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Ten Early News -

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(generated from captions) The Treasurer brings big changes to

the banking system, but the ink is

not dry and there are claims the

changes don't go far enough. 6:00Am,

13 December - good morning everyone.

I'm Ron Wilson, and I'm Frank

Coletta. Welcome to Ten's 'Early

News'. One dead, 11 rescued after a

fishing boat is swamped by a freak

wave in Victoria. One man hailed

for his part in the rescue. Peter Senior leads American Bobby Gates

by a shot as rain forces the

Australian PGA Golf Championship

into a fifth day. Chinese torture

for world markets after announcing

its inflation hit a three-year high.

Food prices have shot up. It could

spread.

The Federal Government brushed

aside concerns that existing

mortgage holders have been ignored

in its new banking reforms. Under

the changes exit fees will be

scrapped for new home loan

customers from next July. Treasurer

Wayne Swan argues it's

unconstitutional to ban them for

existing loans. We simply can't do

that. It's not legal. We have put

in place new arrangements where

customers hit or held to ransom by

the unfair fees can complain to the

regulateor. The new reforms include

giving the ACCC more powers,

there's funding for small lenders.

The Opposition says the changes

don't go far enough. An

investigation has been launched

into a fishing boat accident which

killed a man in Melbourne's Port

Phillip Bay. 11 others were rescued

after a wave capsized the vessel.

Ellesa Throwden, from our Melbourne

Newsroom has the latest. Exactly

what happened out there on the bay?

Well, 12 people were on board a

commercial fishing vessel at Port

nappyan when hit by a freak wave.

It capsized and hit rocks -- Port

Nepean when it was hit by a freak

wave. It capsized and hit rocks. 10

people were puled to safety. Three

were -- pulled to safety. Three of

them were taken to hospital. It's

the heroic efforts of a diverer who

was praised. He went back to look

for two people who were missing.

Unfortunately one of the men was

found dead tangled in a fishing

line under water. Another was

trapped underneath the capsized

boat. He pulled him to safety. I

heard a tapping on the hull. And

realised there was one person realised there was one person

inside. I talked to him to see if

he was injured. He said he wasn't.

But didn't know where he was in the

boat. I instructed him that he was

in the bridge, and what he needed

was swim out to the right. When he

did so I grabbed his hand and

pulled him free. Lucky man, indeed.

Where does the whole incident go

from here. The vessel, the owners

have to retrieve the vessel

themselves. Police say they don't

have the equipment to do it

themselves. Three investigations

have been launched. One being by

Marine safety Victoria and Victoria

Police. Thank you. Ellesa Throwden

in the Melbourne Newsroom. There's

concerning Kevin Rudd's attitude more WikiLeaks cables released

when he was Prime Minister.

According to Fairfax newspapers Mr

Rudd was considered an important Rudd was considered an important

ally for Israel. A former Israeli

ambassador to Australia said in a

secret naible that Mr Rudd was

supportivetive -- cable that Mr

Rudd was supportive of Israel's

position in the Middle East.

Another warned Mr Rudd's

condemnation of Iran in his term of

leader risked retaliation against

our embassy in Tehran. Elder son.

Disgraced US financier Bernie

Madoff has become the latest victim.

Mark Madoff has hanged himself in

the living room of his New York

apartment while his 2-year-old son

slept in another room. He left no

suicide note. It was the second

anniversary of the day his father

was arrested in the biggest

investment fraud in US history.

Family members say Madoff was Family members say Madoff was

despondent over media coverage and

criminal investigation into the

family over the multibillion scheme.

The veteran US diplomat Richard

Holbrooke is in critical condition

after surgery to repair a tear in

his heart. 69-year-old Richard

Holbrooke, who brokered the 1995 Holbrooke, who brokered the 1995

accord which ended the Balkans war

has been a key player in President

Obama's efforts to turn around the

9-year-old Afghanistan war. He fell

ill on Friday and was admitted to

nearby George Washington University

Hospital. A suicide attacker has

detonated a minibus packed with

explosive near the gates of a

military base in Southern

Afghanistan gilling six NATO troops

and two US -- killing six NATO

troops and two US soldiers. The

attack took place in Zhari, at

Kandahar Province, driving it into

the base as vehicles prepared to

move out on to control. NATO hasn't

identified their nationalities.

