United Kingdom accounting for

40 points of today's

fall. Overseas the US Federal

Reserve plans to pump in there

1.2 trillion into the financial

system, the Chinese will boost

infrastructure spending more,

how does that fability investor

sentiment. It wasn't reflect

with the index down 83 points.

Market is used to the fact we

see a process of falling

interest rates, intervention by

authorities, and certainly a

lot of pump priming going on

overseas. Investors will get

positive when these funds are

executed into the marketplace,

where they can see the

mechanics of the money coming

into the

economies. Thanksgiving - will

that have an impact in the

US. Over the last number of

years history says that 15 out

of the last 21 years during the

Thanksgiving season is positive

for Wall Street. That's about

around might be 70% of the time. This time

around might be different. It

will be interesting to see

whether the rally on Wall

Street can continue over the

next five days over the

statistic al period. A Reserve

Bank rate decision next week,

are investors looking forward

to that. Very much so, 75 basis

points appears to be factored

into the marketplace. Some

commentators are looking for a

1% cut on rates of next

Tuesday. Certainly the market

is focussing in on the real is focussing in on the real

returns that the market is

providing given the deposit

rates will be falling and

investors will see returns on

deposit diminish. The question

from investors, how much risk

are you prepared to take on

given you can get 9% fully

franked dividend yields out of

the banking sector, and enough

of that yield to Allah the

fears on capital risk in the short term, we are

short term, we are yet to see

fall into February as that, but we expect rates to

well. Martin Lakos thanks for

joining us. A pleasure as

always. To the other major

movers on the market. JB Hi-Fi

plunged 14%, Woolworths, denying rumours it was

interested in buying it.

Fortescue Metals lost 16%,

suspending the scruk of a rail

line in the Pilbara. David

line in the Pilbara. David

Jones giving up 2%. Reporting

a fall in quarterly sales and expected tough expected tough times.

Fairfax Media closed, little

change after the company

reassured investors it wasn't

planning to raise equity.

Well, as we heard earlier

the long-running tender process

for a National Broadband

Network reached a milestone,

bids and proposals sitting in

Canberra, to hear more from the

Telstra pitch I poke to Telstra

Welcome to 'Lateline chairman Donald McGauchie.

Business'. Thank

Business'. Thank you. Well,

you heard your Mexican

stand-off with the Government,

you've had that. You put in a

non-compliant proposal accepted

as a valid bid by the

Government. Telstra really is

the player driving this tender

process, isn't it? Look, we

have put in a proposal to the

Government which is within the

terms of the RFP.

That gives us the opportunity

That gives us the opportunity

to discuss with Government the

very extensive project that

they and ourselves would very

much like to build. You

certainly have a seat at the

negotiating table. Why are you

only prepared to roll out

80-90% coverage of

households. What we have said

is as a company we are prepared

to invest up to $5 billion of

the shareholders funds, the

government have indicated that

they are prepared to put in there 4.7

there 4.7 billion, what we have

done is put in place a proposal

or at least give the scope of a

proposal as to how far that

amount of money would get in

terms of reach across the

population. The Optus Terria

bid claims to be good for 98%

coverage, proposing an outside

in approach targeting the bush

and black spot areas first, is that

that appealing for

Government They can't fund it. They are unable to fund

it. No, they have no money. Why

wouldn't they go back to

Singtel asking for

funding. Well why wouldn't they

put the money up front.

We are in the dark about

whether they would fund it or

not. Do you know something we don't. If they were able to

fund it they'd put it up,

they'd indicate how much money

it's not is available. They haven't,

it's not available. You argued

separation of teletrae's

network and retail business is

a deal killer but separation is

a condition demanded from the

Optus Terria bid, what is

Stephen Conroy going to do with

the elephant bumping. Whan that

will look at this logically --

anyone that looks at it

network does logically will see a separated

network does not work. There's

no living example where a separate network invested the

sort of money necessary to

produce a full broadband

network, there are no living

examples are where a separated

network worked. Those people

who propose that kind of

concept should, first of all,

show us that it is possible to

make such a proposal work, and,

able to, and we indeed, no-one can, no-one is

able to, and we don't think

that a project as important as

this would take such a flying

leap of faith. Isn't New

Zealand an example of where

they have been able to

establish more competition in

the fixed line market. No,

absolutely not. They made a

decision two years ago to move

to a break up. In that time

Telecom New Zealand prices

collapsed way down below others in

in the marketplace, certainly

below ours, there's been no new

investment, they are arguing

the point over what they'll do.

