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Ten Early News -

View in ParlView

(generated from captions) This program is captioned live.

5. It is six o'clock on Wednesday, May

5.

Good morning, everyone. I'm Ron

Wilson. And I'm Kathryn Robinson.

Great to have you with us for Ten's

Early News.

Making headlines this morning -

passengers stretchered to hospital

after a smash between two trains in Victoria.

A Pakistani man appears in court in

the US, accused of being the Times

Square bomber.

In sport - bad news for the Bombers

as the tribunal upholds a month-

incident. long ban for Andrew Welsh's kneeing

And in finance, if you think rate

rises have peaked, well, think

again. Economists say there's more

pain to come.

A safety inquiry is under way this

morning after a train crash in

Melbourne's north. Five people were

taken to hospital when a passenger

train crashed into a freight

carriage. Paramedics say they're

casualties. amazed there weren't more

One by one, passengers were

stretchered off the train after

being trapped for 20 minutes. Five

people, including a 15-year-old

girl, were taken to hospital

suffering leg, spinal and chest

injuries. One of the girls was

screaming and crying and very upset,

so I climbed on so I can be there

for her and help her. It was quite

chaotic when I first arrived. The Metro passenger train tracked into

the back of the Apex freight train.

The train's a write-off. The train

was carrying 13 passengers. Those

treated who weren't taken to hospital were

treated at the scene. Two people on

board the freight train escaped

injury. I don't think at this stage

that we could have asked for more

from the emergency services'

response. Train operator, Metro, as response. Train operator, Metro, as

well as the State Government and

police, are now investigating.

We're devastated that people have

been injured on our network and I

assure you we'll get to the bottom

of why this has happened. The line

will remain shut for this morning's

peak with buses replacing trains in both directions.

Senior government ministers have

rushed to support the Prime

Minister, saying he remains the key

to the Government's success.

A poll showing the Coalition ahead A poll showing the Coalition ahead

for the first time since Mr Rudd

became Labor leader has prompted Opposition claims Julia Gillard is

now circling for a challenge. Don't be silly.

Ms Gillard is anxiously awaiting today's Auditor-General's report

into her $14 billion school

building program. There have been

anecdotal reports of widespread

waste and mismanagement in the scheme.

position as a parliamentary A NSW MP has stood down from her

secretary as she faces possible fraud charges. Labor MP Karyn

Paluzzano is being investigated by

the State's corruption watchdog for allegedly filing bogus timesheets

for her staff. She's accused of

using parliamentary workers to help

with her election campaign. I

believe in due process for members

of Parliament, regardless of their

political affiliation. Now, as is

my long-standing practice, I'm not

going to be commenting on ongoing

matters before the ICAC.

One staff member has told the

inquiry she signed her timesheet

knowing it was wrong, but felt intimidated by Mrs Paluzzano.

The man accused of the failed car

bomb attack this New York's Times

Square is to face court on

terrorism charges. Authorities are

now investigating if he has links

to any terrorist groups.

This is the man US authorities

believe is a home-grown terrorist.

Faisal Shahzad, a 30-year-old US

citizen of Pakistani origin, was

due to front court this morning.

He's admitted to having involvement

in the failed car bomb attack in

New York's Times Square. A suspect

is now in custody and is being

questioned. The American people can

be assured that the FBI and their

partners in this process have all

the tools and experience they need

to learn everything we can.

Authorities are now labelling the

act a terrorist plot, but despite

the Taliban of Pakistan claiming

responsibility, authorities are

still trying to find a link. The

lack of sophistication of the

device is also a clue and gives us

evidence that perhaps there was no

specific training in Pakistan. But

this was something that he

generated on his own. Authorities

hope to charge Shahzad with an act

of terrorism, attempted use of a

weapons of mass destruction, use of

a destructive device during the

commission of another crime, as

well as assorted explosives charges.

He was arrested in JFK Airport on

Monday night trying to return to

Pakistan. Despite Shahzad being on

a no-fly list, the plane almost

departed. It was called back to the gate after pushback.

Meanwhile, authorities in Paris

have been preparing for a terrorist

attack by rehearsing how they would

attack to a -- how they would react

to a suicide bombing at the Eiffel

Tower. It was one of three

fictional coordinated attacks on

the city, which included blasts at

a shopping centre and National

Stadium. Hundreds of police,

firefighters and ambulance crews

tended to volunteers with fake injuries.

Iceland's volcano is at it again,

grounding flights across Ireland

and Scotland. Winds pushed

increased levels of volcanic ash

through the atmosphere. Most airports re-opened but will close

again in a few hours' time. It

comes as European leaders meet to

discuss the impact of the last ash

cloud which cost airline companies around $3 billion.