More than 100 men and women

returned from Afghanistan in time

for Christmas. Members of the 3rd

Force Support Unit were reunited

with their families in Brisbane

last night. Finally back in dad's

arms. Kiss me, quick. Already

making up for so much lost time.

Daddy. Hey. Priceless. Hey, baby.

140 members of the 3rd Force

Support Unit arrived in Brisbane

Afghanistan. last night after eight months in

(CHEERING)

. Home just in time for Christmas.

Dad's wrapped up. I'm here. Best

present. Yep. What are we going to

do, put the tree up, have you done

that. I've already done that. I

missed the tree. We'll do cookies.

Cookies as well. These men and women provide logistical support

for the troops, many to return next

year. It's fundamental. They

provide everything we need to fight.

Without them we don't work. What

does it mean to spend Christmas

with with your family? Lucky, one

of the lucky ones. They'll resume

their lives as husbands, wifes, and

new fathers. It's good to see him

now. And cherish every moment. The

Swedish Prime Minister says the

bomb blast which killed a spshed

suicide bomber is unaccept --

suspected suicide bomber is unacceptable. Police have good

leads into the terror climbs before

the explosion, a Swedish newsagency

received a threatening letter about

their presence in Afghanistan, and

caricatures of Prophet Mohammed

drawn by a Swedish cartoonist. A

snow storm dumps 50cm of snow in a

single day in the mid-west of the

United States. In Wisconsin,

authorities issued a no-travel

advisory citing blizzard and winter

storm warnings in every county, in

North Dakota, the temperature was -

20. Look who is getting snow -

Greece. After a mild start to

winter the temperature dropped,

Athens down to 2 degrees. Sports

new, and wet conditions in Coolum new, and wet conditions in Coolum

caused havoc during the final round

of the Australian PGA Golf

Championship, organisers forced to

suspend play mid-way through the

afternoon. With a one shot buffer

heading into the final round the

pressure was on American Bobby

pressure was on American Bobby Gates. Beautiful

Gates. Beautiful shot. The 24-year- Gates. Beautiful shot. The 24-year-

old coping early. Doubling his lead old coping early. Doubling his lead

at the fourth. He's looking to shut

the gate on the field. Veteran

Peter Senior had other ideas, his

putter keeping the pressure on.

Looks good. Another inch. Richard

Greene stormed into contention with

four birdies through 10 holes.

There's a lot of guys within six of

the lead that can jump out of the

boxes and take it to the leaders.

I'm not saying the leaders can't

handle it. Local wildlife didn't handle it. Local wildlife didn't

mind the wet. Officials not

convinced. As the afternoon

progressed, so to the rain. The

decision to play on not good for

Gates. He's been rained on two

holes in a row. He gave up the lead

in the ninth. Peter Senior the

leader. A wayward tee shot had

Senior in the trees at the 10th. Oh,

no. Gates produced an identical

shot to also sit in trouble, and

that's exactly where they both that's exactly where they both

remain, with play finally suspended

due to the rain. Clint McKay has

sent a timely reminder to sent a timely reminder to

Australian cricket selectors of his

bowling prowess, taking 4/68 in a

drawn tour match against England at

the MCG. Clint McKay's haul

included the scalps of Alastair

Cook, and Ian Bell. But in an

ominous sign for the Aussies ahead

of the third Test in Perth, English

wicket-keeper Matt Prior made 102

not out. Sporting declarations by

both sides were not enough to force

a result, the match ending in a

draw. Ultimate fighter champion

George St-Pierre scored a unanimous

points decision win against Josh

who's check to retain his UFC

welterweight title. Josh did most

of the sledging, GSP let his fists of the sledging, GSP let his fists

do the talking. Still the

undisputed UFC welter weight

champion of the world. It's the

second time George St-Pierre has

beaten Koscheck at the Octogon. second time George St-Pierre has beaten Koscheck at the Octogon.