It's best example of where or a

good example BT in the UK is a

good example where once you move towards a form of

separation, even talking about

it, you absolutely kill

investment, you kill innovation, you kill the

development of the notework,

that's what has happened in New

Zealand, their share price has

Zealand, their share price has collapsed, not just a problem

for their shareholders, but

once you fundamentally damage a

strategically important company

you don't get investment in the basic infrastructure that you

need. Other proposals from opt

us put greater regulation on

owner operator, one is that the

ACCC would set the access

price, what do you think of

that. There'll be no investment if the

if the ACCC sets the access

price, it has to be negotiated

ahead of construction so that people investing, who will

invest real money, not - you

know, who can put up the cash

to do the investment know what

the terms and conditions are

before they make that

investment. No-one would make

an investment of this scale

without knowing what the rules

were, and what the rules were

going to be for the life of the

going to be for the life of the

project. Sol Trujillo said that

your NBN would be open access,

but that Telstra has to be

confident that returns on

capital justify the risk. What

is to stop Telstra giving its

retail business preferential

treatment over wholesale customers. That's precisely the

question I think that is fair

to answer. We have said we'd

guarantee equal access to an

open access network to anyone who

who wishes to buy from us,

they'll get the same terms and

conditions, same treatment,

exactly as Telstra retail gets.

We'll guarantee that, we are

happy to have the ACCC ensure

that that takes place. Can you

really guarantee open access.

Doesn't the last few years of

disputes court cases and rows

with the regulator of your fixed line business indicate

there's a problem. No, your proposition

proposition a flawed, there's

no disputes, there's been two

or three issues that we have

had where the regulator raised

issues about access by the

competitors to the network,

they've been resolved without

too much difficulty. There's

been no disputes around

people's access. We have had

differences of view with the regulator themselves around

some of their pricing proposals, which

proposals, which we think are

inconsistent. And lacking in logic. Those are different

issues, as far as access is

concerned, there's been no

serious disputes in the last

three years. Your CFO said last

month that Telstra will not

build the NBN unless it can maintain or increase the rate

of return, and Optus claims you

are making a 60% margin on the

existing network and want to maintain that, is that

maintain that, is that correct? Look, that's not

correct. We are not going to

make an investment that weakens

the company. There are the bodies of all sorts of

companies around the world at

the moment who have gone into

projects that they could not

get an adequate return from, in

more hope than good sense, and

a great many have fail. Sounds

like prolonged negotiations in

Canberra, when do you think

Canberra, when do you think

Australians will enjoy a

National Broadband Network. I

think the tragedy is we

proposed to do this 3.5 years

ago, we'd be substantially into

the build, if the ACCC hadn't

stopped us from doing T the

great pity is the longer this

goes, the - in fact the greater

the likelihood or possibility

if not the likelihood that it

will never happen. The - it is, as I described

as I described to a number of

people today, a four

dimensional puzzle, and the

fourth dimension is time. The

longer this goes without being

built the less attractive it is

as a commercial proposition,

the less likelihood it is to

get built. We have a short

window of opportunity to get

this built or it will never get built. Gouch Donald McGauchie, thank you for joining

thank you for joining us

tonight. It's a pleasure.

Australia will be one of only

a handful of developed

countries to avoid recession,

Economic Co-operation and so says the Organisation for

Development development. It

expect the Australian economy

to grow 1.7% next year, in

contrast the richest economies

in the world are expected to

shrink by under half a per

cen. Our best

cen. Our best bet of avoiding

recession is it's consumers

pulling back, shoppers on

strike. It will take a bit of time before businesses pull

back on their spending. That

gap between consumer weakness

and business weakness gives us

a better chance than most other

places of avoiding recession.

The latest construction

numbers support the OECD's

forecast. Official figures showing construction in the

showing construction in the

September quarter grew a better

than expected 4.4% to $34 billion. While the broader

business community continues to

feel the pressure of the credit

crisis Australia's leading

indigenous support group says

the companies under its control

are placed to benefit from the downturn. Indigenous Business

Australia or IBA says its

rich and affiliated companies are asset

rich and are in a good position

to grow. Desley Coleman

reports. A helping hand is

always welcome when starting a

small business. For Tim Croft

whose father was one of the

stolen generation owns his own

physiotherapist business was

his dream for seven years.

I've been here three years,

it's grown in that time. We

have about five part-time

staff, not including myself,

staff, not including myself,

I'm full time. We have seen

client numbers slowly progress

and increase over that time. I'll stretch to the

front. Do you feel that. Tim

Croft can help people recover

from their injuries, thanks to

the financial and practical support from Indigenous

Business Australia. The

business loan, the businessmen

toring, the web site. IBA had

their Foot brint there,

their Foot brint there, we

wouldn't be the -- footprint

there, we wouldn't be the

business today without that

help. That was essential. IBA

is a partially funded

Government organisation helping

over 400 indigenous owned

businesses get up and

running. What we are trying to

do is to bring Aboriginal

groups, individual families

into the mainstream economy,

for too long in this country we

for too long in this country we

have relied very much on

welfare based solutioning

programs, Government solutions,

and indigenous leaders are

starting to say, "We ought to

create our own economy. IBA

creates loans and business

loans and has the capacity to

invest like a private equity firm.

firm. IBA has grown its asset

base from $40 million to nearly

a billion. It's important for

IBA that we are helping

indigenous businesses succeed. There's some businesses that

may go down, at the end of the

day I think IBA is doing their

part to help indigenous

businesses in the wider

market. IBA recently held a

market. IBA recently held a

forum on the global financial

crisis for its indigenous business owners who came Sydney

from as far away as the Tiwi

Islands, and Mt Isa, it's not a

time for abnormal risk, to make short-term decisions with

long-term implications on the

business, it's about making

sure you understand all the

facts of the market that you

operate in. Despite the gloom

there is still the possibility

think of business opportunities. I

think the opportunities for a

lot of indigenous businesses

may come from the fact that

they are quite asset rich in

some respects, and I think they

have probably been in a

situation where they take a

longer term view, so it can

present opportunities for

indigenous businesses, it's an

open mark, and indigenous

business have to operate in the

market with other business

market with other business

operators. I won't do that too

hard. While Tim Croft has no

immediate plans for expansion,

he hopes to have his loan from

IBA paid off next year and

intends to use his business and

skills to mentor future indigenous physiotherapy

students. Now a look at

tomorrow's business diary, the

latest capital expenditure

figures are published, a busy

day in the AGM

day in the AGM season, BHP

Biliton turn tomorrow. Woolworths.

Queensland Gas holds its last

annual meeting before being

taken over by British energy

giant BG Group. The Federal

Reserve's preferred measure of

inflation, PCE deflator is

released. News in the business

section of the papers before we

'The go. Dominated by one story.

'The Age' says Rio Tinto is

trying hard to ease market

concerns that it's financially

vulnerable. 'The Australian'

taking a different angle

examining the role Chinalco,

Chinese steelmaker will take.

The 'Australian Financial

Review' leads on the slow slide

into deficit. And the 'Sydney

Morning Herald', looks at

Telstra's last-minute bid to

build the National Broadband

Network, the do you is down

Network, the do you is down 84

points, the FTSE is down 78

points. If you want to review

any part of the tonight's

program, visit the web site

where you can watch the program

on line or download it as a

vodcast. I'm Ticky Fullerton, goodnight. Closed Captions by CSI

WOMAN: Get him! Get his kecks off! Come on, grab him. Come on, let's see his packet! BILL: What are you doing? Get his kecks down, will you? (GIRLS SCREAM AND LAUGH)

Oi! Get dressed.

I'll inform the canteen you'll be 10 minutes late for your break. WOMAN: It was only a joke. Only having a bit of fun, God.

Who are you? Bill Nash. I started yesterday. Work experience? Well, you'd best learn to run faster or think faster.

OK? Go on.

BELL TOLLS

BELL CONTINUES MAN: Are you OK?

MAN: How are you doing, Jane? I'm fine. (AS SEAN CONNERY) For God's sake, Miss Moneypenny, get a grip, you sour-faced bimbo!

Come on, you must be fed up with all the platitudes, aren't you? They blame you anyway - you were there when it happened.

But you didn't stop him jumping. Just say it, say it out loud and be proud - I helped him to die! The Eddie the Eagle of the law-enforcement agency. WOMAN: That's hesr, that's the copper's sister, over there.

Five minutes of your time? This is private! Now, I'll count to three. Who took the picture of him jumping? Who printed that? You were there when my brother destroyed himself. I'm sure you have more clues as to why he died than anyone in this family. All we got was dental records and personal effects. So, save your asshole questions for him

and be VERY careful what you print. I'll sue the first one to deviate from absolute fact. As the man said, the reception's private.