Sport this morning and Essendon

midfielder Andrew Welsh has failed

at the AFL tribunal to have his 4-

match ban rediceed. The bomb -- ban reduced.

Facing a 4-week ban, Andrew Welsh

opted to take on the tribunal.

While he pleaded guilty, he argued

there was no intent in his kneeing

of Xavier Ellis. The panel

disagreed, the month's suspension

stands, and the Bombers are

bitterly disappointed. We have to

accept the 4-week penalty and, you

know, he'll have to accept that know, he'll have to accept that

he's on the sidelines for that

period of time.

Brad Ottens faces a longer stint on

the sidelines. Precautionary scans

on his foot revealed a hot spot and

a small fracture. It's out of the

blue. I didn't know about it

yesterday. He went and had a scan

and it was a pretty negative scan.

It's unfortunate for him and for us.

As the Ds and doings get set to go

pink for a cause on Friday night,

the news is not so bright for Ricky

Pethard. Shoulder surgery may

sideline him for up to four months.

It's disappointed for Rick because

he was starting to stamp himself

and become a regular performer in

the forward line. Melbourne's new

rectangular football field is

almost ready for its very first

battle - Friday night's rugby

league Test between Australia and

New Zealand. The $270 million AAMI New Zealand. The $270 million AAMI

Park will see just over 30,000

people with spectators no more than

45 metres from the action. If you

went out yesterday and got photos, went out yesterday and got photos,

it looked sensational. There'll be it looked sensational. There'll be

a great view of the game. The

stadium will be the new home for

the Melbourne Storm.

Lleyton Hewitt has got stuck into

the International Tennis Federation

over the timing of this week's

Davis Cup tie against Japan in

Brisbane. Hewitt had a look at the

freshly laid clay court at Pat

Rafter Arena days after contesting

the Rome Masters. He'll fly back to

Europe following the tie to prepare

for the French Open later this

month. There's no doubt it's a

nightmare, nightmare schedule for

all of us. Um, it's ridiculous to

be playing this week firstly and,

you know, the ITF have really got

to have a good look at it. The tie

against Japan gets under way on Friday.

Time now for the morning's finance

news with Kathryn Robinson and news with Kathryn Robinson and

there might be interest pain at the

moment but there may be more to

come? Yeah, Ron. Economists have

warned interest rates have still

not peaked. There are likely more

rises on the way before the end of

the year. The Reserve Bank

yesterday lifted rates by another

0.25%, cautious about inflation and

the strengthening recovery.

The Commonwealth Bank went first,

barely half an hour after the

Reserve Bank decision, but some

fear it might force them out of

their homes. I might have to rent

it out and look at cheaper rental

options. It's too much to pay by

myself. It's the sixth rise in

eight months. This is a tough

decision for families and for small

businesses. For everyday

Australians, suddenly life has

become more expensive. The Reserve

Bank is now hinting at a pause, but

most economists still expect more

rises before year's end.

I think they'll go 0.5% over the

rest of the year spaced out every

three months. We think there will

be rate rises ahead but probably

not until the third or fourth

Quarters of the year. We've been

warned. Anyone thinking of buying

into the property market should

factor in higher repayments heading into the New Year.

WA Premier Colin Barnett will today

ask the Prime Minister to either

scrap or review his plans for a

super profits tax on the resources

sector. The PM will be in Perth for

discussions. Mr Barnett has told

the WA Parliament the 40% tax,

almost half of retained earnings,

is too high. He says the tax

arrangement is hopelessly designed,

will damage mining in WA and cost jobs.

Moving overseas now and fresh fears

over the sovereign debt crisis in

Greece is sending shock waves

through global markets this morning

and now the Acropolis is under

siege as angry Greeks protest over

budget spending cuts. Teachers and

students have marched on Parliament

House and other protesters invaded

the Acropolis to hang banners. The

industrial action is affecting

flights in and out of Athens and

there is now concerns that the $146

billion Greek bail-out package will

not be enough to stop the crisis

from spreading.

Now, global markets, as I mentioned,

have tumbled on the news overnight.

Wall Street has been absolutely

hammered as the Dow closed back below the 11,000 mark.

Briefly in other business news,

property research group BCI Australia predicts the construction

market will fall by 8% this

financial year because of a decline in housing developments.

Dymock's is adding another string

to its bow. The book retailer's

latest purchase is a chocolate and nut producer. And Primary Health

Care has launched legal action against Healthscope, accusing its

competitor of bribing staff at one

of Melbourne's leading private

hospitals to use its pathology services.

Well, if you've ever been fleeced

betting on the races, you won't

want to miss a story coming up

after the break on a Grand National

hurdles event with a difference.