Time for the sports news - it might

have been - finance instead with

Frank Coletta. We need to be - I'm

not doing well. We need to be on

our best behaviour. It will be hard

for you, you will have to be today

because Ten Network's star-studded

board takes over, billionaires Lachlan Murdoch, James Packer, Gina

Rinehart, along with Paul Mallam,

on behalf of WIN Bruce Gordon

joined the board of Australia's

best network. Former auditor Brian

Long became the company's Chairman,

replacing Nick Falloon, Friday. At

the top of the news the Treasurer

unveiled his long awaited banking

reform package, it's not

unanimously been applauded. The ban

on exit fees will do nothing but

encourage banks to ramp up

establishment charges. The

Australian Bankers' Association is

not happy, their complaint may fall

an deaf ears, it suggesting that

there's no such thing as price

signalling by the banks, saying it

will be more difficult for

financial institutions to explain

to customers what will happen with

the direction of interest rates. A

part of the package welcomed by

everyone is a news that a task everyone is a news that a task

force will investigate ATM fees.

China's inflation rate has shot up

sending a scare into world markets.

According to government officials

it hit 5.1% in November, well above

forecast, and a 28-month high. It

has the chg worried about food

price -- Chinese government worried

about food prices which went up 11%.

It will crackdown on market

speculation and will punish anyone

manipulating food prices. The Dow

Jones and S&P on track to finish

with gains. The Nasdaq up 16%. The

Nasdaq recording an eighth straight

daily gain, up 5.5% across the

period adding 20 before Saturday

morning's shutdown. Nothing to get

too excited about in Europe. The

FTSE firmer, aided by the miners

and data out of the US. Nikkei hit by profit takers.

Looking at the scran for the

weather: -- screen for the weather:

A check of what is making headlines

in the country's newspapers. The

'The Age' WikiLeaks, a US Embassy

cable says Australia's top

intelligence agency thinks Iran's

nuclear program is a deterrent

rather than a threat. Australian

PGA Championship - Labor to use the PGA Championship - Labor to use the

un -- 'The Australian' to use the

climate change summit. '100 Things'

- Shane Warne pashing actress --

the 'Herald Sun' Shane Warne

pashing actress Liz Hurley. Still

ahead Her Majesty Queen, Open for

Inspection with the biggest day of

her Australian tour. And is it a

case of whipping the banks with a

feather. More on the Treasurer's reforms.

WOMAN: For a cash advance with a simple fixed fee, convert your thinking. Cash Converters.

This program is captioned live.

Headlines every 15 minutes on Ten's

'Early News'. Dozens of residents

remain cut off by floods in parts

of NSW and Queensland. Nearly a

dozen people were plucked to safety

yesterday including two families

whose cars were swamped near Kilcoy

and Bundaberg, two teenagers were

swept away in the Burnett River,

rescued by a 16-year-old boy in a

canoe. Rain will cause flooding in

NSW, Premier Kristina Keneally will

inspect the damage in Dubbo as the

State's north-west remains on alert.

One man is dead, 11 have been

pulled to safety after a freak

boating accident in Melbourne. The

group was on a fishing boat at Port

Nepean when it was hit by a large

wave which capsized the vessel, one

man died trapped under water

tangled in fishing line. Another

was rescued after being trapped

under the hull. Had we been further

away, who knows what would have

happened, being stuck in there

after the tide came in. Several investigations have in. Several

investigations have been launched

into the accident. Wayne Swan has

released his long-awaited package

of banking reforms, promising a ban

on exit fees, planning to let the

consumer watchdog loose on the

banks. The Opposition says it

doesn't go far enough. Consumer

group Choice says it's a start. On

a Sunday the Treasurer was keen to

unveil his banking reform. I'm

announcing a raft of changes which

will further strengthen competition.

That will be done by helping the

smaller institutions compete

against the big banks. It's very

important that consumers are fully

informed about the wide range of

competitive deals that are on offer.

That is it's important that they

know where to look. From 1 know where to look. From 1 July

Exit fees will be outlawed. The

ACCC will have powers to monitor

bank signalling and the possibility

of bility portability will be

examined. For small -- portability

will be examined. The Opposition

says it doesn't go far will be examined. The Opposition says it doesn't go far enough. I

have to give it 3 out of 10. A big

criticism is existing home loans do

not get a reprieve from exit fees.

The government insists it couldn't

fix that. It would not be

constitutional to ban them for existing loans. Choice says

competition will be boosted in the

long term. In general consumers can

be confident that there is a

process that is starting that

should deliver them a better deal.

