Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Disclaimer: The Parliamentary Library does not warrant the accuracy of closed captions. These are derived automatically from the broadcaster's signal.
Lateline Business -

View in ParlView

(generated from captions) first cohort for 'Teach for

Australia' this is run through

a not for profit organisation

doing the recruitment. They

were literally having doors

beaten down by high performing graduates who wanted to get on

the program, they had to turn

people away. I think that level

of energy and enthusiasm and

interest from young high

performing graduates should

inspire us about what is

possible in this area. Briefly,

you want that to go national do

you? Yes, we do. We are

starting in Victoria, and

obviously first cohort in

training this summer with a view to the program

growing. Julia Gillard, thank

you very much for taking the

time to speak to us solely on

education tonight. Thanks, Tony.

A self-styled Muslim cleric

accused of sending hate mail

says he's been misinterpreted.

The man calling himself Sheik

Haron allegedly sent letters to

the family of Australian

soldiers killed in Afghanistan.

At court he vowed to fight the

charge, late today he charge, late today he remained

chained to the court steps in a

protest vigil. Karl Hoerr

reports. Sheik Haron is charged

with using the postal service

to menace, harass or cause

offence. After his brief court

appearance he insisted he was

interested only in

peaceful This pen is my gun.

These words are my bullets. I

fight with these weapons.

Against oppression. To promote

peace. Sheik Haron isn't

recognised by the majority of

Islamic scholars, but a

supporter was seen handing out

leaflets in his defence. The

45-year-old was accused of

sending letters to the families

of seven Australian soldiers

killed in Afghanistan, still

grieving over their loss.

Earlier lawyer Chris Murphy

told the court the letters were

not threatening and the Sheik

was an open book, preaching

peaceful It was historical and

political prosecution. Sheik

Haron criticised Australia's

involvement in the wars in Iraq

and Afghanistan which he said

couldn't be justified. We

should care about Australia's

interest, not America's

interest. We are Australian. He

says he offered sympathies to

the family and asked if they

needed help. Some people maybe

have misinterpreted some parts have misinterpreted some

of the letter. Following his

arrest by Federal Police last

month access to Sheik month access to Sheik Haron's

web site was blocked. He faces

two years in prison if ycted on

these charges. Sheik Haron's

bail conditions were eased. He

must report to police once a week. He chained himself

outside the court and seemed to

settle in for a lengthy one man

process. The issue of nuclear

power has taken a dramatic turn

in Britain with the

announcement the Government is

supporting the construction of

10 new plants substantially

boosting the amount of

nuclear-generated electricity,

environmental groups criticised

the decision saying it's a

dangerous return to the past.

The Government says it's about

a greener low-carbon future. Europe correspondent Philip

Williams reports. Keeping the

lights on in Britain, the

Government now with a plan for

10 new nuclear power

10 new nuclear power plants,

most on existing sites and the

law changed to fast track

planning. As a country we need

nuclear renubilitys and clean

coal, necessary for security of

supply, tackling climate change

and the future of our

economy. Beyond nuclear power,

coal-fired power station with

will have to incorporate

effective carbon, capture and

storage, four commercial scale

plants will be built. Existing

coal-fired power station have been the target of the protests, campaigning against

global warming, it's the

Government's acceptance that

nuclear power is a preferred

option causing Opposition from

groups arguing the lessons of

Chernobyl have been forgotten

and the disposal of nuclear

waste underground

untested. Nuclear power is

expensive, dangerous and wrong

policy for this country. The

reactors proposed haven't been

shown to be safe. A place to

dispose nuclear waste has not

been found. Environmental

groups say the push is ignoring

the potential of renewable

Nos., the Government saying

environmentally responsible it's part of a low carbon

solution. Across the Channel in

France nuclear power stations

continue to be built, supplying

80% of electricity needs.

Britain looks like following

that lead. Announce ing the new

initiatives is the easy bit.

Carrying them out difficult.

Not because of the debate, but

the long lead time, beyond the

life of this government. For

now the nuclear push will gain

fresh impetus from a report in

the 'Guardian' quoting an

un-named official in the

international energy agency

claiming oil production and reserves have been

overestimated at the be-of the overestimated at the be-of

United States. The official

says Americans pressured the

agency to revise figures

upwards, because they fear

questions over a shortage would

create panic buying. That would

have a flow-on effect of

financial markets. The politics

of climate, energy and money

have never been more intense. A

quick look at the weather:

That's all from us, Lateline

Business coming up in a moment.