We've got the details next. of working Australians. will bring back WorkChoices,

This program is captioned live.

Headlines every 15 minutes on Ten's Early News.

Melbourne commuters have been

warned there'll be lengthy delays

this morning after a train crash

overnight which injured five passengers.

A 15-year-old girl was among those

seriously hurt when a passenger

train crashed into a freight train

in Melbourne's north.

One of the girls was screaming and

crying and very upset, so I climbed

on so I can, um, be there for her

and help her.

The line will remain closed for

this morning's peak, with buses replacing trains in both directions.

Economists say more interest rate

rises are coming, despite the

Reserve Bank declaring rates are

now back to what has traditionally

been considered normal. The latest

hike, the sixth in eight months,

takes official rates to 4.5% and

already are being passed on by the big banks.

For everyday Australians, this is

the head-high tackle they did not deserve.

This is one of the difficult

consequences of an economy that is recovering.

A survey of senior economists

predicts rates will rise at least

twice more by the end of the year.

The Terminator has terminated his

support for any further oil drielg

off the US west coast. Kal --

drilling off the US west coast.

California Governor Arnold

Schwarzenegger's decision comes as

more wildlife suffers from the

deadly effects of the slick off the Louisiana coast.

Turtles in the Gulf of Mexico are

already endangered. Now they face a new threat.

25 have so far been found dead on

beaches in Mississippi. There's no

proof yet that the oil has killed

them, but it's feared they may have

been poisoned by eating fish from the polluted area.

But there is evidence that the oil

has started to take its toll on

wildlife. And there's alarm about

the threat faced by the colonies of

birds that have their habitats

along this coastline.

On the other side of the United

States, the Governor of California, Arnold Schwarzenegger, has

withdrawn his support for plans to

expand drilling off the coast there.

I see on TV the birds drenched in

oil, the fishermen out of work and

the massive oil slick destroying

our precious ecosystem. It will not

happen here in California.

This 98-tonne iron box is what BP

hope will be the answer. The idea

is to lower it down 5,000 feet to

cover the rep tuerd oil pipe and

use it to funnel the leaking oil to

a barge on the surface.

An end to the long-running red

shirts protest in Thailand is in

sight. Protesters have welcomed a

compromise to end the two months of

violence, in which 27 people have

been killed. The Thai Prime

Minister has offered to hold

elections in November in return for

an end to demonstrations. The red

shirts claim the current prime

minister came to power through an illegal coup.

Round-the-world sailor Jessica

Watson has yet another challenge

ahead of her before a triumphant

return to Sydney. Gale-force winds

and another big storm are chasing her.

Not far now - teen sailor Jessica

Watson chasing the record as the

youngest ever to sail around the

world single-handed is on the run

home and glad to see a friendly plane.

That was pretty cool. It was

exciting to have someone come and say hi.

She has already faced and beaten

12m waves in the last few days. Now,

her boat manager says nature has

one more test. There's a bit of a

gale coming through so that will be

the last Hurd toll get through, I

think. But he's confident. Well,

look at her go now.

It's hard to know whether to get

excited about it yet. And mum Julie

is not celebrating till she can see

her 16-year-old daughter from dry

land. To me it will feel close when

she's, um, getting close to Sydney.

That's expected to be in about 12

days just before her birthday.

Thousands are following her

progress intently with 500,000 hits

on the website and plenty of fans.

We call ourselves Jess-a holics.

Oh, we're all fans.

Meanwhile, a Dutch court has upheld

its ban on a 14-year-old girl who

wants to beat Jessica's record.

Laura Dekker was banned from making

a round-the-world attempt last year,

despite having the approval of her

father. The court ruled that Mr

Dekker had a limited appreciation

of the risks involved and ordered

the teenager to be supervised by

childcare services until July. The

judge said the planned 2-year

voyage held a great and

unacceptable risk for the girl.

Well, if you've ever felt fleeced

after betting on a race, then don't

gamble on this one. This is the

sheep and goat racing Grand

National, held on a farm in the

heart of England. The jockeys may

be stuffed toys, but the crowd

certainly didn't feel "sheepish" about "flocking" to the racecourse about "flocking" to the racecourse

to cheer them on. It's certainly

ewe-nique" and while I don't want

to "ram" home any more puns, this

is what you might like to call a

bunch of "woolly jumpers".

What did you say? Not bah-ed? Something like that!

Essendon midfielder Andrew Welsh

has had his 4-match ban upheld by

the AFL tribunal. He argued that

the contact with Xavier Ellis's

groin was not intentional but the

panel disagreed. He has to accept

he's on the sideline for four weeks.

Welsh's absence is a major blow for the Bombers.