The man accused of murdering Sydney

nurse Michelle Beets is on life

support after a failed suicide

attempt. Walter Marsh was rushed to

hospital Saturday morning after

being found in his prison cell with

his wrists and throat cut. A

suicide note was found in the cell.

Marsh is alleged to have stalked

and killed Michelle Beets on her

Chatswood doorstep in April. NSW

Police are yet to identify who was

driving a car which crashed into a

telegraph pole killing a pregnant 19-year-old woman, Candice Falls

died when the car she was in went

out of control slamming into a

power pole in Sydney's west. Two

21-year-old men were injured, it's

believed the car may have been

street racing. Police appealed for

anybody who witnessed the crash to

contact them. Football fans and

ultra nationalists in Russia

clashed with riot police during a

rally in memory of a Spartak Moskow

supporters killed a week ago.

Thousands gathered near the Kremlin

in memory of Yegor Sviridov, who

was shot dead during a fight with a

gang of men from the caucasus. The

protesters shouted racist slogans

and attacked ethnic looking passers

buy. The ultra nationalists claim

there's a war between Russians and

ethnic minorities. Race has caused

trouble among sker supporters in

Jordan, the country's top soccer

teamal-Wehdat decided not to play

until there's an investigation into

a spectator riot, injuring more

than 200 people. Officials blamed

riot police for attacking

supporters, mostly Jordanianians of

Palestinian decent. There's clashes

when they play against Ar-Faisali a

team owned by a Conservative

Jordanian tribe. WIN will keep up

her pace with a regatta -- Oprah

Winfrey will keep up her pace with

a regatta. A maritime strike

threatens to stop the taping of her

two shows. Oprah and her audience

embraced the Australian culture,

and our love affair with the sun,

water and fine food. Oh, my

goodness, I had the most delicious

pea salad. I asked the chef for the

recipe. That will continue with

leading fans and guests hitting

Sydney Harbour for a regatta. The

bond tomorrow could be broken with

a pending maritime worker strike

possibly delaying two shows to be

filmed at the Opera House. Union

members will decide if they'll walk

from work and not put in place John

Boyce for an exclusion zone around

the Land -- buoys for an exclusion

zone around the landmark. The queen

of TV maintained a frantic pace in

the Harbour City as she has during

her short stay in Australia. It's

sending fans wild wild She's the

queen, Elvis is the king. Her visit

will throw up more surprises today.

Peter Senior will take a one shot

lead into the rain-delayed final

round of the Australian PGA Golf

Championship in Coolum. Organisers

were forced to suspend play when

the rain became too heavy,

something Bobby Gates would have

preeshed. Rained two holes in a --

preerbtd. Rained two holes in a row.

Play will resume at 7am. The

Queensland roar extends its lead at

the top of the A-League with a 1-0

lead for Sydney FC. It wasn't a

great start for Sydney, visitors

dominating and scoring before the

break. Kosta Barbarouses, Brisbane

make the breakthrough. You have to

say it's been coming. The win now

has the Roar sitting seven points

ahead of Adelaide United.

A strong finish to last week for

Wall Street, it looks positive for

our market. Here with the details

is Richard English from Macquarie

Private Wealth. The big news was

the narrowing of the American trade

deficit and China's growing battle

with inflation, which will affect

us. Absolutely so. The US trade

deficit narrowing is the result of deficit narrowing is the result of

a low US dollar and increased

demand coming from Latin America

and Asia, it's the case of a

monetary policy plan coming

together. A sign of the world's

largest economy gathering momentum.

That can be a good thing. Chinese

demand is part of that, notwithstanding inflationary

challenges. We see it as ongoing.

The important part about China is

it can turn on its growth tapas

quickly as it can turn it off. --

tap as quickly as it can turn it

off. How is our market shaping up

today, do you think? We have

positive leads offshore, we'll hope

higher. Economic new, business

confidence tomorrow, consumer

confidence Wednesday. Expect the

consumer to show how it feels about

the recent aggressive monetary

policy, expect the RBA to show

little or no waivering. Richard

English there from Macquarie

Private Wealth. Tabcorp triples its

investment in Queensland casino's.

More WikiLeaks embarrassment for

former Prime Minister Kevin Rudd,

we have the details next. Banking

reforms, are they wrapping and no

present. We'll cross to Canberra

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John Boyce You are watching Ten's

'Early News', the main stories -

one dead, 11 others rescued after a

fishing boat is swamped by a freak

wave in Victoria. The son of Bernie

Madoff, the American convicted of

the biggest swindle in history,

kills himself on the second

anniversary of his father's arrest.

In sport - Peter Senior leads

American Bobby Gates by a shot as

rain forces the Australian PGA Golf

Championship into a fifth day. And

then in finance the Treasurer

announces changes to the banking

system. Before the rules come into

force there's criticism the

overhaul does not go far enough. An

investigation has begun, launched

into a fishing boat accident which

killed a man in Melbourne's Port

Phillip Bay, 11 others were rescued

after a wave capsized the vessel,

Ellesa Throwden has been following

the story from the Melbourne

newsroom. What happened out there?

Ron, 12 people were on board a

Ron, 12 people were on board a

commercial fishing boat at Port

Nepean when they were hit by a

freak wave, it overturned the boat

and it hit rocks. Boats in the area

came to their rescue. They pulled

10 people to safety. They were

taken to shore and treated for

injuries and shock, a number taken

to hospital. It's the heroic

efforts of a diver that was praised.

He went in to look for two missing

people. Unfortunately one was a 50-

year-old man, found trapped and

drowned underwater tangled in

fishing line. He pulled another to

safety who was trapped underneath

the capsized boat. I heard a

tapping on the hull. I realised

that there was one person still

inside. I talked to him to see if

he was injured or not. He said he

wasn't. But didn't know where he

was in the boat. So I instructed

him to - that he was in the bridge,

and what he needed to do was swim

out, and when he did so, grabbed

hold of his hand and pulled him

free. He's lucky to get out of that.

What happens to the boat, is it

stuck on the sand there? Apparently

the owners will have to retrieve it.

Authorities say they don't have the

equipment to do it themselves. On

top of that a number of

investigations have been launched

into the accident, including one

from Marine safety Victoria and

Victoria Police. Thank you Ellesa

Throwden there from the Melbourne

newsroom. There's been more

WikiLeaks cables released

concerning Kevin Rudd's attitude

when Prime Minister. According to

Fairfax newspapers Mr Rudd was

considered an important ally for

Israel. A former Israeli ambassador

to Australia said in a secret cable

that Mr Rudd was supportive of

Israel's position in the Middle

East. In another cable Senior

Australian diplomats warned Mr Rudd

that his condemnation of Iran early

in his term as leader risked

retaliation against our embassy in

Tehran. Meanwhile more than 100 men

and women returned from Afghanistan

in time for Christmas. Members of

the 3rd Force Support Unit were

reunited with families in Brisbane

last night. Finally back in dad's

arms. Kiss me, quick. And already

making up for so much lost time.

Daddy. Priceless. Hey, baby. 140

members of the 3rd Force Support

Unit arrived in Brisbane last night,

after eight months in Afghanistan. (CHEERIight months in Afghanistan. (CHEERING)

. Home just in time for Christmas.

Dad is wrapped up. I'm here. Best

present. Yes. What are we going to

do, put the tree up, you done that?

We already done that. I miss out on

the tree. We'll do cookies. Cookies

as well. These men and women

provide logistical support for the

troops, many returning to the war

zone next year. It's fundamental.

They provide everything we need to

fight. Without them we don't work.

What does it mean to spend

Christmas with your family. Lucky.

They'll resume their roles as

husband's wives, mothers and new

fathers. It's good to see him. And

cherish every moment. Good to have

some of them home for Christmas.

The eldest son of disgraced US

financier Bernie Madoff became the

former businessman's latest victim.

Mark Madoff, aged 46 hanged himself

in the living room of his New York

apartment while his 2-year-old son

slept in another room. He left no

suicide note. It was the second

anniversary of the day his father

was arrested in the biggest

investment fraud in US history.

Mark Madoff was despoint denied

over media coverage -- despondent

over media coverage of his father's

case. Heavy storms brings droughts

in the Middle East to an end. Winds

and rain battled Egypt prompting

the Alexandria port to be cheesed.

In Hleb Nan seaside ports were

closed -- in Lebanon seaside ports

were closed. In Israel strong winds

toppleed trees to hundreds of homes.

Demi Moore, and Ashton Kutcher

joined the fight against human

trafficking, they joined Hollywood

stars, leaders and ambassadors at a

UN conference to discuss ways to

fight the multi-million trade. They

set up a foundation, DNA to end

child slavery. Britain is

considering banning controversial

pastor who threatened to burn the

Koran a few months ago, Terry Jones

accepted an invitation to speak at

a far right rally about the eve

ills of Islam. This was the English

defence league in Peterbry

yesterday, involved in scuffles

with police as the far right group

marched through the town. Terry

Jones now has been spoken to speak

at a march in Luton. Terry Jones

called for people to burn the Koran

on the anniversary of September

11th, is a controversial figure

around the world. We have a mission,

a desire to speak on the subject of

Islam, Sharia law, so I believe

that they have invited us to

address that issue. The problem

that you all are having in England.

Pastor Terry Jones has been on my

radar for a few month, it wasn't

clear he was coming to the United

Kingdom, if it is clear, it's a

case I'll actively look at.

Previous EDL marches like this one

in Bradford in August have been

plagued by violence. Often between

EDL members and Muslim

counterprotesters. Pastor Jones

visit could heighten tensions and

lead to serious clashes at what the

EDL say will be their biggest march

yet. Wet conditions in Coolum

caused havoc during the final round

of the Australian PGA Golf

Championship, organisers forced to

suspend play mid-way through the

afternoon. With just a one-shot

buffer heading into the final round

the pressure was on American Bobby

Gates. Beautiful shot. the pressure was on American Bobby

Gates. Beautiful shot. The 24-year-

old coping early, doubling his lead

at the fourth. He's looking to shut

the gate on the field. Veteran

Peter Senior had other ideas, his

putter keeping the pressure on. It

looks good. Pete, another inch.

While Richard Greene stormed into

contention with four birdies in 10

holes. There's a lot of guys within

six of the lead that can jump out

the boxes and take it to the

leaders. I'm not saying the leaders

can't handle it. Local wildlife

didn't mind the wet. Officials

weren't convinced. As the afternoon

progressed, so it to the rain. The

decision to play on not good for

Bobby Gates. He's been rained from

two holes in a row. He gave up the

lead at the 9th. There's the leader,

But a wayward TEE shot had Senior

in the trees at the -- tee shot had

Senior in the trees at the 10th.

Gates produced an identical shot

sitting in trouble. That's where

they remain, play suspended finally

due to

due to the rain. Clint McKay has

sent a timely reminder to

Australian cricket selectors of his bowling prowess. Australian cricket selectors of his

bowling prowess. He took 4/58 in a

drawn tour match against England at

the MCG yesterday. His haul

included Alastair Cook, and Ian

Bell. In a sign for the Aussies

ahead of the third Test in Perth,

English wicket-keeper Matt Prior

made an unbeaten 102. Sporting

declarations by both sides were not

enough to force a result, the match

ending in a draw. Ultimate fighter

champion George St-Pierre scored a

unanimous points decision win

against Josh Koscheck, retaining

his UFC welter weight title. Josh

Koscheck did most of the sledging,

GSP let his fists do the talking

The undisputed UFC welterweight

champion of the world. It's the

second time George St-Pierre has

beaten Koscheck at the Octogon.

They are doing a bit of ducking and

waving, the banks may have to as

well after -- weaving after Wayne Swan was

Swan was set loose. Not good news

if you have a home loan. The

Federal Government says understand

new banking reforms taking effect

from next July exit fees will be

scrapped for new home loan

customers. I'm joined by Canberra

political reporter James Boyce, the

Treasurer has been trying to defend

the move. What has he been saying.

Yes, well, I guess a lot of people

out $will be scratching their heads

wonder -- there will be scratching

their heads wondering what all the

fuss is about. It's the cries for

people with mortages at the moment

that led to the reforms. Wayne Swan

says it will be for those with a

new home loan from July next year

that can get the exit fees banned.

The reason - he's not allowed to

change the laws for existing

customers. They'll rely on

increased powers for the ACCC,

they'll be allowed to pursue banks

where they charge excessive fees,

fine them tore take legal action.

The problem is that -- them or take

legal action. The problem is it

still leaves them with exit fee,

but Wayne Swan says the

constitution is keeping him

hamstrung. We can't do that, it's

not legal. We put in place new

arrangements where customers that

are hit or held to ransom by the

fees can complain to the regulateor.

Now, there's a few reforms in the

package, a big one will be there'll

be $4 billion of taxpayer's money

going into the money markets to

help smaller lenders get

competitive rates for consumers.

There'll be other changes which

will include bringing about the

possibility of a world first

portability of our account numbers,

that'll be investigated by the

former RBA boss Bernie Ban tan to

see how that could come into effect. We'll have a Senate committee

looking into the banking

competition in Sydney today.

They'll gruel the current RBA chief

Glenn Stevens, and NAB Chief

Executive, and it will role around

the country interviewing bank

chives so see why they are charging

more -- Chief Executives to see why

they are charging more in interest

rates. China's inflation rate

shoots up sending a scare into

world markets. It hit 5.1% in

November, well above what was

forecast. It was a 28-month high.

It has the Chinese government

worried about food prices, which

went up 11.7%, the government

promising to crackdown on commodity

speculation and will punish anyone

manipulating food prices. Wall

Street - the Dow Jones and S&P are

on track to finish 2010 with 10%

gains, and the Nasdaq up 20% year

to date. The Nasdaq recorded an

eighth straight daily gain, up 5.5%.

Now let's whip around the country for the weather:

Still ahead - well, they know how

to party in Argentina, it's

National Tango Day. Everyone is

doing it. What's Warney up to,

we'll tell you when Ten's 'Early

News' returns.

This program is captioned live.

Headlines every quarter hour on

Ten's 'Early News'. Dozens of

residents remain cut off by floods

in parts of NSW and Queensland.

Nearly a dozen people were plucked

to safety yesterday including two

families whose cars were swamped

near Kilcoy and Bundaberg. Two

teenagers were swept away whilst

swimming in the Burnett River, they swimming in the Burnett River, they

were rescued by a 16-year-old in a

canoe. Rain is expected to cause canoe. Rain is expected to cause

flooding in NSW. Premier Kristina

Keneally will inspect the damage in

Dubbo as the State's North West

remains an oi lar. One man is dead

-- alert. One man is dead, and 11

others injured after a freak

boating accident. It was hit by a boating accident. It was hit by a

large wave which capsized the

vessel. One man decide when trapped

underwater tangled by fishing line,

another was rescued after being

trapped under the hull. Had we been

further away, who knows what

whether or not have happened, being

stuck in there after the tide

continued to come in. Several

investigations have been launched

into the accident. Wayne Swan has into the accident. Wayne Swan has

released his long-awaited package

of banking reforms, promising a ban

on exit fees and plans to let the

Consumer Watchdog loose on the

banks. The Opposition says it

doesn't go far enough, Choice says

it is at least a start. Even on a

Sunday the Treasurer was keen to

unveil his banking reform. I'm

announcing a raft of changes which

will further strengthen competition.

That will be done by helping the smaller institutions compete

against the big banks. It's also

very important that consumers are

fully informed about the wide

raping of competitive deals that

are on offer -- range of

competitive deals that are on offer.

It is important that they know

where to look. From 1 July exit

fees for new loans will be outlawed.

The ACCC will have powers to

monitor bank signalling. To help

smaller lenders compete there'll be

new rules to encourage big

investors to give them funding,

mutuals can call themselves a bank,

the government guaranteeing

deposits. The Opposition says it

doesn't go far enough. 3 out of 10.

A criticism is existing home loans

don't get a reprieve from exit fees,

the government insisting it

couldn't fix that. It would not be

constitutional to ban them for

existing loans. Choice says

competition will be boosted in the

long term Consumers today can be

confident there's a process

starting that should deliver them a

better deal. NSW Police are yet to

identify who was driving a car

which crashed into a telegraph poll

killing a pregnant 19-year-old

woman, Candice Falls died when the

car she was in when out of control car she was in when out of control

slamming into the poll pole in

Sydney's west. Two 21-year-old men

were injured, the car may have been

street racing. Police appealed for

anybody who witnessed the crash to

contact them. Shane Warne's

personal life has again made

headlines around the world. The

former Australian cricketer has former Australian cricketer has

been romantically linked to married

actress Liz Hurley. Warney and Liz

Hurley were snapped by British

tabloid hugging and kissing outside

his London hotel last Wednesday.

The pair also reportedly spent two

nights together in his luxury Sweet.

Liz Hurley has been -- Sweet, Liz

Hurley has been married to Indian

tycoon Arun Nayar for three years.

The bright colours and smooth moves

were part of Argentina National Day

of Tango. Hundreds of the couples

took to the streets of Buenos Aires

to celebrate the country's national

dance. Traffic came to a standstill

as it does around Frank's place. As

orchestra's encouraged people to

get out of their cars and have a

dance in the street. Tango was

invented in the 1800s, and had a

resurgence. Frank was more

interested in Oprah Winfrey, who

will keep up her pace with a

regatta on Sydney Harbour, could

her love affair with Sydney be

ruined? A possible maritime strike

threatening the taping of her shows.

Oprah and her audience members

embraced the Australian culture,

and the love affair with the sun,

surf, water activities and our fine

food. Oh, my goodness, hi the most

delicious pea salad. I asked the

chef for the recipe so I could make

it myself. This morning it will

continue with her leading fans and

guests hitting Sydney Harbour for a

regatta. Tomorrow the bond could

break with a pending maritime

worker strike delaying two planned

shows to be filmed at the Opera

House. Union members to decide if

they'll walk from work and not put

in place buoys for an exclusion

zone around the famous landmark.

Overnight her friends dined in some

of Sydney's famous restaurants Very

nice. Wonderful. The Queen of TV

maintaining a frantic pace in the

Harbour City as she has during her

short stay in Australia, it's

sending fans wild. She's the Queen,

Elvis is the King, all I have to do

is meet him now. Her royal visit

throwing up more surprises today.

Peter Senior will take a one-shot

lead into the rain-delayed final

round of the Australian PGA Golf

Championship in Coolum. Organisers

were forced to suspend play when

the rain became too heavy,

something third-round leader Bobby

Gates would have appreciated. Oh,

he's been rained two holes in a row.

Play will resume at 7am today. The

Queensland Roar has extended its

lead at the top of the A-League

with a 1-0 win against Sydney FC.

It wasn't a great start, the

visitors dominating, scoring before

the break. Beautiful ball. Kosta

Barbarouses. Brisbane make the

break through. You have to say it's

been coming. The win now has the

roar sitting 7 points ahead of

second-placed Adelaide United.

Chelsea draws with tot nom. Spurs

had the advantage -- Tottenham.

Spurs had the advantage when Roman

Pavlychenko's boot gave them the

lead. A goal keeping blunder let

them back in the game. Right

through the goalkeeper. Also this

morning, Stuart Holden scored for

Bolton, securing a 2-1 win over

Blackburn. Apparently I have

finance to tell you about. I can

tell you it's been a tough one.

Certainly for mortgage holders,

it's going to be a tough one for

you, you'll have to be on your best

behaviour. We have a star-studded

board taking over at Ten Network.

Billionaires Lachlan Murdoch, James

Packer, mining magnate Gina

Rinehart, along with Paul Mallam,

there on behalf of WIN owner Bruce

Gordon have joined the board of

Australia's best network. Brian

Long, former auditor became the

Chairman Friday, replacing Nick

Falloon, of course. As reported at

the top of the news the Treasurer

unveiled banking reform packages,

it's not been unanimously applauded.

One consumer analyst says the ban

on exit fees will do no more than

encourage the banks to ramp up

establish the charges on loans. The

Australian -- establish --

established charges on loans. The Australian Bankers' Association

says there's no such thing as price

signalling. It will make it

difficult for financial

institutions to explain to

customers what may happen with

mortgages and savings, according to

them. One part of the package

welcomed by everywhere was the news

that a task force will investigate

ATM fees. Checking out news in

brief. Tabcorp triples its

investment announcing a $350

million upgrade on Jupiters.

That's all in finance for today.

You are welcome. Back to the tango

rehearsals. Love the tappingo. A

check of the weather, -- love the

tango. A check of the weather while he does that.

That's it for terl r I'll Ron

Wilson, our next Bull -- Ten's

'Early News', I'm Ron Wilson, our

next bulletin at 9am. I'm Frank

Coletta, have yourselves a great day.