If you'd like to look at the

interview with Deputy Prime

Minister Julia Gillard, or

review Lateline stories or

transcripts visit the web site. Now here

is Lateline Business with Ali

Moore. Tonight - steady as she

goes, Wesfarmers stays sailing

into calmer waters. We got the

debt monkey off our back, with

a strong balance sheet there's

renewed confidence in our

ability to aggressively pursue the Coles turn around. Barbarians gather at

the gate. Are we set for a

round of aggressive mergers and

acquisitions. Coming down to a

deep downturn, particularly

globally, we have companies in

great shape, there's incentive

for the victors to devour the

losers. The changing face of

media, what plans for Fairfax media, what plans for

in the digital revolution. Do I

have an exact vicks, have an exact vicks, no, I

don't think anyone does.

To the markets, following the

rally on Wall Street, the All

Ords up 1.25%, ASX 200 gained

58 points, in Japan the Nikkei

rose 0.6% with the market held

by by a late rise in the by by a late rise in the yen.

Hong Kong's Hang Seng edged to

a two-week high, the FTSE is

stronger for the fifth straight

session in London. It's taken

two years, but the Coles

supermarket chain is turning

around for Wesfarmers, with the

company saying it's pleased

with the group's performance in

the first few months of the

financial year, and off the

back of that, about 90% of shareholders at shareholders at today's Annual

General Meeting in burst

endorsed a 40% pay rise endorsed a 40% pay rise for

Managing Director Richard

Goyder, he'll take home around

$8 million a year. Michael Troy

reports. For many Australian

companies it's been a

rollercoaster year, and

Wesfarmers is hoping the ride

is over. Our share price has

been all over the place, we've

had to take decisive steps to

ensure investor

confidence. Among them a

reduction in conglomerate debt

with a capital raising. We got

the debt monkey off our back,

with a strong balance sheet there's renewed confidence. Chairman Bob Every

told the annual germ meeting in

Perth that Wesfarmers - general

meeting in nerth that a 44%

profit was earned. But cut the

dividend. It came despite an

increase in executive pay. At

last year's AGM shareholders

voted against the remuneration

package. We are confident the remuneration structure is

reasonably pitched to allow us

to attract and retain quality

people. Your Board recognises

concerns in the community about

the issues, and we have done

our best to respond

constructively to the criticism

we received 12 months ago. His

appeal hit the right note with

a vote in favour of the new

package. In describing the

performance of main performance of main business

Managing Director Richard Goyder says coals Goyder says coals was

underperforming but had turned

around. Bunnings delivered

excellent results and Kmart showing signs of positive

change. He warned of the

dangers of another interest

rate rise. Our sense that while

confidence returned

domestically, it's fragile, and

I for one am concerned

increasing interest rates

coupled with people working

less hours may impede the pace

of recovery. Wesfarmers shares

closed up 74 cent or 3% to

$27.43. The US food giant Kraft

is turning hostile in an $18

billion takeover bid for

Britain's Cadbury, the

confectionary maker says

Kraft's bid is unappealing,

investors are taking heart from

the merger and acquisition

activity, a sign markets may be

returning to normal. Neal

Woolrich reports. Investors,

the media and film-makers have

been fascinated by corporate takeovers. Everyone benefits when management takes over.

It's simply a question of

arriving at an attractive price

to paid the stockholders to buy

out the shares. After a lean 18

month, the appetite for mergers

and acquisitions is building,

Kraft's aggressive takeover of

Cadbury is the international

headline move of the year. The

initial approach rejected by

directors and stakeholders,

here in Australia the wealth

manager AXA and toll road

operator Transurban are the

subject of takeover plays.

Businesses are confident,

management teams confident.