Israel Folau is struggling to make

a call on his sporting future,

a call on his sporting future,

according to one of his team-mates

anyway. The 21-year-old has to

decide whether to stay in rugby

league, or switch to rugby union or even AFL.

He's the shy youngster who's part

of a tug of war between sporting of a tug of war between sporting

codes and Israel Folau is not enjoying the spotlight.

He's one that gets rattled very

easily. You know, all of this

pressure from the media, from the

club, from the ARL, from, you know,

the QRL, from everyone, is kind of

making him feel a little bit upset

at the moment. Obviously, he's

seriously considering leaving but

until he tells us he's going, we'll until he tells us he's going, we'll

just stay on our knees and pray.

But as for speculation that Folau

may go to the AFL - I don't think

he can kick. He can catch alright

but I think he's got a bit of a crooked boot!

Meantime, NRL club bosses have

endorsed the salary cap. The only

club not at the meeting - the

Melbourne Storm. I'm sure they've

got a bit on their plate in Melbourne.

The ACT Brumbies have held a

training session with a difference training session with a difference

ahead of Saturday night's crucial

home game against the Highlanders.

A high-rise obstacle course,

thanksfully with a soft landing,

because some of the players handle

it better than others.

Into week 13 of the competition and

you can do a lot of training and

sometimes it's nice just to freshen

things up. The Brumbies are now

just two points behind fourth-

placed Queensland after their win

over the Reds last weekend.

over the Reds last weekend.

Other sports news briefly - there

Other sports news briefly - there

are calls to ban Matt Cooper from

State of Origin after he again

pulled out of the annual City-

Country clash to play for his club.

New Zealand is through to the

super8 stage at the world Twenty20

after defeating Zimbabwe by seven

runs under the Duckworth-Lewis runs under the Duckworth-Lewis method.

And Neil Robertson has become the

first Aussie to win the World

Snooker Championship since 1952.

We've seen a huge sell-off on Wall

Street and global markets for that

matter this morning with fresh

fears over the Greek debt crisis.

Let's now cross to Richard English

a at Macquarie Private Wealth.

Richard, we've seen the Dow close

below the 11,000 markets and

European markets are all down

between 2.5% and 3.5%. What don't

investors like about this bail-out

package? This is really all about

uncertainty, Kath - will the Greek

issue spread to other peripheral

states in the European Union? From

our perspective, we think European

ministers and approximately I-

makers are across that fact by now. makers are across that fact by now.

If the European Central Bank were

going to hike rates, that plan

about be shelved. So really we

could be looking at a situation

where the European powerhouses, the

likes of Germany, are actually

going to enjoy a prolonged period

of low interest rates coupled of

course with a low currency and that

could turn out to be a very good

story for European economic growth.

OK, well it's a very different

story here. We, of course, saw

rates rise again yesterday, the

move not entirely unexpected. What

can you tell us? What was behind can you tell us? What was behind

it? And where to now? Kath, there

was a certain inevitability about

the recent rate rise. We've got the

mining investment boom and related mining investment boom and related business investment and last week

we had a data released showing that

underlying inflation was running

higher than expected for the March

quarter. Couple that with

increasing house prices - there was

no way that the RBA were going to

take their foot off the accelerator.

We think, however, they will do so

over the next few months, but

expect more to come before the end

of the calendar year - 5% certainly

within shot. Start tightening the belts!

Thank you, Richard. Thank you.

Mixed results for first home-buyers

in Victoria's State Budget. From

July, only those buying or building

new homes will be eligible for

assistance under cuts to Victoria's

first home buyer's bonus. The

biggest winners in the Budget were

health, boosted by $4 billion, and

police, whose ranks are set to

swell by 1,700.

The Victorian Government has

forecast a surplus of $872 million this year.

The Federal Government wagons are

circling after the bad polling

results. We'll cross live to

Canberra for the latest after this break.

And global share markets plunge

overnight. We'll have all the

details when the Early News returns.

This program is captioned live.

You're watching Ten's Early News.

These are our main stories this morning:

An inquiry launched after two

trains collide in Victoria.

Five passengers were injured.

Big delays are expected for

commuters this morning.

A Pakistani man appears in court in

the US accused of being the Times Square bomber.

In sport, bad news for the Bombers

as the tribunal upholds a month-

long ban for Andrew Welsh's kneeing

incident. In finance - if you think

rate rises have peaked, think again.

That means you as well, Ron.

Economists say there's more pain to come.

A safety inquiry is under way this

morning after a train crash in

Melbourne's north. Five people were

taken to hospital after a passenger

train crashed into a freight

carriage. Paramedics say they're

amaidsed there weren't more casualties.

