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The race is on for Australia's new

resources gold rush.

Work begins today on a world first

gas project, which will create

thousands of jobs.

And contribute billions to our

economy. Good morning, everyone. A Good morning, everyone. A new

working week and a new month. It is

6am on 1st November. I'm Ron Wilson. I'm Katherine Robertson.

On a charm offensive - our Prime On a charm offensive - our

Minister will today sell her plan

to open an asylum seeker processing

centre in East Timor to her

Malaysian counterpart as she tr to drum Malaysian counterpart as she tries

Australia remains stumped in Australia remains stumped in all

forms of cricket since July, after

Sri Lanka's 7-wicket win at the WACA.

It is odds-on for interest rate It is odds-on for interest

hold on Melbourne Cup day. Will hold on Melbourne Cup day. Will new

data sway the Reserve Bank?

And your first weather check of the

morning. Thunderstorms or showers

across much of the country today.

The west is seeing the best of the sunshine.

A new resources gold rush gets

underway today as work starts on a

15 billion dollar natural gas

project in Queensland, the biggest new energy development the biggest new energy

in Queensland's history is underway

from today, with workers employed

to start work straight away.

Once it is complete, the sunshine

state will export liquid natural

gas overseas. By any measure, this

is a very significant project for

the Australian economy. This is the single biggest single biggest investment

giving the go-ahead at the undertaken by GG Group. It was

giving the go-ahead at the weekend.

It will produce a third of

Australia's LNG.

Using coal seam gas from the Surat Basin in southern Basin in southern Queensland,

natural gas will be pumped to aic

will we haveification plant in gad

ston, where the LNG will be -

Gladstone, where the LNG gas will

be shipped over seas. I'm excited

for Gladstone region. But farmers

are worried. This ground water are worried. This ground water the

whole life blood of much of inland

Queensland, the whole of the inland

region will be in danger.

2014. Construction will be complete in

The Prime Minister is on a charm

persuade her Malaysian counterparts offensive today as she tries to

to back her plan to open an asylum

seeker processing centre in East

Timor. Julia Gillard spent her

weekend pushing the idea to a major

meeting of Asian leaders. Ten's

political reporter James Boist sent

this report from Malaysia. this report from

The Prime Minister night here in later this morning. Now, East Asia summit, where she claims spent two days in Vietnam for the

she got some sort of a win with

particular wording put in the final

statement that she claims will

bring her vision of a regional

processing centre for seekers one step closer to reality. processing centre for asylum

Look, I'm pleased that there is a specific paragraph on this specific paragraph on this question

in the chairman's statement.

Now, people smug llg top the agenda

for her talks with the Malaysian PM

today. In the past few weeks there

has been a major crackdown with

people smuggles happening is that through Kuala Lumpur airport, taken through Kuala Lumpur airport,

to boats taking them directly to

Australia. Director-General of the

immigration department was arrested,

all of this made possible through

intelligence officials at Australian detention centres. Julia

Gillard will head over to Indonesia

with talks to their President, Susilo Bambang Yudhoyono. Susilo Bambang Yudhoyono.

The Opposition is expected to

outline more details today on its

calls for a full judicial inquiry

into the Government's botched home installation scheme. Opposition

environment spokesman Greg Hunt

says the inquiry would reveal the

full failure rate of the $2.5

billion. It will investigate a billion. It will investigate a link

between the scheme and four between the scheme and four deaths.

Mr Hunt plans his motion when

parliament resumes later this month.

A Sydney mother has been killed

this weekend. A spate of serious

emergency services busy. knife-related incidents kept

It was a frenzied attack that left

a Sydney mother dead. Wfrpblgt ve

located a deceased 5. We have

located a deceased 54-year-old.

The woman was found stabbed to

death in the kitchen of her home

yesterday. Her 56-year-old husband

suffering stab wounds to her

abdomen, and 27-year-old son with

lacerations to his hands. The

location has a history of domestic

violence, but at this stage, early

stages of the investigate

investigation, it is unknown what

the motive was. It came only hours

after an 18-year-old man was

stabbed at an inner-city bar in

broad daylight on Sunday morning

fplgt luckily, he survived. In a

third attack, an 18-year-old man

was refused bail after being was refused bail

charged with the stabbing death of

16-year-old Todd Burrows, burrows

was found bleeding to death on a

western Sydney street in the early

hours of Saturday morning. He was

himself. reportedly too drunk to defend

An inquest will begin today into

the death of a Queensland man

tasered 28 times by police.

39-year-old an Tony Daniel 39-year-old an Tony Daniel Geale

was tasered at a home unit

Townsville last year. Police they could not provide Townsville last year. Police said

they could not provide breathing

assistance because there was no

kit. masks or gloves in their first aid

Melbourne's CBD will come to a standstill today.

The traditional parade will see

thousands of people brave and line Swanston Street forte vent thousands of people brave the wet and line Swanston Street forte vent.

Each jockey and trainer will take

part in the parade. part in the

The trophy will feature in The trophy will feature in the show

which kicks off at midday.

Cricket and Australia's form slump

continued with a seven-wicket loss

to Sri Lanka in the to Sri Lanka in the Twenty-20 last

night, leaving them without a win

in any form of the game since July.

and were belted all over the WACA The Aussies crumbled with the bat

ground by the ground by the tourists.

A new summer of cricket dawns Down Under.

Michael Clarke promoting himself to Michael Clarke promoting himself

the top of the order. He found some

form momentarily.

feet. COMMENTATOR: Beautiful use of the

feet.

Before one wild swing too many and

a classic catch sent him packing.

COMMENTATOR: Brilliant! Misjudged!

The Aussies in all sorts of The Aussies in all sorts of trouble

at 5/43 after ten overs. It was

left to Brad Haddin and Stephen

Smith to restore order.

The pair combining for 66 runs.

Smith innovative in his approach

before calling on 34. Brad soon followed, Australia posting 133. Sri Lanka came out blazing in COMMENTATOR: It is smashed!

None for 35 by the fourth over, the

visitors on track for a quick kill.

Returning from injury, Peter Siddle

put a dint in their hopes.

But back-up was on hand to make

light work of the run

light work of the run chase. Sri Lanka cruised to victory by Lanka cruised to victory by the 17th over.

Australia has downed Australia has downed England in their Four Nations rugby league

clash in Melbourne. It was all the

Kangaroos, they were up by 18

points at the break.

34/14 the final scoreline.

The Aussies will face New Zealand in Auckland next Saturday. Just in Auckland next Saturday. Just a

day up from the Melbourne Cup and

it is all systems go for Bart

Cummings and his super horse So You

Think. Cummings was discharged from

hospital yesterday and is expected

to be trackside for the race. You Think has been You Think has been restored to

favourite and has drawn ideally at

barrier 3, looming as the horse to

beat. The jockey must be the same

feeling as riding a motorbike. You

just turn the gas on and off it

goes. I could not reiterate what

Lucas said - he is the one of Lucas said - he is the one of the best best horses. A record nine international horses

will line up for the 2-mile classic.

Here is someone who can go the

distance, Kath Robertson. Anyone

betting on a rate rise? Nch it betting on a rate rise? Nch it is

liking like an odds-on Reserve Bank will keep Reserve Bank will keep rates on hold. More inflation data is hold. More inflation data is due out today.

It may provide a useful post-script

to last week's official figures. Since those inflation numbers, the

financial markets has revived down

its expectations of a rate hike its expectations of a rate hike to just 20%.

Late-night week day Late-night week day training

finally arrives in Perth today,

allowing shops to open until 9pm.

Don't expect to wander around the

CBD with a big shopping list. It CBD with a big shopping list. It is thought only bigger retailers will

stay open. The push continues for

Sunday trading across the entire

metro area. Shops closed on metro area. Shops closed on a

Sunday in one place when down the

road they are open? Who can work it

out? The locale Chamber of Commerce

claims most people surveyed most

people want unrestricted Sunday trading.

Let's take a look at the national

weather picture for today.

The newspaper headlines. The The newspaper headlines. The 'The

Sydney Morning Herald' looks at so-

called sexting, with a 20-year-old

Sydney man facing two years' jail

on child pornography charges after

exchanging explicit picture

messages with a 1-year-old girl.

The 'Courier Mail' is one of

several papers reporting legendary

trainer Bart Cummings has checked

out of hospital to try to make it

13 Melbourne Cup wins

13 Melbourne Cup wins tomorrow.

And as we have been reporting this

morning, the Australian looks at

the coal seam gas project in southern Queenslanproject in

southern Queensland, contributing

billions to the state's economy for

years to to come.

Escaping a shark attack by the skin of her teeth.

This is what the shark left This is what the shark left behind

in the woman's leg. Here about her

amazing escape when Ten's Early News returns.

You are with Ten'S early News.

Work will begin on a $15 billion

natural gas project in Queensland.

The project was confirmed by BG

Group yesterday, involving Group yesterday, involving taking

coal seam gas in southern gld,

liquefying it in Gladstone and

exporting it overseas. By in

measure it is a significant project

for the Australian economy. It will

create 5,000 construction jobs and

then up to a thousand jobs once it

is completed within four years.

The family of a young woman

attacked by a shark in waters off Western Australia has thanked

everyone who has helped save her

life. Elyse Frankcom is expected

life. Elyse Frankcom is expected to make a full recovery.

Evidence of a terrifying ordeal.

This shark tooth was removed from

Elyse Frankcom's leg. Her mum was

in shock today after her daughter

was attacked by a 3m shark. I

couldn't believe that it was my own

daughter that was hit by

daughter that was hit by that, that the shark attacked. You read the shark attacked. You read about

it, and it is someone else. The 20-

year-old was airlifted to Royal

Perth Hospital, where she had an

operation. She was in good spirits.

She a bit of a joker sometimes. And

she was joking around.

She was laughing, but, you know,

obviously in a lot of pain. She obviously in a lot of pain. She was

showing a Group how to swim with

dolphins when she was mauled. She

was wearing a shark shield but it

was not enough. We believe that

it's come in from the bottom, and

as she grabbed her and started

taking her down. Ms. Elyse Frankcom

remains in hospital and will need further surgery.

Her mum says she is a tough nut and

has no doubt she will be back in

the water. She came out of it

really well. And she's got a story to tell.

The way in which air freight is

security-screened as it passes through the UK is being reviewed.

It comes as a 22-year-old woman is

questioned in Yemen about the

discovery of two bombs posted on

cargo planes bound for the United States.

Previously, it had been believed

these packages had these packages had travelled only on cargo jets. But on cargo jets. But the confirmation

that one was carried on a passenger

plane is a worrying new development.

A Qatar Airways spokesman confirmed

that it had carried one of the

explosive devices on a flight from

Yemen to Doha, and on again from

Doha to Dubai. It is here in the

Yemeni capital of Sana'a that the engineering student was engineering student was arrested

after receipt for the packages were traced back to her. But the 22-

year-old is not known to have any

links to terrorist activity.

And lawyers are claiming she is

innocent. One said, "From the

information that we have, we think

that Hanaan is a victim of someone

who used her cellphone number who used her cellphone number on

the packages." There may be a

change in ow freight is change in ow freight is screened, despite the huge despite the huge financial

implications. We are looking and we

will look at screening of freight.

We will be looking at the processes

we use. We will be talking with we use. We will be talking with the industry about these industry about these issues.

It was already known that police

had failed at first to identify the

bomb at East Midlands Airport and

this latest news about how the other bomb travelled to Dubai

suggests security may not be suggests security may not be robust

enough to deal with this new level of terrorism.

At least 32 people have been

injured in a suicide bombing in the

Heart of Turkey's economic Heart of Turkey's economic capital.

The bomb ripped through crowds of

shoppers and cafe patrons in

Istanbul. But the only fatality was the bomber.

It's believed he was targeting riot

police controlling the square. The

attack came as a ceasefire with the separatist rebel Kurdistan Worker separatist rebel Kurdistan Workers

Party came to an end.

Indonesia's most active volcano Indonesia's most active volcano has

sent another searing cloud of

Ashdown its slopes. The blast

lasted three minutes and caused

chaos among thousands of villagers

who had taken advantage of a lull

in activity to rush home and check on their live stock. The

notoriously unpredictable mountain

started eup areing last started eup areing last Tuesday.

The death toll has now - erupting

last Tuesday, the death toll has

now reached 38.

The survivors from a 3m tsunami are struggling to receive enough aids.

Storms and rough seas have hampered

relief efforts. A break in the

weather late yesterday finally

enabled helicopters and boats to reach the most distant communities

hit by the wall of water. It was

triggered by a 7.7 magnitude earthquake.

The cautious corporate comeback to

the Melbourne Cup carnival,

economists say confidence in the

top end of town will ensure no

luxury is spared for the running luxury is spared for the running of the race.

With big business leaving turbulent

times behind, there is reason to celebrate.

Bookings are better than ever. They

are coming back after the GFC last

year. This Cup carnival, 36

corporate marquees in the bird cage

and significantly more investment

than last year. With the size of

the marquees and amount of money

being spent, business confidence is

back on the increase.

It is a notable shift from the

economic nervousness of 2009. economic nervousness of 2009. We have increased sales from last year,

we hope it signals a resurgence for

the corporates. Victoria Government

expects this year's Melbourne Cup

Carnival to generate $714 million

for the Australian economy.

Something like 760,000 people

attended the Spring Carnival Event

last year. This year, more punters

are reaching into their hip pockets.

We are up on last year, probably

about 25% to 30%. The corporate

comeback is off and racing, albeit cautiously. The cynic once cautiously. The cynic once said

light at the end of the tunnel

could be another train coming in

the other direction.

Australia has lost its opening

cricket match of the summer Sri Lanka cruising to a seven-

wicket win in the Twenty-20.

The Aussies crumbled with the and were belted ground. At

ground. At one stage they were 5/43 before Brad Haddin and before Brad Haddin and Stephen

Smith combined to restore order.

Posting 133, Kumar leading, Sri

Lanka chased down the lead inside 17 overs. Australia lead The Kangaroos have downed in their Four Nations rugby in their Four Nations rugby league

clash in Melbourne. The visitors

were completely out-classed by the

Aussies 6-2.

Needing to win to keep their finals

hopes alive, England came out firing.

But it was the Aussies with all the

early balls that turned into points

after just six minutes.

The visitors hit straight back. Sam

Burgess exciting the English fans.

They were soon sitting down, though.

COMMENTATOR: Lockyer putting it

into the cross bar! It was Lewis

with his second, Billy Slater

joined in as the Kangaroos went on

a rampage, two more tries a rampage, two more tries setting

them up by 18 points at the break.

The second half, better from the

English. But the damage was already

done. The Kangaroos home 34-14.

They will face the Kiwis next They will face the Kiwis next in

Auckland on Saturday. Kelly slater

is closing in on his 10th World

Surfing Title. He is through to the

third round of the rip curl title in Rio.

I knew if I could better his best,

he would have a lot of pressure out

there. I actually got my best wave

to finish the heat. Fun.

Slater's only title Slater's only title contender Geordie Smith progressed.

Stephanie Gill more is chasing a

record world fourth crown from just four attempts.

The Reserve Bank meets tomorrow to

decide on interest rates with only

one in five in the market now

tipping a hike.

For more, let's check in with John Rates will stay at 4.5%? Yes. The

first part of the central bank

double this week of course. Let's

reflect on the minutes of meeting. The board was at pains meeting. The board was at pains to

point out that it was a decision to

leave rates on hold.

Weaker credit growth, the strong

Aussie dollar providing tightening

conditions. That remains in place.

Last week, we had the subdued CBI numbers and the Aussie dollar tracking towards a dollar. You would think that interest rates

would, in fact, remain on hold

tomorrow, despite the banks' clear

bias towards tight pg. In the US

mid-term Congressional elections. mid-term Congressional elections.

Yes, the mid-term elections have

been playing on market's minds for

a little while.

The key thing that markets are

watching is the FMC meeting. The

bulk of the forever appears to be

committed to a second round of

monetary policy easing. monetary policy easing. Questions

remain around the scope, remain around the scope, timing,

sport and what substance that might

take. We should not underestimate

the importance of that announcement the importance of that announcement this week.

Here is a check of the national weather.

We are taking a short break. Don't

go away. Plenty more that you will

not want to miss. See you again very shortly.

The headlines every 15 minutes.

The race is on for Australia's new

resources gold rush. Work begins

today on a world first gas project,

creating thousands of jobs creating thousands of jobs and contributing billi of jobs and contributing billions to contributing billions to our economy.

On a charm offensive, our Prime

Minister is in Malaysia Minister is in Malaysia this

morning, with a crackdown on people smuggling on her agenda.

In sport, Australia remains stumpe

in all forms of cricket since July

after Sri Lanka's seven-wicket

Twenty-20 win at the WACA.

In finance, it is odds-on for an

interest rate hold on Melbourne Cup

day, with many economists cutting

the chance of a rise to just 20%.

A new resources gold rush gets

underway today as work starts on a

$15 billion natural gas project in

Queensland. It will provide

thousands of jobs and thousands of jobs and boost the

national economy for years to come.

Full steam ahead - construction of

the biggest new energy the biggest new energy development

in Queensland's history is underway

from today, with workers employed

to start work straight away. Once

it is complete, the Sunshine State

will export liquid natural gas

overseas. By in measure, this is overseas. By in measure, this is a

significant project for the

Australian economy. This is the

single biggest investment

undertaken BG Group. It was given

the go-ahead at the weekend. It

will produce a third of Australia's LNG.

Using coal seam gas from the Using coal seam gas from the Surat

Basin in Southern Basin in Southern Queensland,

natural gas will be pumped to a

liqefication plant in Gladstone,

where LNG will be shipped overseas.

I'm very excited for the Gladstone

region. This means job. But in the

gas fields, farmers are worried.

This ground water is the whole life

blood of much of the inland

Queensland. The whole of the inland

region will be in danger.

Construction will be complete in 2014. 2014. The Prime Minister is on a The Prime Minister is on a charm

offensive as she meets political

leaders in Malaysia today. A

crackdown on people smuggling is on Julia Gillard's agenda.

The Prime Minister has spent the

night here in the Malaysian

Government capital ahead of talks with the Malaysian Prime Minister

later this morning. Now, she just

spent two days in Vietnam for spent two days in Vietnam for the

East Asia Summit, where she claims

she got some sort of a win with

particular wording put in the final statement that she claims will

bring her vision of a regional

processing centre for asylum

seekers one step closer to reality.

Look, I'm pleased that there is a specific paragraph on specific paragraph on this question

in the chairman's statement. Now,

people smuggling will top the

agenda for her talks with agenda for her talks with the

Malaysian PM today, just in the

past few weeks there has been a major crackdown on people major crackdown on people smugglers

here with major arrests. What here with major arrests. What had

been happening was fake passports

were used to get would-be refug were used to get would-be refugees through Kuala Lumpur through Kuala Lumpur airport,

taking them to boats taking them

directly to Australia. A Director General of the immigration

department has been arrested, and

all of this was made all of this was made possible through through intelligence officials.

Now, Julia Gillard will spend just

one day here in Malaysia before

heading over to Indonesia for talks

with their President, Susilo Bambang Yudhoyono.

The Opposition is expected to

outline more details today on its

calls for a full judicial inquiry

into the Government's botched home installation scheme. Opposition

environment spokesman Greg Hunt,

said the inquiry would reveal the

full failure rate of the $2.5

billion program. It will

investigate a link between the

scheme and four deaths. Mr Hunt plans his motion when plans his motion when parliament

resumes later this month.

A Sydney mother has been killed A Sydney mother has been killed in

a stabbing attack which capped off

a violent week in the harbour city.

A spate of serious knife-related

incidents kept emergency services busy.

It was a frenzied attack that left

a Sydney mother dead.

Where they located a deceased 54- year-old female in the kitchen area

of the premises.

The woman was found stabbed to

death in the kitchen of her family

home yesterday. Her 56-year-old

husband suffering stab wounds to

his abdomen and his 27-year-old his abdomen and his 27-year-old son,

lacerations to his hand. Both lacerations to his hand. Both men

were taken to hospital under police

escort. The location has a histor escort. The location has a history

of domestic violence. But at this

stage, early stages of the

investigation, it is unknown what

the motive was. This came only

hours after an 18-year-old man was

stabbed at an inner-city bar stabbed at an inner-city bar in

broad daylight on Sunday morning.

Luckily, he survived.

And in a third attack, an 18-year-

old man was refused bail after

being charged with the stabbing

death of 16-year-old Todd Burrows.

Burrows was found bleeding to death

on a western Sydney street in the early hours of Saturday morning. early hours of Saturday morning. He

is reported to have been too drunk

to defend himself when allegedly

set upon by his attacker.

An inquest will begin today into

the death the death of a Queensland man tasered 28 times by police.

39-year-old an thony G Galliano was

tasered during a violent

confrontation with police. Police

tried to revive the man but could

not provide breathing assistance

because there was no mask or gloves

in their first aid kit.

The son of Opera House architect

has been attacked in Sydney. He was

assaulted in an unprovoked attack

in a Manly laneway on in a Manly laneway on Saturday night. night.

The 66-year-old suffered a busted

lip, bruising to his face and a twisted knee.

He was talking on the phone when he

was assaulted. He visits Sydney

several times a year to consult on

changes to the Opera House.

Melbourne CBD will come to a

standstill today as Melbourne Cup

fever sweeps the city. The traditional parade will see

thousands of people brave the wet

and line Swanston Street forte vent.

Each jockey and trainer competing

in tomorrow's race will take part

in the parade. The trophy will

feature in the show which kicks off at midday.

Cricket and Australia's form slump

continue, with a seven-wicket loss

to Sri Lanka in the Twenty-20 last

night, leaving them without a win

in any form of the game since July.

The Aussies were belted all over

the WACA ground by the tourists.

A new summer of cricket dawned Down Under. Michael Clarke promoting

himself to the top of the order. He found some form momentarily.

Before one wild swing too many and

a classic tach from Fernando sent him packing.

The Aussies in all sorts of trouble

at 5/43 for ten

to Brad Haddin and Steven Smith to restore order.

COMMENTATOR: A good shot. Wide of

the field. It has gone all the way.

The pair campaigning for 66 runs.

Smith in innovative in his approach.

Sri Lanka came out blazing Sri Lanka came out blazing in Australia's 133.

Comn comens was it smashed. None

for 35 by the fourth over. The

visitors on track for a quick kill.

Returning from injury, Peter Siddle

put a dent in their hopes. But back-up was on hand to But back-up was on hand to make

light work of the run-chase.

Sri Lanka cruised to victory by the 17th over. Australia's downed England Australia's downed England in their

Four Nations rugby league clash in

Melbourne. It was all the Kangaroos.

They were up by 18 points at the

break. 34-14 the final score. The

Aussies will face out from the Melbourne Cup and is all systems go Up Bart Cummings was discharged from hospital yesterday and from hospital yesterday and is

expected to be trackside for the race.

So You Think has been restored to

favourite and has withdrawn ideally

in barrier 3, looming as the horse

to beat. It must be like riding a

motorbike, and you turn the gas on and off he goes.

Our overseas guests are clearly impressed. A record nine international horses will line international horses will line up

for the 2m classic.

I know she has been hanging out for

a pinch and a punch to take the

first... A clap and a quick for being no quick!

We are talking interest rates? We are talking interest rates? Ron,

it is looking like it is looking like an odds-on bet that the Reserve Bank

that the Reserve Bank will keep

rates on hold on Melbourne Cup day

tomorrow.

More inflation data is out today

from TD Securities which may

provide a useful post-script to

last week's official figures, surprisingly benign.

The financial markets have revised

down its expectations of a rate

hike to just 20%. Late-night hike to just 20%. Late-night week day trading arrives in Perth day trading arrives in Perth today,

allowing shops to open until 9pm. But But don't expect to wander around

the CBD with a big shopping list.

It is thought only bigger retailers

will stay open. Meantime, the push

continues for Sunday trading across

the entire metro area.

It doesn't make sense. Shops It doesn't make sense. Shops closed

on a Sunday in one place when down

the road they are open? Who can

work it out? The local Chamber of

Commerce claims most people

surveyed want unrestricted surveyed want unrestricted Sunday

trading. A check of the markets now:.

Stormy start to the working week.

Checking news websites around the

world this morning, the Scotsman

says rates of HIV infection amongst heterosexuals in Scotland have doubled in the past four years.

The Vancouver Sun looks at a series

of intricate Hallowe'en pumpkin

carvings on display in the city.

Some weighing up to 90 kilogram.

And the Chicago Tribune says Barack

Obama has made an impassioned Obama has made an impassioned plea

in Chicago ahead of mid-term

elections this week.

I know Catherine had blood dripping

from her fangs as she went trick or

treating. For most people, it was

about clowning around. But looked

who dropped in from above to

deliver a sky-high scare. Find out

more after this short break.

Work will begin today on a $15

billion natural gas project in

Queensland. The project was

confirmed by BG Group yesterday,

and will involve taking coal seam

gas from southern Queensland and exporting it overseas.

By any measure, this is a By any measure, this is a very significant project significant project for the Australian economy.

The project will create 5,000

construction jobs, and then up to a

thousand jobs once it is completed

within four years.

Melbourne's dams are full for the

first time in years after the state

had its wettest October since 1975.

Victoria's north-east has been

deluged by up to 150mm. Some areas

scorched by the Black Saturday

bushfires are now flooded. We are

an evacuation centre for the fires

in February, and here we are in

October and we are flooding. From

one stream to the other, I one stream to the other, I suppose.

More than 1,000 jobs were lodged

for the state's emergency for the state's emergency services yesterday alone.

Western Australian residents could

be hit with a total watering ban this summer.

Hundreds have already been caught

flouting tough new sprinkler

restrictions. The Government claims

WA's tough new sprinkler bans are

working. Our state's water usage

has dropped 7% this time last year

but we are in the clear yet. We are

faced with the driest season on

record. Since 1913, the lowest

stream flows in our dams, producing

a deficit of about 100 gigalitres

of water. One-day a week sprinkling

restrictions came into force.

Every week, hundreds of Every week, hundreds of households

are issued with warnings for over-

watering, while 700 fines have been issued in the last two weeks.

issued in the last two weeks. In an

attempt to fix the crisis, the

capacity is building up new

salination plants will be doubled

to 100 gigalitres.

It will be decided next month the one-day a week the one-day a week restrictions will continue into summer or its

homeowners will be hit with a homeowners will be hit with a total

sprinkler ban. Unless we manage our

integrated water scheme wisely, we will all be the losers.

The family of a young woman

attacked by a shark in waters attacked by a shark in waters off

Western Australia has thanked

everyone who has helped save her

life. Elyse Frankcom is expected to

make a full recovery after being

mauled about the legs. Evidence of mauled about the legs. Evidence of a terrifying ordeal.

This shark tooth was removed from

Elyse Frankcom's leg. Mum, lindda,

was still in shock taed after her

daughter was attacked by a -

shocked today after her daughter was attacked by was attacked by a 3m shock. I

couldn't believe it was my own

daughter. The 20-year-old was daughter. The 20-year-old was

airlifted to Royal Perth Hospital

where she underwent a six-hour

operation to bites on her thigh operation to bites on her thigh and

leg. Shefrblgts was in good spirits.

She is She was in good spirits. She

is a bit of a joke sometimes. The

young tour guide was showing young tour guide was showing a

group how to swim group how to swim with dolphins when she was mauled. She was

wearing a shark field but it was

not enough. We believe that it's

come in from the bottom and as she

has grabbed her and started taking

her down. Ms. Francom remains in

hospital and will need further

surgery. Her mum says she has a

tough nut and has no doubt that she

will be back in the water. She came out of it really well. She has out of it really well. She has a story to tell.

Sydney siders have certainly got

into the Hallowe'en spirit by

jumping out of a plane.

A clown decided to celebrate the

ghoulish holiday by taking part in

a skydive over the harbour city in

full costume.

The joker managed to keep a smile

on his face the whole way down.

00 people in Perth have celebrated

Hallowe'en with a party at one of

the state's most haunted icons. The

prison Hallowe'en party attracted

the scary and the spooky side of

Perth's social scene to the

supposedly haunted old Fremantlele

jail. The party raised thousands of

dollars for the state's muscular distrophy association. distrophy association.

There is a cautious come to the

Melbourne Cup Carnival. Economists

ensure that no luxury is spared for ensure that no luxury is spared for

the 150th Cup race.

With big business leaving With big business leaving turbulent

times behind, there is reason to

celebrate. Bookings are better celebrate. Bookings are better than

ever. So coming back after the GFC last year. This last year. This Cup carnival, there are 36 corporate marquees in the

bird cage and significantly more

investment than last year. With the size of the marquees size of the marquees and the amount

of money being spent, it suggests

that business confidence is back on

the increase. It is a notable shift

from the economic nervousness of 2009.

We have increased sales, you We have increased sales, you know,

10 or 15% on last year. We hope it

signals a resurgence for the corporates. The Victorian

Government expects this year's

Melbourne Cup carnival to generate

714 million dollars for the Australian economy. Something like 760,000 people

attended the Spring Carnival attended the Spring Carnival events

last year. This year, more punters

are reaching into their hip

pockets.. We are up on last year,

probably about 25% to 30%. The

corporate comeback is off and

racing, albeit cautiously. A cynic

said that the light at the end of

the tunnel could be a train coming in the other direction.

Australia has lost its opening

cricket match of this summer with

Sri Lanka cruising to a seven-

wicket win in the Twenty-20 last night. The Aussies crumbled with the bat

and were belted all over the WACA

ground. At one stage, they were

5dlsh 43 before Brad Haddin and

Stephen Smith combined to restore

order to the order to the innings.

Led by Kuma, Sri Lanka chased down that total with ease inside 17 overs. COMMENTATOR: That's a ripper! COMMENTATOR: That's a ripper! What

a way to finish it! Australia now

head to Melbourne for a one-dayer on Wednesday.

The Kangaroos have downed England

in their in their Four Nations rugby league clash in Melbourne. clash in Melbourne. The visitors

were completely outclassed by the Aussies 6-2.

Needing a win to keep their finals

hopes alive, England came out firing.

But it was the Aussies with all But it was the Aussies with all the

early balls that turned into points

after just six minutes. The

visitors hit straight back. Sam

Burgess exciting the English fans.

They were soon sitting down, though.

Lewis had a second try, and Billy

Slater joined in as the Kangaroos

went on a rampage. Two more tries

set them up by 18 points at

set them up by 18 points at the break.

The second half, better from the

English. But the damage was already done. The Kangaroos home 34 points

to 14. They will face the Kiwis

next in Auckland on Saturday.

Former world champion water skier

Lauren Eagle continues to impress

in her move to the boxing ring. She

has made it two wins from two bouts.

Yeah, it is unbelievable. I was

nervous by I harnessed the nerves

for this one. It is a great

atmosphere. While Daniel Geale

dominated Russian Roman Karmazin in

the main event.

The Reserve Bank meets tomorrow to

decide on interest rates with only

one in five market participants now For more, let's check in with John Milroy at Milroy at Macquarie Private Wealth.

It is a safe bet to assume rates

will stay on hold at 4.5%? Yes. It

kicks off the central bank fest

this week. We should reflect back

on the minutes from the previous

meeting. The central bank here

highlighted that the - while rates

were heft The strong Aussie dollar provided

tightening of credit. That has not

changed much. The Aussie dollar is

tracking back parity. So you

tracking back parity. So you think,

with all that in place, it would

not be too shocking to see rates

remain on hold! Ah ha! A subliminal

tip for the races!

A big week ahead, abroad, with the

mid-term Congressional elections?

The mid-term elections have weighed

on markets over the course of the

last several weeks. To get a result

either way will clear the air.

The key thing is that it will wrap

up the central bank fest. Really,

the key questions there are timing,

scope, what form that might take

and how big it will be. Really, we

should not underestimate the

importance of that announcement

later in the week on both economies.

Briefly now in other business news, B

ANZ chief executive Mike Smith it

is unlikely the bank will be able

to raise yearly profits by 53%

again any time

again any time soon.

And Ron that is finance for the

first day of the month.

I like the way John Smithed in the

tips. Not that we should put our

money on it. So do you think it

will be a nice day today?

And that is it for Ten's Early News.

The first 15 minutes of the program

are on Ten's website ready for

download. Thanks for joining us

today. Have a great Monday. Goodbye. Supertext captions Supertext captions by Red Bee Media Australia Redbeemedia.com.au