Most think the world will be

better in 2-3 years time,

encouraging outlook. Coming

out of a deep downturn

countries are in great shape,

there's an incentive for the

victors to take the

losers. We'll see further

consolidation in wider financial sector, it's

reasonably consolidated at the

moment. No matter how good an

idea seemed at the time no all

corporate marriages had a

positive ending, Fosters took

over Southcorp in 2005 but is restructuring the wine business

after failing to sell the

division this year. Coles ended

an uneasy two decade union with

Myer when it sold the chain in

2006, and the jury is out on

whether Wesfarmers can make -

its profit work. 50% create

value for shareholders, I'm of

the opinion it's true, there

are good and bad take I was, there's never no, companies

always want to buy each other,

even though it doesn't always make steps to do

so. Regardless, there are

numerous funds like MM&E

Capital, making money trading

off big tractions. We may or

may not take a position in the

deal, the bid may be approved

or another bidder enter. The

number of announced deals is

important. We want a second

strategy to predict that. We

have AXA shares in that have AXA shares in that

portfolio. Corporate advisors

will push deals after being

starved of activity, Mike

Hawkins says the strong

Australian dollar is making it

attractive for Australian

companies to venture into distressed overseas

companies. Toll Holdings has an

international footprint,

Woolworths is looking

offshore. It represents a big

change of strategy and uncertainty coming into the

near-term outlook in the eyes

of marginal investors and share

prices canle. AXA, Cadbury and

Transurban had price hikes, all

three will have to steal

themselves for battles that

could last months. A sentiment

that a wrestless army of M&A

advisors here and abroad may

look to exploit. With a look at

the local markets, what drove

them higher, I was joined them higher, I was joined by

Marcus Padley from Patersons Securities, the financials led

the way, but the mining stocks

didn't take long to catch

up. Yes, the mining stocks

enjoying the Aussie dollar,

which is doing up or enjoying

the US dollar going down, at a

15 month low against the euro,

the G-20 said they'd retain stimulus settings, interest

rates won't go up, that was

helpful. You have a bit of

corporate froth appearing with

the kavt hostile bid for Cadd

Gris. IPO's - Kraft's hostile

bid for Cadbury's. IPO. We have

come up 70%, fell 8% in the

last week or so, and we have

bounced 5% in two days, we are

enjoying the bounce, we are

trying to convince ourselves

that we haven't seep a

correction, but a - seen a

correction but a blip on the

downside. Do you think the

rally has legs. Standard

answer, don't know, will go

with it whilst it's there,

didn't quite flog everything

when the market fell 8%, still

holding on, glass to see the

rally, hope it continues, I

think after the 8% fall, people

are fearful and probably going

to be a bit tighter on the

trigger if we fall again. If we

go back to the financials, it

was a strong day for the AMP

after its takeover offer yesterday. Absolutely, the

price of AMP when they bid for

AXA, $12 billion, when they bid

the price fell over, and

immediate comment around the

desk was, "What about the story

that ANZ were going to bid and

the NAB were interested", all

sorts of people used to hold

stakes in AMP, so they bounced

4.25", it's up 4% today, and

their bid for AXA lit a fire

under the wealth management

sector, you had an IAG, Suncorp

Metway, IOOF, and Challenge on

the move. It's what the market

needs running into

Christmas. There was talk Christmas. There was talk today

that the German construction

giant Bell finger is mulling a

float of Australian assets, float of Australian assets, is

there a reaction to that. It's

a reflection of the state of

the markets, you have a German

company with $1.5 billion

Australian arm, which I read is

the second biggest construction

company after Leightons, you

wouldn't know it. They do

utility contracts, maintaining

water, gas electricity water, gas electricity assets.

They are thinking about

floating the Australian

business in the new year. And

if you combine that with a Myer

float, floated car sales,

Kathmandu, there's a trail of

IPOs coming up. The market is

basically going up, when it

does the corporate deals pop

into the minds of investment

banks, they float them to all

sorts of people and they

sorts of people and they start

to happen, for a German company

to sell an Australian company

after the Aussie dollar has

gone up, it's a matter of them

trying to tie in everything,

it's a reflection of the it's a reflection of the health

of the Australian market relative to the German

market. To other major movers,

Tasmanian timber giant Gunns

Limited up 7% ahead of

tomorrow's AGM. Sino Gold

benefited from rising gold

prices. David Jones rising prices. David Jones rising 2%,

Downer EDI up 6% after winning

$400 million worth of new contracts.