One by one, passengers were

stretchered off the train after

being trapped for 20 minutes. Five

people, including a 15-year-old people, including a 15-year-old girl, were taken to hospital,

suffering leg, spinal and chest

injuries. One of the girls was

screaming and crying and very upset,

so I climbed on so I could be there so I climbed on so I could be there

for her and help her. It was quite

chaotic when I first arrived. The

Metro passenger train crashed into

the back of the Apex train at 8:30.

Train's derailed. It's an absolute

write-off. The train was carrying

13 passengers. Those who weren't

taken to hospital were treated at

the scene. Two people on board the

freight train escaped injury. I

don't think at this stage that we

could have asked to more from the

emergency services' response.

The train operator, Metro, as well

as the State Government and police

are now investigated. --

investigating. We're devastated

that people have been injured on

our network and I assure you we

will get to the bottom of what's

happened. The line will remain shut

for this morning's peak with buses

replacing trains in both directions.

Government MPs have rushed to the

defence of the Prime Minister after polls yesterday.

Amanda Hart, live from Canberra,

the Government line is that this

was a rogue poll result, but that

hasn't stopped the Opposition from

effectively sowing seeds of doubt.

It's a golden opportunity for the

Opposition to really give it to the

Government, Ron, and that's exactly

what Tony Abbott has been dolg. Now,

this poll has indicated that the

Prime Minister's satisfaction

rating has plummeted and for the

first time in four years, the

Coalition is ahead of Labor after

preferences. Now, the result has

reportedly given senior Labor

figures a bit of a scare, with

doubts about how Kevin Rudd can

really handle the Government this

election year. There's even talk of

Julia Gillard taking over the

leadership. Publicly, though, Labor

is staying united. Let's have a

listen to what Tony Abbott had to say and Lindsay tanner's response.

You've got Prime Minister Rudd

saying that climate change is the

greatest moral challenge of our

time, and then not doing anything

about it.

Strong support and I don't think

there is any question about that for the future.

Very interesting, isn't it? Amanda,

there might be another headache in

the wind for the Government as well

- rorting of that $14 billion

school program is the focus of an

Auditor-General's report which is

out today. What do you think we can

expect there? Well, Ron, hopefully

we can get to the bottom of these

allegations of rorts and cost

blowouts within this program. Even

though it hasn't been released yet,

the Opposition is already slamming

it saying that the man chosen to

investigate is just a part of the Rudd Government's propaganda

machine and they say the only way

we can really get to the bottom of

this is for a full judicial inquiry.

Ron. Amanda, thank you very much.

Our political correspondent Amanda

Hart, live from Canberra.

Brisbane's Clem 7 tunnel is proving

to be a bit of a dud. Figures show

traffic in the tunnel has been

almost a third less than expected,

with revenue reportedly down by $1

million a week. Authorities have

been forced to extend the 30%

discount on the tunnel fee until

June 30. But the toll-free period

between midnight and 5am will still end this Sunday.

The man accused of the failed car

bomb attack in New York's Times

Square is to face court on

terrorism charges. Authorities are

now investigating if he's got any

links to terrorist groups.

This is the man US authorities

believe is a home-grown terrorist.

Faisal Shahzad, a 30-year-old US

citizen of Pakistani origin, was

due to front court this morning.

He's admitted to having involvement

in the failed car bomb attack in

New York's times scare. A suspect

is now in custody and is being

questioned. The American people can

be assured that the FBI and the

partners in the process have all

the tools they need to learn

everything we can. Authorities are

now labelling the act a terrorist

plot. But despite the Taliban of Pakistan claiming responsibility,

authorities are still trying to

find a link. The lack of sophistication of the device is

also a clue and gives us evidence

that perhaps there was no specific training in Pakistan.

But this was something that he generated on his own.

Authorities hope to charge Shahzad

with an act of terrorism, attempted

use of a weapons of mass

destruction, use of a destructive

device during the commission of

another crime, as well as assorted

explosives charges. He was arrested

in JFK Airport on Monday night

trying to return to Pakistan.

Despite Shahzad being on a no-fly

list, the plane almost departed. It

was called back to the gate after pushback.

Politicians in the UK are getting

ready for a final push in the

election campaign before voters go

to the polls. The campaign is to the polls. The campaign is

entering its final 24 hours, with

Labour, the Conservatives and the Liberal Democrats all desperate to

sway undecided voters. With the

result too close to call, analysts

expect a hung Parliament. That's

led to predictions that many people

will vote tactically. Politicians

are urging voters to focus on the

policies when they get into the voting booths tomorrow.