New figures show corporate

Australia has significantly cut

its debt levels, as the gap

closes between business

conditions and surging confidence levels, confidence levels, the National

Australia Bank monthly Australia Bank monthly business

survey showed confidence

bounced back in October and

business conditions rose

sharply to levels before the

financial crisis, the financial crisis, the senior

Reserve Bank official told a

finance conference corporate

Australia raised $50 billion in equity, three times that of

recent years. Many of the

equity raisings has been used

to pay down debt, it's common

for company's announcements to

state equity raisings are used

to repay bank loans, as a result John Broadbent said

banks have been able to lend

money to firms complying with

tighter lending criteria. The

new Fairfax Chairman chaired

his first Annual General

Meeting with Roger Corbett

saying the turmoil of the past,

seeing departure of Ron Walker,

is behind the media company and

the entire board is committed

to unity. He says a number of new directors will be appointed

in coming months, a day after

another Fairfax director, David

Evans was forced to resign

because of a conflict of

interest with his role on the

board of Ville im roadshow

which like Fair box - village

Reed show. The fact it took two

years, and the regulator to

realise the conflict was an

oversight. Fairfax CEO Brian

McCarthy told the AGM the

company was expecting modest

earnings growth in the second

half, with advertising revenue

continuing to recover. Roger Corbett, welcome to Lateline

Business. Thank you. You used

to describe yourself as a

growser when you ran

Woolworths, how do you see your

role now you are overseeing a

media company. I am not

overseeing the media company.

The media company is overseen

by Chief Executive Brian McCarthy, I'm McCarthy, I'm the Chairman of

the Board, as Chairman of the

Board, it's my job to lead the board, support the management

and provide, you know, the

board type overview of the

business. I don't see business. I don't see myself

over the business, I see myself

as Chairman of hopefully an

effective board. Does your lack

of media experience present a

problem? I don't think so, we

have pretty good media

experience on the boar, in the

form of Brian McCarthy, and

John Fairfax and, of course,

we'll add to that as soon as we

possibly can as well. I think

we have good media experience,

and, of course, there are other

skills on a board, are

necessary other than, of

course, the skill that the

business is in. That said of

the new directors that you are

looking to hire, media

experience and online

experience are what you have said are said are necessary. Indeed.

That is exactly rite. Does that

not highlight a lack of those

skills on the board at the moment. No, I think it's

showing up that we have been

looking at this area for some

time, we have good internet and

digital experience within the

business, some outstanding

people led by Jack Matthews as

you know, but I think the time

has come, and so does the

board, of course, to strengthen

the board's skills and

experience in that area. It is

arguable that three candidates

that did stand for the that did stand for the board,

Stephen Mayne, Steve Harris and

Gerard Noonan fit the bill of

being internet savvy, why

didn't the Board recommend any

of them. As I explained at the

annual meeting today, the board

has a process going on at the

pren time, we will include

those - present time, we'll

include those people, at this

stage it was premature to make

an appointment of any of those

people to the board, I think

everywhere on the board

recognises that their quality

applicants. At the same time

isn't time of essence when it

comes to board renewal. Time is

always of the essence, getting

it right is more important. You

said today that you were

embarrassed and regretted the

recent turmoil on the board and

you raised the question if

people had reacted differently,

I know you don't want to go

over old ground, in terms of trying to understand what

happened, which people were you

referring to? I'm speaking

generally, I don't want to name

anyone in particular. We all

feel that we would have liked

to have done better, but that

is in the past. I think we

should leave it in the past. I

have the commitment from my

colleagues on the board that

moving forward we'll move

forward as one, and there'll be

- the board will speak with one

voice. That includes John B

Fairfax and his son Nicholas. It includes everyone

on the Board. Given your six

years plus tenure on the board

of Fairfax, six years of Fairfax, six years involved

in the company's strategic

direction and six years of

support for the former

Chairman, how do you bring

fresh eyes and harmony to

what's clearly been a

dysfunction al board. I think

there's been issues that have

been effectively resolved,

moving forward, I don't do it.

It's up to each member of the board to commit themselves to

that process, and I believe as

individuals and a group we are

all committed moving forward to

the board speaking with one

voice, that's the way it will

be moving forward. That is the

harmony side, fresh eyes,

strategic side, if I quote from

Peter Morgan, from 452 capital

owning 4% of Fairfax. In

October he said, "Fairfax is a

company for 15 years littered

with poor management and poor

acquisition decisions", what is

your response to that. That's

Peter's view, I don't know that

I entirely would agree, either

would a lot of other people.

Diversification that we are

involved in produced a result

for Fairfax, for the year ended

June which would not have

occurred if we had not been

involved in that very significant diversification,

did we take risk in doing did we take risk in doing that,

of course we did. Did they all

work, no, they didn't. Did the

majority, and did we broadly

get it right, I think we

did. In terms of where you are

sitting, your CEO said earnings

before interest, tax and

depreciation fell 15% for the

four months before end of October, representing an

improvement. How much of an improvement given how bad

things have been. Of course,

this is not new in the media

industry, as you well know, it

is a very cyclical industry,

and it is affected by

contractions in the economy,

and advertising is one of the

variable expenses in most

businesses, so it is businesses, so it is affected.