A man from Spain who had a face

transplant has publicly thanked the

surgeons who carried out the

operation. The patient, known only

as Rafael, was the ninth in the

world to receive a face transplant.

The operation removed a series of

tumours caused by a rare condition,

which caused cells to grow be a

normally. Rafael underwent a 30- hour

hour operation in January and is

has now started to feel heat and

cold again and has even started to shave.

Essendon midfielder Andrew Welsh

has failed at the AFL tribunal to

have his 4-match ban reduced. The

Bomber was sidelined for a stray knee which floored Hawk Xavier Ellis.

Facing a 4-week ban, Andrew Welsh

opted to take on the tribunal.

While he pleaded guilty, the Bomber

midfielder argued there was no

intent in his kneeing of Xavier

Ellis. The panel disagreed. The

month's suspension stands and the

Bombers are bitterly disappointed.

You know, we have to accept the 4-

week penalty and, um, you know, week penalty and, um, you know,

he'll have to accept that he's on

the sidelines for that period of time. Cats ruckman Brad Ottens

faces a much longer stint on the

sidelines. Precautionary scans on

his foot revealed both a hot spot

and a small fracture. Just come out

of the blue. I didn't know about it

yesterday and he went and, um, had

a scan and it was a pretty negative

scan so, yeah, it's unfortunate for

him and for us. As the Dees and

Dogs get set to go pink for a cause

on Friday night, Ricky Pethard's

season looked over with shoulder

surgery likely to sideline him for

four months. It's disappointing for

Rick because he was just starting

to become a real regular performer

for us in the forward line and the goal-kicking. Melbourne's new rectangular

football field is almost ready for

its very first battle. Friday

night's rugby league Test between

Australia and New Zealand. The $270

million AAMI Park will seat just

over 30,000 people, with spectators

no more than 45m from the action.

We went out there yesterday and got

photos. It looks sensational. I

think it doesn't matter where you

sit in the field, there'll be a

great view of the game. The stadium

will be the new home for the Melbourne Storm.

Neil Robertson has become

Australia's first world snooker

champion since 1952 in a marathon

final in England. The 28-year-old

downed Scot Graeme Dott18-13 in a

best-of-35 final in The Crucible

theatre, a long way from when he

first arrived in England. He blows

a kiss to his mum and there she is.

I came over to Cambridge with 500

quid in my pocket and I had to

borrow a waistcoat off another

Australian player. I couldn't

afford to buy one. I could probably

buy a few now I guess. He pockets $411,000 prize money for his efforts.

More in finance now with Kath and

with home-owners relation from that

interest rate rise yesterday,

warnings more might be to come.

We're not out of the woods, Ron, by

any stretch. Economists warp

interest rates have not peaked.

There are likely more rises on the

way before the end of the year. The

Reserve Bank yesterday lifted rates

by 0.25%, cautious about inflation and the strengthening recovery.

The Commonwealth Bank went first,

barely half an hour after the Reserve Bank decision that some

fear might force them out of their

homes. I might have to rent it out,

look at other cheaper rental

options because it's just too much

to pay by myself. It's the sixth

rise in eight months. This is a

tough decision for families and for

small businesses. For everyday

Australians, suddenly life has become more expensive.

The Reserve Bank is now hinting at

a pause, but most economists still

expect more rises before year's end.

I think they'll go 0.5% over the

rest of the year, spaced out every

three months. We think there will

be rate rises ahead but probably

not until the third or fourth

Quarters of the year:

So we've been warned - anyone

thinking of buying into the fevered

property market should factor in

even higher repayments heading into the New Year.

Mixed results for first home buyers

in Victoria's State Budget.

From July, only those buying or

building new homes will be eligible

for assistance under cuts to

Victoria's first home-buyers' bonus.

The biggest winners in the $45

billion Budget were health, boosted

by $4 billion and police, whose

ranks are set to swell by $1,-- by

1,.00. The Victorian Government has

forecast a surplus of $872 million this year.

WA Premier Colin Barnett will today

ask the Prime Minister to either

scrap or review his plans for a

super profits tax on the resources

sector. The PM will be in Perth for

discussions. Mr Barnett has told

the WA Parliament the 40% tax, the WA Parliament the 40% tax,

almost half of retained earnings,

is too high. He says the tax

arrangement is hopelessly designed,

will damage mining in WA and will damage mining in WA and ultimately cost jobs.

Moving overseas now and there are

fresh concerns over the sovereign

debt crisis in Greece. It sent

shock waves through global markets

this morning and even the Acropolis

is under siege as angry Greeks

protest over spending cuts.

Teachers and students have marched

on Parliament House and other

protesters invaded the Acropolis to

hang banners. There are concerns

that the $146 billion Greek bail-

out package will not be enough to

stop the crisis from spreading.

Now, looking at the markets and

Wall Street has been absolutely

hammered overnight as fears grow

over the Greek bail-out package and over the Greek bail-out package and

that it might not be enough to

prevent the debt crisis from spreading across Europe.

Europe also caught the Greek flu overnight.

International news headlines this morning.

The 'New Zealand Herald' reports

how a kidnap victim turned the

tables on her assailant. The woman

managed to escape a 3-day ordeal by

drugging her kidnapper's coffee

with codeine. 'USA Today' says an

investigation is under way after a

police officer used a Taser gun to

catch a baseball fan who ran on to

the field during a game. And the

'Japan Times' says the country's

elders are blaming a slow economy

on the youth who they say lack animal spirit.

We've been known to make a few puns

here on the Early News but things

about to get "really cheesy" after the break. A GROWING CITY, AND HAS AN DEVELOPMENT. SELLING BOOK, OUR FAMILY ROAD THROUGHOUT MAY, TO ABOUT THE NEED FOR ACTION. SHOWERS WILL PERSIST AND A FRONT TODAY - THE FOR DUBBO WITH A TOP OF 18 BEGA JUST TWO DEGREES FOR

This program is captioned live.

Headlines on the quarter hour on Ten's Early News -

Melbourne commuters have been

warned there'll be lengthy delays

this morning after a train crash

overnight which injured five

passengers. A 15-year-old girl was

among those seriously hurt when a

passenger train crashed into a freight train in Melbourne's north.

One of the girls was screaming and

crying and very upset, so I climbed

on so I can, um, be there for her and help her.

The line will remain closed for

this morning's peak with buses

replacing trains in both directions.

Economists say more interest rate

rises are coming, despite the

Reserve Bank declaring rates are

now back to what has traditionally

been considered normal. The latest

hike, the sixth in eight months,

takes official rates to 4.5% and

have already been passed on by the big banks.

For everyday Australians, this is

the head-high tackle they did not deserve.

This is one of the difficult

consequences of an economy that is recovering.

A survey of senior economists

predicts rates will rise at least

twice more by the end of the year.

The Terminator has terminated his

support for any further oil

drilling off the US west coast.

California Governor Arnold

Schwarzenegger's decision comes as

more wildlife suffers from the

deadly effects of the slick off the Louisiana coast.

Turtles in the Gulf of Mexico are Turtles in the Gulf of Mexico are

already endangered. Now they face a

new threat. 25 have so far been

found dead on beaches in

Mississippi. There's no proof yet

that the oil has killed them but

it's feared they may have been

poisoned by eating fish from the polluted area.

But there is evidence that the oil

has started to take its toll on

wildlife, and there's alarm about

the threat faced by the colonies of

birds that have their habitats along this coastline.

On the other side of the United

States, the Governor of California,

Arnold Schwarzenegger, has

withdrawn his support for plans to

expand drilling off the coast there.

I see on TV the birds drenched in

oil, the fishermen out of work, the

massive oil slick destroying our

precious ecosystem. It will not

happen here in California. This 98-

tonne iron box is what BP hope will

be the answer. The idea is to lower

it down 5,000 feet to cover the

ruptures oil pipe and use it to

funnel the leaking oil to a barge

on the surface.

Iceland's volcano is at it again,

grounding flights across Ireland

and Scotland. Airspace was closed

for several hours as winds pushed

increased levels of volcanic ash

through the atmosphere. Most

airports reopened but they'll close

again later today. European leaders

have met to discuss the impact of

the last ash cloud, which cost

airlines $3 billion.

Round-the-world sailor Jessica

Watson has yet another big

challenge ahead before her

triumphant return to Sydney. Gale-

force winds and another big storm are chasing her. are chasing her.

Not far now. Teen sailor Jessica

Watson chasing the record as the

youngest ever to sail around the

world single-handed, is on the run

home and glad to see a friendly plane.

That was pretty cool. It's exciting

to have someone come and say hi.

She has already faced and beaten

12m waves in the last few days. Now

her boat manager says nature has

one more test. There's a bit of a

gale coming through, so that's

going to be another - her last

hurdle to get through, I think. But

he's confident. Well, look at her

go now! She's done it. It's hard to

know whether to get excited about

it yet. And mum Julie is not

celebrating till she can see her

16-year-old daughter from dry land.

To me it will feel close when she's

getting close to Sydney. That's

expected to be in about 12 days,

just before her birthday. Thousands

are following her progress intently

with 500,000 hits on the website

and plenty of fans. We call ourselves Jessaholics.

Meanwhile, a Dutch court has upheld

its ban on a 14-year-old girl who

wants to beat Jessica's record.

Laura Dekker was banned from making

a round-the-world attempt last year,

despite having the approval from

her father. The court ruled that Mr

Dekker had a limited appreciation

of the risks involved and ordered

the teenager to be supervised by childcare services until July.

Well, we all know the poms are what

we politely call eccentric, but a

cheese-rolling competition takes

the biscuit or crackers as the case

may be. The English village of

stilton lives up to its name. Once

a year, locals gather to dress in

silly costumes and roll a stilton

cheese down the main street. The

teams of four battle out to race to

the finish line but the title was

snatched by the stilton Sombreros,

leaving the other teams a little "Charity Shield off".

Essendon -- a little "cheesed off".

Andrew Welsh has had his 4-match

ban for kneeing upheld by the AFL

tribunal. He argued that his

contact with Xavier Ellis's grin

was not intentional but the panel

disagreed. He'll have to accept

that he's on the sidelines for four weeks.

Welsh's absence is a major blow for

the already battling Bombers.

Israel Folau is struggling to make

a call on his sporting future

according to one of his team-mates. The 21-year-old has to decide

whether to stay in rugby league or

switch to union or the AFL.

He's the shy youngster who's part

of a tug of war between sporting

codes and Israel Folau is not

enjoying the spotlight.

He's one that gets rattled very

easily. You know, all of this

pressure from the media, from the

club, um, from the ARL, from the,

you know, the QRL, from everyone,

um, is kind of making him feel a

little bit upset at the moment.

Obviously, he's considering,

seriously considering leaving, but

until he tells us he's going, we'll

just stay on our knees and pray. But

But as for speculation that Folau

may go to the AFL. I don't think he

can kick. He can catch alright but

I think he's got a bit of a crooked

boot. Meantime NRL club bosses have

endorsed the salary cap. The only

club not at the meeting - the

Melbourne Storm. I've sure they've

got a bit on their plate in Melbourne.

Well, the ACT Brumbies have held a

training session with a difference

ahead of Saturday night's crucial

home game against the Highlanders.

The high-rise obstacle course

thankfully had a soft landing

because some handled it better than

others. We're into week 13 of the

competition and you can do a lot of training and sometimes it's nice

just to freshen things up. The

Brumbies are now just two points behind fourth-placed Queensland

after their win over the Reds last weekend.

Well, Wall Street has slumpedover

night, as fresh fears emerged over

the Greek debt crisis. Richard

English from pack yar which private

wealth, the IMF had signed off on a

deal but investors are now not

sure? That's right. It's

uncertainty about whether the Greek

issue will spread to peripheral

states. We think the European

economies are across that factor.

We're in a position whereby the

European powerhouses, the likes of

Germany, will enjoy a prolonged

period of exceptionally low

interest rates, coupled with a low

currency of course, and that could

turn out to be a good story for

future growth. The Reserve Bank is

dancing to its own tune on a global

perspective. We saw rates rise

again yesterday. What was behind

that? And what are you finishing

for the future? Well, Kath, a certainly inevitability about the

most recent rise. We've got the

boom in mining investment and data

released last week showed released last week showed underlying inflation increased

higher than expected for the month

of March and house prices continued

to rise. As a consequence, there

was never any doubt that the RBA

would keep their foot on the accelerator yesterday. Having said

that, the foot will be released

over the next few months. That said,

more rate rises to come before the

end of the calendar year. 5% is

certainly a distinct possibility.

Thanks very much Richard. Richard English from Macquarie Private

Wealth. Thank you.

Westfield has recorded the biggest

increase in US sales since the 2007

June quarter. They'll now start

work on $1 billion worth of development projects.

News Corp this morning says it's

well-placed to benefit from the

increase in consumer spending,

despite reporting a decline in

profit for the third quarter of

2009/2010. And BUPA Australia

delivered an after-tax profit of

$70.5 million for 2009. It was down

28.6% on the previous year.

And Ron that is finance to the

minute. We'll of course have all

the wash-up from what's going on in

global markets tomorrow. Thank you very much, Kath.

Recapping our main stories on news this morning:

An inquiry is launched after two

trains collide in Victoria. Three passengers were injured.

Bad luck if you think the interest

rate rises are over. Economists say

there's more pain to come.

And a Pakistani man appears in

court in the US accused of being

the Times Square bomber.

And that's it for Ten's Early News.

Our next news is at 9am and the

first 15 minutes of this bulletin

are now up on the Ten News website.

I'm Ron Wilson. We'll see you again

at 6:00 tomorrow morning. And I'm Kathryn Robinson. Thanks for

joining us today. Hope you have a

great day. Bye bye.

Supertext Captions by Red Bee Media

Australia.