We have been affected, We have been affected, but I

don't think any more or less,

and lots of media companies

both in Australia and overseas.

Fortunately we are seeing an

improving situation. Are you in

favour of charging for online

content. Brian McCarthy seemed

to pour cold water on that at

today's meeting. I don't

today's meeting. I don't think

Brian put cold water on it, I

think Brian said it was one

area that we had under

consideration along with a lot

of other areas. The truth as we

all know is that the media

industry, and the delivery of

services, of news and other

things, such as classified ads,

job ads, house ads, car ads

changed dramatically under the

influence of the Internet. Fairfax is moving into that

space, and has moved into that

space. Where the balance

finally lies, no-one finally lies, no-one knows.

There are a number of

significant issues that media

companies around the world are

grappling with, these issues,

if well handled will be

opportunities as well. Of

course , that balance is

something that you and your

board and CEO will have to find

sooner, rather than later,

right now do you think the time

is right to charge for online

content. I think that's

premature, we'll certainly give

that consideration as Brian

McCarthy outlined today. Given

that, as you say, you are not

running the company, you are

Chairman, what is the Roger

Corbett-Fairfax vision, how

will you do things differently

to how they've been done, say,

for the last six years while

you've been sitting around the

Board room table. I don't

accept the premise that the

past period hasn't had its

significant successors, because

it has, and I think the board

and its Chairman have done many

things really well. I hope that

I'm able to give, as Chairman,

leadership, I hope I'm able to

be a coordinating factor in

bringing a large and varying

points of view together. Do you

personally though, do you have

a vision of how you take an old media company into a new

age. Do I have an exact vision?

No, I don't think anyone does,

is there going to be a process

by which Fairfax positions

itself in the all variables

that are currently going on to

ensure that we have as wide a

scope of options as we possibly

can - yes, that is certainly

what we'll try to do

together. Roger Corbett, thanks

for talking to Lateline

Business. Thank you very much.

We heard earlier from Marcus

Padley about the number of

public floats hitting the

market, while the biggest in

recent times, a listing of Myer

may not be a roaring success

yet, its impact is felt far and

wide in the investing community, particularly for

private investors, Myer was the

first clear sign since the start of the global financial

crisis that the risks around

investing in unlisted companies

are easing, start ups, however,

are finding it tough with

venture capital in short supply. Andrew Robertson reports. Jennifer Hawkins may

have brought the glamour to the

first big post financial crisis

float under under the imagery

Myer owners were sweating on

getting hundreds of millions

back and then some. Others

watched closely. It brought the

positivity back, looking at

floating investments over the

last five year, and venture

capital firms in existing

investments to get cash into

bank accounts and invest. Whale

sale investor is an agency

matching high net worth

individuals with investment

opportunities, a survey of

4,000 clients gives a snapshot

of how the investing client is

soaring, the most sort after in

August was private companies,

property a long way back,

list's companies third. Private

companies are the most popular,

with confidence in markets

returning, investors are actively looking for companies

wanting to go public. For the

next three years there's about

500 floats on the ASX, all will

go through the pre-IPI phase

with a round of capital raising

to basically strengthen to basically strengthen the

balance sheet and make an

acquisition before going into

the float. Internet Pion the float. Internet Pion near

Domenic Carosa survived the

Dotcom bubble and bust of the

1990s, but lost his digital

music company Destra in the

collapse of Opes Prime, he run

said Dominet, an investment

company ploughing funds into 12

Internet businesses in the past

12 years. We look at the

quality of the management, then

the gap in the marketplace,

that this company is trying to

focus on, and thirdly

valuation, and typically it's

the last point that falls down

as a lot of entrepreneurs have

heads in the clouds when it

comes to unrealistic expectations of valuations. Start by deciding

if you want to be a

driver,... A case in point is Melbourne-based start Melbourne-based start up, The

Daily Commute, an Internet

based car pooling concern, its

founder is Glenn

founder is Glenn Batson. What

we are asking for venture

capital is realistic. I see our

company floating within five

years at close to $500 million,

I don't see that as pie in the

sky stuff at all. Domenic

Carosa has a different

view. Having been in business

for nearly 20 years, I think

it's almost guaranteed that

from START up to half a billion

cap IPO is unheard of cap IPO is unheard of unless

you were living in the Dotcom

days in the late '90s. The

toughest section of the

investing market is venture

capital, attracting 5% of

investing dollars with studies

by private equity and venture

capital association saying no

money has been raised for seed

capital, Glenn Batson is

finding that out the hard finding that out the hard way,

as he speaks to investors in an

attempt to get The Daily

Commute up and

running. Conversations are

along the lines of, "We'll talk

more when the company is more established", it's sort of a

rock and a hard place, we need the capital before we are

willing to launch into the

marketplace. On the other marketplace. On the other side

of the offence Domenic Carosa

says he won't provide venture

capital, because risks are too

high, and in Australia returns

too low. The Government needs

to do more to encourage

investment into the SME Market,

reducing capital gains tax,

making it attractive for the

investor, giving the incentive

to take more risks, which is a

reason why Domenic Carosa, and

investors like him only provide

capital to companies up and

running and starting to develop

proven track records of

generating revenue. Tomorrow's

business diary, the BHP Billiton Melbourne

Billiton Melbourne Institute

Survey of Consumer Sentiment is

out for November. Commonwealth

Bank holds AGM and Gunns

Limited. In the United Kingdom,

the Bank of England quarterly

inflation report out. A look at

what is making news in the

business sections of the

papers, summing up -

executives of failed executives of failed broker

Opes Prime may face criminal

charges after an ASIC investigation. 'The Australian'

looks at questions posed by

shareholders to the Fairfax board. 'Australian Financial

Review' says $16 billion of

mining projects shelved during

the global financial crisis are back on the back on the agenda. 'Sydney

Morning Herald' looks at plans

by Bilfinger to float

operations include ing bawleder

stone and API group. The FTSE

up 9 points or 0.1 of 1%, Dow

futures showing an opening down

-0.2 of 1%. If you want to

review the program visit the website I'm

Ali Moore, goodnight.

Closed Captions by CSI

. THEME MUSIC CHOIR SINGS With just a month to go to the critical climate change conference in Copenhagen

and a new global treaty looking less and less likely, the heat is on the world's governments. Climate change represents one of the greatest moral, economic and environmental challenges of our age. The Cafe at the Gates of Salvation Choir sing for change. Activists at the Sydney Opera House were demanding deep cuts to Australia's greenhouse emissions

to match Kevin Rudd's rhetoric. One of the things which I think has disconcerted a lot of people is the evangelical fervour of the climate change alarmists. Influential liberal sceptics challenge the message and the messenger of man-made climate change.

For 10 years the left, internationally, have been very successful in exploiting peoples' innate fears about global warming and climate change to achieve their political ends.

While climate change scientists call for urgent action, here in the national capital where the decisions are made, action has been stalled by politics. The Government has forced a vote on its emissions trading scheme by the end of November. In response, the Opposition has torn itself apart. This scheme is just another stake through the heart of regional Australia. And you can go to Copenhagen, you can go to Disneyland, you can go wherever you like but the position of the National Party on this will be quite clear. To understand the word "no". Senator, do you still plan to cross the floor on the ETS legislation?

I won't be supporting an ETS. Under any circumstances. Mr Tucker - Leave the crossword, I'm going to the toilet. Rebellious Coalition sceptics continue to oppose any compromise with the Government.

The earth is actually not warming, we still have rainfall falling. We have crops still growing.

We can go outside and we won't cook. There's always sort of the puritanical zeal that says, "You will conform - lock step, goosestep." What proportion of the Liberal Party are climate change sceptics, do you think, from your discussions?

If the question is, do people believe or not believe that human beings are causing, are the main cause of the planet warming, then I'd say a majority don't accept that position. I will not lead a party that is not as committed to effective action on climate change as I am.

Mr Turnbull, will your leadership be safe if the party room supports these amendments? Malcolm Turnbull angered some in the party when he made climate change a leadership issue. I believe Malcolm putting his leadership on the line over this was folly indeed. Does that mean that Malcolm Turnbull is too "green" for a majority of the party? Um, I think that would probably be fair to say. BAGPIPES PLAY Always happy to see colleagues and former colleagues. G'day, John. Hello, Brendan. Thanks, John. Hello, Gillian.

Good to see you. Thanks for coming. Like Britain's resurgent conservative opposition leader,

Malcolm Turnbull is convinced you can be conservative and green - out with old guard and in with the new. Well, Malcolm's shown, wants to show that we are a modern party. It's part of the change, the evolution from John Howard to Malcolm Turnbull. But does he have the numbers? Tonight on Four Corners: