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ABC News Breakfast -

View in ParlView

(generated from captions) This Program is

Captioned Live. G20 leaders

back a $1 trillion plan to

pull the world out of

recession. Banks and tax

havens will face tough new

regulations. Markets bounce

in Europe and the US hoping

the summit could announce the

end of the economic slump T

clean-up continues on the

coast of NSW as heavy rain

brings widespread flooding to north-east Queensland and

Lewis Hamilton is accused of

deliberately misleading race

officials to secure a pole

position in Melbourne and is

disqualified and stripped of

his points.

Good morning it's Friday

3 and I'm Joe O'Brien And

I'm Virginia Trioli. The top

story - G20 leaders have back

add deal worth $1 trillion

that they hope will pull the

world out of the recession. The International Monetary

Fund will get $7 50

billion. Leaders committed

another $250 billion the

boost global trade and the French president President Nicolas Sarkozy's demands the

clean up the world's banking

Prime Minister Gordon Brown system were met. The British

says there will be sanctions

on tax havens which refuse

the eform and new rules on

executive pay and bonuses.

This is the day that the

world came together to fight

back against the global

recession, not with words but

with a plan for global

recovery and for reform. And

with a clear timetable for

its delivery. Our message

today is clear and certain -

we believe that in this new

global age our prosperity is

unable to be divided, we

believe global problems

require global solutions, we

believe growth to be

sustained must be shared and

that trade must once again

become an engine of growth

Earlier today we finish add

very productive summit. It

will be I believe a turning

point in our pursuit of

global economic recovery. By

any measure the London summit

was historic. It was historic

because of the size and the

scope of the challenges that

we face and because of the

timeliness and magnitude of

our response. Global markets

have shot up fuelled by

post-G20 summit optimism and

positive economic data from

the US. With an hour to go

before Wall Street close the

S&P is up 3%. The FTSE closed

4% up t gains were greater in

Europe. Frankfurt closed 6%

up and Paris was up by

5%. Rain is beginning the

ease in parts of Queensland

Gold and Sunshine Coasts.

Many homes and businesses

however have been inundated.

In Noosa dozens of school

students slept in their

classrooms after schools were

cut off by floodwaters. In

NSW around 2300 resident in

and around Coffs Harbour

Opposition Leader Malcolm remain isolated. The

Turnbull has launched a

scathing broadside at the

Government's stimulus

packages saying they will

shack tell country for years.

Speaking in Hobart Malcolm

Turnbull said Kevin Rudd's

willingness to go into debt

follows text ample set by all previous Labor prime ministers. He said by the next election Australian

Government debt will total

$200 billion. The NSW's

Government's tough new bikie

gang laws passed through part last night, police will be

able to have gangs declared

criminal and members banned

from associating. Civil

Liberties groups than the

Greens say the new laws are

open to police abuse. The

State Government says checks

and balances are in place.

Police in Israel are

searching for an axe-wielding

Palestinian who killed an

Israeli teenager and injured

a 7-year-old boy. It happened

at a West Bank settlement

south of Jerusalem. The

country's new Foreign

Minister has been questioned

by police on suspicion of

bribery and money laundering.

He de is in the allegations

and says tremendous

politically motivated.

Political activists in

Malaysia fear a renewed

crackdown against dissent.

The Prime Minister has been

said to be behind the shut

down of newspapers. A royal

ceremony in KL today to be

sworn in asthma Laboura's sixth Prime Minister. The

father of his father. 56-year-old follows in the

the current Prime Minister

has been stood dawn. He was

pressured by the party to

leave after last year's

national election when the ruling Coalition suffered a

historic loss of seats.

Najab takes on a weakened

Government which has a tough

task ahead rebuilding voter

confidence at a time when the

economy is failing. He faces

a tough opponent in the

former Prime Minister.

Despite renewed sodomy charge

he has been able to

strengthen the National

Coalition. System is to my

mind very much flawed but we

expect more repression He

has been linked to the 2006

murder of a Mongolian

translator working on a

Government defence deal when

she was killed. He has denied any involvement in the case. Najib's firstes the lot come

on Tuesday with three not and

state by-elections across the

country. For more on Malcolm

Turnbull's comments overnight

Ben Worsely joins us from

Canberra. Where was Malcolm Turnbull and what was he

speaking about? He spent the

last cup 6 days in Tasmania.

Chamber of Commerce and He was giving a speech the

Industry and he hit or a few

of the common direct he has

been hitting on recently and

he will continue to emphasise

before the next election, he

has up with this line t

Labour trifecta. Let's have a

quick look at hat that is and

how he expressed that last

night. What do we have?

High debt, higher

unemployment and more

strikes. That is the

terrible trifecta we have

always had from Labor

governments. 10 out of 10

Labor prime ministers have

increased Government debt.

They have all increased debt

but I tell you non-as magnificently as Kevin Rudd. Malcolm Turnbull speaking overnight. We will

get used to hearing about the

Labor tie effect that then?

You can guarantee that. The

Rudd recession and the Labor

tie effect that. I did like

the magnificent spending line

but to try effect that line

may work in a year's time but

perhaps not right now. At

least the polls indicate that

voters understand why there

is a bigger debt than usual.

They understand the rise in

unemployment is largely a

global trend and perhaps they

are not seeing the increased

strict activity that Malcolm

Turnbull is referring to so

it might work in the long run

but for the time being it

does not seem to be hitting

its mark. Just quickly, he

released, Malcolm Turnbull

released a small business

plan yesterday in Tasmania

A6-point plan. He seems to be

learn fringe Kevin Rudd. Tax

efund, super relief, online advice, increasing the role of the Small Business

Minister, things like that.

The point is the way the

stimulate an economy is to allow small business to front

not to important you and

spend as Kevin Rudd has been

doing. The Government

responds by saying if you are

so keen supporting small

business why did you vote

against our small business initiatives which included

the tax breaks for small business. Thank you Ben

Worsely. For more on the

outcome of the G20 meeting

the ABC's polite cat call

editor Chris Ulhmann joins us

from London. It would seem

the trillion is the new

billion now? That is right. Billions used to sound like a

lot of money. There is an old

saying that a billion here a

billion there, pretty soon

you talking about real money!

But now we talking about the

trillions when it comes to the money been thrown to governments around the world

to try to restore the global

economy. We have the

communique which has been

warmly received. There was

never any likelihood given

this was a crisis of

confidence that the leaders

would not,out and have

something the say this evening. The question will be

about substance but there

seems to be a bit of

substance threchl looking at

trying to restore confidence

and growth and trying to

rebuild the financial system,

they want the regulate that

financial system to restore

trust, put more money into

the international financial

institutions to help us

overcome this crisis and make

sure it does not-again and

finally they say they are

going to reject protectionism

and when we do start growing

again they talk about a green

and sustainable recovery so tremendous the elements in

it. Then we to go the

details. The was a fight

really over whether fiscal

stimulus was a better way to

go or the US, Britain,

Australia wanted to see more

fiscal stimulus from

governments this financial

year not next financial year.

That did not really come but

they Blake a big deal about

$5 trillion over this

calendar year and the next

but is really when you get

down to regulation which is

what the Europeans were

pushing hard where there is a

lot of meat it would appear

in this document an

particularly in dragging

those institutions which are

outside the ordinary banking

system, what they call a

shadow banking system, hedge

funds and the like,

under-regulation so it is

there we will look for the

meat of this and there that

we will see whether there is

going to be some sort of

action behind these good

words. As you mention,

Germany and in particular

France got what is want in

relation to regulation but do

you think the financial

experts mirthing in the ear of Barack Obama say you need

to throw everything at this

problem and stimulate it as

hard as you can, will they be

leaving the G20 slightly disappointed? There is no

doubt the US, Australia,

Great Britain made a really

large play for more money.

They have taken a step to the

left saying they are talking

done but that is not the about what has already been

case. When Kevin Rudd was in

New York he talked about the

International Monetary Fund

saying what was needed was 2%

of country's GDP thrown at

the crisis this calendar year

and another 2% next and they do not have that but they

have a lot of stimulus. There

is concern about the amount

of money washing around.

Governments do not retreat

well from these situations

and when growth does return

it will create problems of

its own. This communique

talks about an exit strategy

with the fiscal stimulus but

the thing with governments is

they never get the timing

right A rather unpleasant

story has blown up for the Prime Minister but it concern

as trip he took overseas

quite sometime ago. yes,

there is. That is on his way

back from Papua New Guinea he

did not get the Mel he was

after. Apparently the Prime

Minister is not eating red

met at the moment, I do not

know if that is the case but

I was then. When the Mel did

not come he accused the RAAF

hostess serving him. He was

asked about that at a press

conference today and this is

his response.meal did not

come he accused the RAAF hostess serving him. He was conference today and this is asked about that at a press

his response. Fy upset

anybody I'm sorry, I

apologise and as I said at

the time to one of the staff

on plane let's - that's it.

A clearly uncomfortable

Prime Minister. He was asked

a number of times about it.

He was also asked about his

temper and had he had a

problem because the Kevin

Rudd we do see is calm and

perhaps boring but the

Opposition say he has a

volatile temper an I'm sure

the Opposition will make

something of that A story

that can stick to you rather

like a tar baby. Chris

Ulhmann thank you. It will

be inning to see if that has

any impact on his rocketing

approval ratings at the

moment. He is up 70% or

something like that because

is incidents like that that

can turn people off I don't

know if in the current

circumstances it will get

thatch attraction but yeah,

when it is a story that seems

so at odds with the public face of someone you are

right, that is when the chink

starts the open The front pages of the major newspapers. The Australian reports Choy these spice have

directly targeted Kevin Rudd

by repeated will attempting

to in fill straight Prime

Minister email and mobile

phone communications. The 'Financial Review' reports

leaders of the major

economies have agreed upon

sweeping new measures to

strengthen the financial

system at the G20. The Age

says multinationals an their executives will come under

new regulation aped at

reviving the world economy

and preventing a repeat of

the crisis. The world trade

organisation will be able to

periodically name and shame

countries that resort to

protectionist policies. Holden is cutting

care assemblies to a single

shift and halving production

as it tries to provide a

collapse in car sales. The

'Canberra Times' says

thousands of ad agencies to

sack staff. The 'Sun' says

Kevin Rudd reduce add young

RAAF cabin attendant to tears

with a tirade of abuse

because he did not get the

meal wanted during a VIP

flight and we heard him apologise. 'The Daily

Telegraph' labels Kevin Rudd

as Kevin Rude. The West Australian reports veteran

Labor MP Jim McGinty says he

will quit his seat of

Fremantle today because he

has reach his use-by date and

the time has come for new

Black The mercury reports Michael Quinn is poised to

cap his remarkable rise with

an AFL debut against Fremantle. The Courier-Mail reports Australian

pharmacists are using new

technology the fight back

against drug barons to use

cold and flu tablets to make

illegal drugs. The Northern

Territory, photos of people

risking death by swimming and

fishing in the river that has

the world's largest

concentration of salt water

crocodiles Crazy. The

headline "Croc bait" Wall

Street's S&P up 3.5%. In

London the FTSE closed more

than 4% up and Germany's main

index surged by 6%. Queensland's gold and

sunshine coasts are still

underwater with widespread

flooding inundating home and leaving children stranded in

their schools. Across the

border in NSW around 2300

resident in and around Coffs

Harbour remain isolated by

the floods.

Finance news and BrisConnections shareholders

have had a victory with ASIC

of accusing the company of

providing contradicty information but that will do

little to comfort shareholders some of whom

face multi million dollar

liabilities. It is a $4.8

billion project aimed at

easing congestion on the way

the Brisbane airport but for

big and small investors it

could be a road the ruin. It

is unbelievable really

because you have not signed a

come tract or done anything

and cow can be liable for

$400,000. It is quite

bizarre. In October Steven

and Violet bought 200,000

units in BrisConnections

which is building Brisbane's

airport link. The 200,000

units cost a mere $600 We

thought that $600 if it goes

up we make 100 profit or

fittings down we lose a cup

of hundred, it was no big

deal A few days later a let

are arrived saying they owed

$1 a unit and more next year,

a total bill of $400,000 on

their $600,000 outlay We

were horrified and read the

letter over and over, we

could not believe it An

accountant said he could hemp

by transferring the units the

an associated company but

that was met by another letter from BrisConnections

argueing it was in valid. The

representation is being

argued that the product disclosure statement

published prior to the

listing of BrisConnections

was inadequate The answer

was if you don't pay the

units will be sold and the

cost of selling the units

will be payable by you. It

did not make it clear I don't

think and others do not think

that they would have the pay

the balance of the instalment

in any event. The Brisbane

airport link saga is now

clogging up the courts 1400

kilometres away in Melbourne and beside the small

investors it is pitting some

of the biggest names in

corporate Australia like Macquarie Group gains at 26-year-old fund manager Nick

loss Bolton I have been

around 30, 40 years and I have never seen anything

like. This it was a badly

structured company, right at

the peak of the boom. And

Queensland are fortunate that

they got this money. Mr

Bolton's Australian Style

Investments owns 20% of the

units in BrisConnections. The

units are worthless trading

at 0.1 cents each but firm is

potentially liable for $77

million on each of the two remaining instalment calls

This is very messy and the

communication from the

company have not been good.

This is a project that has

been in trouble for a long

time and a far greater

standards of communication

was required and will certainly be required in the

future The funding

arrangement has left many

small investors with

potentially crippling debts

and sparked a flood of legal claims. The Victorian Supreme

Court has confirmed that

Australian-style investments

can call two meet pinks of

investors to decide whether to wind up BrisConnections.

Ma quaky and Deutsche could

lose millions but the Queensland citizens and governments will lose as they

watch the project unravel

Life can have many twists and

it could well be the biggest

losers turn out to be people

who have to pay the call and

the underwriters particularly

dush bank and the foreign

banks who have to loan when

they don't want to it it is

not well secured at the moment.

It is a horrible feeling,

you work all your life and

you lose it by the click of a

mouse For now the future of

the project and that of

investors and bankers is

shrouded in in certainty.

ASIC has argued investors

were not informed in the

lead-up to investor meetings. Perhaps the only clean

winners will be the lawyers

with the drama likely to be played out in the courts for

weeks and months to come. In

other finance news

Australia's car industry is

feeling the effects of the

financial crisis with new

sales falling by 22% in

February. The Federal chamber

of automotive industry

figures show car sales

dropped by almost 20,000

compared with the same month

last year. The CEO said the

figures reflected the impact

of the economic conditions on

the new vehicle market. The

National Australia Bank is

planning to Cutmore than 100

jobs from its branchs from

across the country. The bank

is planning to slash 113

positions. 75 positions will

be in NSW where the bank has been overhauling its

operations. Stock are soared

as we told you earlier in

reto the G20 in London.

In a few minutes Vanessa O'Hanlon will be here with

the weather and a review of

the newspapers and this

morning our reviewer is the

former editor of the Age Mike

Smith There has been a

scandalous postscript to the

Australian Grand Prix. Overnight Lewis Hamilton and

his McLaren team were disqualified if the race and

stripped of their third-place

fish for misleading a steward investigation the BBC

reports. Sometimes it would

seem despite all the

technical Wizardy the least

complicated thing about

Formula One is driving a car

as fast as possible. The

sports rule book is far more complexton circuit as Lewis

Hamilton discovered when on

Sunday the safety car came

out. It all happened when

Jarno Trulli lying third

briefly went off the track

leaving Lewis Hamilton

unavoid bring to take his

place. He lets his team know

what happens because

overtaking when the safety

car is out is banned. They

clarify the position with the

race stewards and soon after

Lewis Hamilton is instructed

to let Jarno Trulli pass him

again but the stewards had

not been told so gave Jarno

Trulli a 25-second penalty

which resulted in Lewis

Hamilton getting a

Thursday-place podium finish

but a post-race meeting with

the stewards Lewis Hamilton

failed to give a full account

of what happened? Cheating or

just confused? You thought

learning the highway code was

difficult Lewis told the steward what happened but

what the team did not do as

far as the stewards are concerned are they failed to

give the full detail of the conversation between Lewis

Hamilton and the team The

world champion's reputation

has now been tarnished He

has matched up the comments

in the office t radio content

between Lewis Hamilton and

the team and other

information they have

gathered since then and they

have decided he effectively

was telling them fibs Taking

the checkered flag once used

to be pretty much a garage

teach victory. Today it seems

it can sometimes be merely a

negotiating position. After

a blockbuster AFL round 1

back the normal this week.

Speculation over the future

of several coaches and

frustrations at a tribunal

decision and a handful of

games the look forward the as

well. Times are good at

whether itten oval. On the

field last year's preliminary

finalists started a year with

an impressive win over

Fremantle and off the field

signs at the club are

encouraging I would love to

start no doubt. Rodney Eade

is one of 7 coaches that come

out of contract in the

season. Geelong is confident

its man Mark Thompson is also

staying. If history is to be

repeated we will do something

around the end of the year

But until both put pen to

paper speculation will

continue to mount over their futures I notice is a cliche

but we have to focus on what

we have in manned this year

and if there are distractions

we don't want them On Sunday the Bulldogs face North

Melbourne which have won the

past 5 encounters between the

side If you look at the

teams if the top four who made

made preliminary finals and

we have watched them closely

over the preseason the

Bulldogs in ever improved the

post Murphy will be missing.

Rocca's come back is still on

hold while Richmond has

dropped three players after

last Thursday's poor opening

game. A poor kick. Dean

Brogan's one-match ban was

sealed on Tuesday but Port is

still angry Lovett gave

still angry Lovett gave

evidence against the ruckman

He will look back in a few

years and be disappointed

with himself the way he hand

#8d that. We do not play them

again this year but we look

forward to playing them next

year. The Bombers are

standing by their decision I

think Dean Brogan should be banned.

Lewis Hamilton would not

think he could get away with

not telling the whole truth

because he would know they

would go back new the radio conversations amption bit of

a circus. Whether he was

telling fibs as the BBC said. . A bit of a circus. Whether he was telling fibs as the

BBC said. Image is

everything and Lewis Hamilton

has had a bad week. It does

not look great for him. He

came into this competition

shiny, shiny, he was the new shiny, shiny, he was the new

kid on the black and so many

people had high hopes, they

are not dashed but he is

tarnished now He was very

boastful. He qualified 18th

in the grid and said his car

was no good when he finished

and they eventually took that

time away from Jarno Trulli,

Lewis Hamilton was then put

into third position. He was

grandstanding a bit saying "I

got the most out of a very

bad car, look at me". But

turns out he could have

performed better off the

track Did not get as much as

he said. ABC Breakfast can be

watched live on the web.

Here is Vanessa with the

weather and still raining on

the Queensland-NSW border

area. That is correct.

Yesterday heavy falls over

the Gold Coast about 180

millimetres and similar falls

over Coolangatta. More leafy rain is on the way with more

than0 millimetres expected on

the which and more showers

and storms over the weekend

but not as severe as

yesterday A strong high near

New Zealand is extending the

a trough over NSW and also

south-east Queensland. That

is directing most on-shore

winds towards the NSW and south-east Queensland coast.

The tough will weaken as a

cold front moves through the

West and south-east bringing

showers and storms and a south-westerly change over

the south-east. With the

thick cloud and gusty winds over south-east Queensland

expect more heavy rain and flooding. The low cloud over

the NSW coast and ranges will

cause a few showers and the

odd showers over WA, South

Australia and Tasmania. A few

showers in Queensland and

afternoon thunder for the

remainder of the south-east.

NSW more showers over the far

north coast, isolated showers

and storms from the Victorian

border to the central and

south-east. The Victoria

isolated storms possible in most parts of the states but

more likely in the east and

this afternoon. Some areas

expecting up to 25 millimetres. Tasmania a

strong wind warning for all

Western, northern and eastern

coastal waters between Low

Rocky Point. South Australia

a cooler today with the odd

shower over the southern

agriculture area that should

fall around midday as the

weak cold front moves through. Western Australia

light drizzle in the

south-east and Eucla coast

but clear in the south.

Isolated afternoon showers

for the north-west Kimberley

and far west of pill barra. The top story - the British Prime Minister Gordon

Brown has closed the G20

summit in London proclaiming

that a new world order is

emerging. After 2 days of

talks leaders pledged to give

world trade a $1 trillion

boost. They also agreed to

triten restrictions on tax

havens and there be will new

rules on executive pay an

bonuses. Nick Robinson reports. The 21 trillion to

one babies man. The other

members of the richest club

in the world footing the bill.

when the summit ended

Gordon Brown spoke not as

Prime Minister but as chancellor of the World

Bank, rather as if he was

delivering a sort of global

budget. This is the day that

the world came together to

fight back against the global

recession. Not with words

but with a plan for global

recovery and for reform. Is

almost over! "It is almost

over" Barack Obama said

hopefully when he arrived

this morning aware his summit whose hot already taken some

difficult issues off the

agenda. President Nicolas

Sarkozy pose informed for

cameras. Pictures to go with

the headlines he generated by

threatening to walk out, of

course he never did. Long

before the summit even began

Gordon Brown lost the argument the world leaders should come here the London

and promise to spend or

borrow even more to stimulate

their economies but he has

managed to persuade them to

stump up, up to $1 trillion

in all sorts of financial

schemes. One is for trade

finance a kind of export insurance to get people

buying an selling again. The

other is for more funds for the International Monetary

Fund which gives loans to

countries whose economies are

really struggling. Then there

is the complex idea of

something called SDRs or special drawing rights which

in effect is a global scheme

to print money This is in

addition to and not an

althoughtive to the fiscal

stimulus that has been done,

the injection of resources,

the new investment t support

for the unemployed and

housing that has been done in

most countries new around the

world. Every leader wants

their media to report this as

a victory for them that, will

not stop the debate at home.

The Tories welcome the deal

but... Now the focus should

switch back to our domestic

economy because small

businessmen needing a loan to

keep their businesses going

are still suffering and our

public finances here in

Britain the level of our-

cities duly horrific and we

need the act on this and act

now. Hat though of the

much-billed big fight about

financial regulation between America and Britain t

countries blamed for this crisis, by France and

Germany? Well, you know what

tonight never happened!

President Nicolas Sarkozy

said the G20's promise today

to clean up the banks was

morning he had ever hoped for

TRANSLATION: Very honestly

at no point never could we

have managed we would achieve

as broad based an agreement.

This is not Victoria trif one

calm much over another it is an awareness that all the

world needs to

what do you think about the

initiatives at the G20 summit

email. has come up with? Send us an

rain is beginning to

ease in parts of Queensland's

Gold an Sunshine coasts but

much of the region is still

affected by major flooding.

In Noosa dozens of school

classrooms overnight after students slept in their

schools were cut off by

floodwaters. In NSW around 2

300 residents in and around

Coffs Harbour remain

isolated. The NSW

Government's tough new bikie

gang laws passed through

Parliament late last night

and police will be able the

apply to have gangs declared

criminal organisations and

their members could be banned

from associating with each

other. Civil Liberties groups

and the Greens say the new

laws open to police abuse.

The State Government says

checks and balance are in

place. Greece has been

brought to a virtual

standstill by a nation-wide

24-hour strike. This is calls if the centre right

Government in relation to the

financial crisis. The strike

has cuts down businesses,

banks and schools and

disrupted transport. About

half Greece's 5

million-strong work force has

walked off the job. New

research has found more than

200,000 people sought shelter

at homeless centres at the last financial year. More

than 60% of those were women.

Researchers say teenager

girls were high users of

shelter accommodation and the

Federal Government will today average stay was 10 days. The

follow through on an election

promise when it officially supports the United Nations

declaration on the rights of

indigenous people. The Howard Government opposed the

declaration when it was

adopted by the United Nations

two years ago. The Aboriginal

community says the move

should be backed up by a

National plan to close the

health gap between indigenous

and non-Indigenous

Australia. We will take a closer look at the situation

with the bikie laws in NSW an

the lawsed through the State

Parliament last night.

Tracey was there unanimous

support in the Parliament?

There were a lot of support

and very few spoke against

it. The State Government was

keen to pass it as quickly as

possible because they fear an

escalating war among the bikie gangs here. The

Opposition supported it as

well. They said they were not

support it as soon as 100% happy but wanted to

possible because they are

worried if they did not

support it now it would not

go through until next sitting

of Parliament. This was Opposition from the greefnlts

in the Upper House 25 amendments were put through

but it was voted through

without the Greens support.

They debated until about 11

o'clock last night A lot of

groups say there was not enough discussion, it should

have been a much more

rigorously discussed but it

did pass quite easily and

with little Opposition. The Civil Liberties groups and

the Greens are worried about

basic human rights because under this legislation there

are certain industries that

groups will not be able to or

could be told they are not

allowed to work in, also if

they do meet together they

can be prosecuted so there

happen. are concerns that that could

happen. There has been

another bikie raid in NSW?

That is right. Late yesterday

police raided a house in

Bexley which is in Sydney's

south which is quite near the

raid yesterday. This one was

the President of the

Comancheraso. The man is

wanted for questioning over the bashing at the Sydney

Airport. He was not at home,

his wife is prelg demandnd a

they think he may have fled

interstate. Sources have told

our AM program this morning

that one of the bikie gangs

here has bought a huge amount

of guns, around $200,000

worth so police are really

cracking down hard and as you

know the politician are

too. There would have to be a

lot of concern in the communities. Tasty thank

you. Japan has called for an

urgent meeting of the UN

Security Council. As North

Korea steps up threats to

launch a long-range missile.

North Korea has threatened to

retaliate even if the

slightest effort is made the

intercept the launch. The US,

South Korea and other

countries are promising

punishment for a move they say sigh late UN satisfactions.

Tokyo has said lit shoot

down the rocket if it endangers Japanese territory

but North Korea has dismissed

the threats from Japan and others vowing to press

ahead TRANSLATION: If Japan recklessly intercepts the

satellite for illegal

purposes we will employ

deadly blows at major

targets China has called for

calm as the only major ally

in the region for the

north TRANSLATION: We call

on all the relevant parties

to focus on the general

situation and the future.

Every party has an obligation

to do things that will help

maintain peace and stability

in the region an push forward

the six-party talks The US

President Barack Obama and

South Korea leaders have

agreed a stern and United

response must follow any

launch by the north.

President Obama reiterated

his country's commitment to maintaining stability in the

region We are very

interested in discussing the

economic crisis which is the

topic of the G20 meeting but

obviously we also have a

great range of issues to

discuss on defence, on peace

and stability in the Korean peninsula Pyonyang seems

unmoved by the rhetoric. It

plans to launch what it says

is a communications satellite sometime between Saturday and

Wednesday. With a week to go

before the Indonesian

elections thousands are

competing for voters

attention. Candidates are

taking full advantage of

rules which mean campaign

advertising can be more

colourful. A pitched battle

only a few can win. Up for

grabs 128 Upper House seats

and 550 in the lower house of Parliament and chasing them

44 parties and 12,000

candidates. This year

campaign ads can include

campaigners photos for the

first time and many believe that could give them the

edge. TRANSLATION: I believe

I can get 15% to 20% of the

voters by using stickers and

banners to publicise my

campaign. Overall I can get

60% of the vote by using

stickers, banners and interacting with the public

So for the 171 million voters

there is little escape to the

gaze of would-be

parliamentarians and

Indonesian printers can

barely keep cope This

printer says output is three

times higher than usual but

is it helping. In the past

all voters had to look for

was a logo but now the sea of

faces and the policies behind

the photos are what counts

They want candidates the talk

to them about their plans.

The posters come down after

the polls then the people get

to do it all over again in presidential elections in

July. You are watching ABC

Breakfast, the top stories -

G20 leaders reach agreements

on a $1 trillion deal to

fight the global financial

crisis. British Prime

Minister Gordon Brown says

there will be sanctions on

tax havens which refuse to

reform and new rules on

executive pay and bonuses.

Global market surge following

the G20 such why it with Wall

Street's S&P 500 up by almost

3.5% while in London the FTSE

closed more than 4% up and

Germany's main index surged

by 6%. Queensland's gold and

sunshine coasts are still

underwater with widespread

flooding inundating holes

and leaving children strant

$in schools. 2300 residents

in and around Coffs Harbour

They have

done a good job with anticipation

Yes, they have. You have to

anticipate but not finish up

with egg on your face because

by the time readers pick up

the paper the story is out

and official and you could

look bad if you have made it wrong but they have made a

fair fist of it. The 'Sydney Morning Herald' has done well

with their front page in

terms of detail. They have

got half the story. None of

the papers got the main point

the $1 trillion. I'm looking

forward to seeing $1 trillion

in a newspaper headline for

the first time but it was too

late for this morning, maybe

tomorrow Somebody should

publish all the zeros along

the top of a broadsheet it

will be great. It will be

done by the New York Post!

The Fin Review has the most

detail of all. Again probably

the main thing they missed

out on was the $1 trillion

and some good analysis by

Tony Walker. What specifics

were they able to get into

that the other papers

didn't? They were able to

get a lot of the argy-bargy

an last-minute negotiations on things like fiscal

stimulus, the arm-twisting

between France and Germany

who did not want to be tied

to any specific fiscal

stimulus measures and some of

the other people like the

Americans and the Australians

who did want to get more

specific but it looks like

they have achieved what every

summit tries the achieve,

everyone is a winner, at

least on day one A lot will

depend on what happens when

they get back and had they

transhate the words in the

action but at the moment

everybody looks a winner. I

thought Obama played it well

by not appearing to dominate.

The host Gordon Brown has

come out well, he needed a

political lift. China has a

bigger profile on the world

economic stage. Even France

and Germany have come out winners because they were

arcing up a few days ago but

the French president now says

I was better than he expect

I have not heard anything

about a greater role for China in the International

Monetary Fund. Was this an

issue that was supposed to

come up at this meeting?

They got a higher seat at the

table and they will get more status at the International

Monetary Fund. I have not

seen the detail of that yet

but there was generalal

agreement one or two days ago

that China must because of

its dominance in the world

economy now, China must get a

bigger say. It is in the G20,

that is a start for China.

We do not really appreciate

here in Australia the issue

of Eastern Europe and how

deeply concerned European countries as part of the G20

have been that eastern

European countries will slide

into not recession but will absolutely go under and how

catastrophic that could be

for the world economy That

is right and the underdeveloped countries like

Africa t once that were not

represented here. They are

complaining that Western

democracies are putting up

now trillions of dollars to help banks and their economies but still not

enough being done on world

aid. They say if banks fall

over they get bailed out but

if whole countries fall over

and people in dire poverty

they are still not being

support I notice in the

coverage this morning much of

the extra money going towards the International Monetary

Fund could help the eastern

European countries which get

into trouble Part of the 250

million on part of 750 could

If we can manage to get at

the front of the Australian

newspaper we can perhaps have

a quick look at what is a

good bit of by-may out of these meeting wheres the Australian Prime Minister was

seated and they have the

table diagram there on the

right and sort of like bottom

left-hand corner is where

Kevin Rudd was seated which

is described as Siberia by

the writer there and Barack

Obama miles away In teen the

African representative and

Spain. And they are knobs apparently!

and the moments of Rudd rage?

Yes t tabloids this morning

are not so worried about G20.

The headline in the 'Herald

Sun' is Rudd rage, not about

Rudd storming out of the G20

but how he deeply upset a RAF

air hostess on a noigt

between here and Port Moresby

when he complained about the meal. He reduced her to

tears.flight between here and Port Moresby when he complained about the meal. He

reduced her to tears. I find

this hard to understand

because they must be so used

to complaint I think the

difference is it an RAF employee They should be

tougher! A good tabloid

story I do not think lit

have much political

significance unless there is

a pattern emerging of Rudd

losing control that is a

character issue for him. As

a one-off I do not think lit

do him a lot of damage We

are getting a greater insight

into how Kevin Rudd works

because I did not know until

recently he has quite a

temper behind closed doors

with his own party members.

That is correct but the

measuring stick has to be

Latham and he has a long way

to go before he gets that

bad You are looking at a car

worker story in the financial review?

Yes, this story interest me

because is a pointer of

things to come. General

Motors reported in the

financial review to be

announcing a plan to cut

staff, pay and conditions instead of making

redundancies and I think the

difference between this

recession and the last that

is we do have satisfy much

more flexible labour system

so these deals can be made.

This was not the only one

this week, the company in

ball a yacht that makes truck

trailers asked workers to go

on a nine-day fortnight to

save jobs and they accepted

that There has been plead fringe the Government particularly Julia Gillard for businesses to do and

that she will have fingers

crossed they do With General

Motors and Maxitrans in ball

a yacht management took a pay

cut and I think we will see a

bit of that Returning the

the 'G gae a nice cartoon the

best gag so far. Nicholson

bless his soul back from holidays drawing the Bank of

England being sacked, looted

and abused not by McGee

property property but by

world leaders Barack Obama

there, Gordon Brown there,

chucking bricks... And Kevin! Doing his black

again He is throwing food at them!

Lewis Hamilton has been

stripped of his place in the

Grand Prix. He apparently

misled a stewards inquiry and

it involved an incident while

the safety car was on the

track. The Dragons will

tackle Broncos. Wayne Bennett

up hell his custom of flee

tipping Brisbane media at the

airport yesterday them. Could

not find him anywhere. It

will be his first time

coaching against Brisbane,

which was his team for 21

seasons. I'm not sure what

the make of this next story

but it includes a world

story. Some Englishman who

loves football and diving

decided to combine the two

and build an underwater

theatre to watch the England

v Ukraine match yesterday.

He interviewed more than 100

crazy people to join him and

they set a world record but

one wonders why. England won

the Guam by the way and if we

keep looking at those

pictures you will see them

celebrating one of the goals.

so they pop up and down and

you can't drink when you dive

either. Paul Kennedy that is

one of the craziest things I

have ever seen 114 people

down there, that is the thing that makes you scratch your

head. How can you find 114

people willing to go along

with your little project? We will talk more about Wayne

Bennett later but I love the Wayne Bennett relationship

with the media in Brisbane.

They could not find him

anywhere yesterday. They

tried, staked out Brisbane

airport but he knows where

the back door is. He can not

avoid the crowd tonight. We

will talk more about that

match later. Here is Vanessa

with a look at the weather.

Daylight saving ends 3am

Sunday a reminder for

Victoria, NSW, ACT, Tasmania

and South Australia to put your clocks back one hour.

Around the country a strong

high pressure system near New

Zealand is extending to a

trough. That is drifting

moist in easterly winds

towards NSW and south-east

Queensland. The trough will

weaken as a cold front moves

through the West and

south-east today. It will

bring showers, storms and a

south-westerly change over

the south-east W the thick

cloud and gusty wind

south-east Queensland can

expect more heavy rain and

flooding. Low cloud over the NSW coast lot cause showers

and the odd showers over WA,

South Australia and over

Tasmania. The Queensland more

rain on the way over the far

southern coast A few showers and possible afternoon

thunder for the remain der of

the far east. In NSW more showers over the far north coast, isolated showers and

storms from the Victorian

border to the central and

south-east. In Victoria

isolated thunderstorms

possible in most parts of the

state but likely in the eased

and some areas expecting up

to 25 millimetres. Tasmania

can expect at strong wind

warning for Western, northern

and Easter waters. Rain and

showers for Brisbane and

Sydney tomorrow. Possible

showers clear in Melbourne

and Hobart and a top of 29

for Perth. Still ahead, lots

more on the result at the G20

summit. We will speak to

University of Melbourne the Thomas Davis from the

talk true the details of the

so-called new world order

that has eAmerican from the

G20 summit in London and it

will be interesting the hear

from him if he think the clamp down on executive pay

and bonuses will work.

Wall Street follows

European markets and soars at

the close of trade in further

sign of confidence in the

G20's handling of the global

financial crisis A new global

order emerges. The world's

leading economies back a $1

trillion plan the pull the

world out of recession. The clean up continue on the

north coast of NSW as heavy

rain moves ayou cross the

boarder bringing widespread flooding. Lewis Hamilton

accused of deliberately

misleading race officials to

secure a podium place in Melbourne, disqualified and

stripped of his point.

Good morning, Friday 3

and, I'm Joe O'Brien And in

Virginia Trioli. Breaking

news - Wall Street has surged

overnight following the G20.

The S&P closed up almost 3.5%

and both the Nasdaq and the

do you closed around 3%

higher. An update as the

final trades are counted

later. Those positive gain

are being atribute ed the the

G20 where leaders have back

add deal worth thrill trial

to fight the global recession. Under the

agreement the International

Monetary Fund will get $750

billion. Leaders committed

another $250 billion the

boost global trade and

President Nicolas Sarkozy's

demand to clean up the

world's banking system were met. The British Prime Minister Gordon Brown says

there will be sanctions on

tax havens which refuss to

reform and new rules on

executive pay and bonuses.

This is the day this the

world came together the fight back against the global

recession.e to reform and new rules on executive pay and bonuses. This is the day this the world came together the fight back against the

global recession. Not with

words but with a plan for

reform. We believe that in

this new global age our

prosperity is in divisible.

We belief that global

problems require global

shrugs and that growth to be

sustained must be shared and

that trade must once again

become an engine of growth.

Earlier today we finish add

very productive summit. There

will be I believe a turning

point in our pursuit of

global economic recovery. By

any measure the London summit

was historic. It was historic because of the size and the

scope of the challenges that

we face and because of the

timeliness and magnitude of

our response. Early this

morning I spoke to the ABC's political editor Chris

Ulhmann at the G20 summit in

London and it seemed to us

that $1 trillion is the new

billion. That is right,

billions used to sound like a

lot of money. There is an old

saying that a billion here a

billion there pretty soon you

are talking about real money.

Now we talking in the

trillions when it comes to the money thrown to

governments around the world.

We have had the communique

out here this morning which

has been warmly received by

all the leaders as we managed

it would be. There was never

any likelihood given there

was a crisis of confidence

the leaders would not,out and

have something the say. The

question will be about

substance but there seems to be a bit of substance about

it. They are looking at

trying to restore confidence

and growth and trying to

rebuild the financial system.

They want the regulate that

financial system to restore

trust and put more money into

the international financial

institutions to help us overcome this crisis and make

sure it does not-again and

finally they say they are

going to reject protectionism. When we do

start growing again they talk

a green and sustainable

recovery so the are the

elements in it. Then we to go

the details. There was a fight over whether fiscal

stimulus was a better way to

go on the US, Britain,

Australia wanted to see more fiscal stimulus from

governments next financial

year not next. That has not

come but they make the big

deal about that that has gone

out already, $5 trillion they

are talking about over this

calendar year and the next

but it is when you get down

to regulation which is what

the Europeans were pushing

hard where there is a lot of

meat it would appear in this

Doule and particularly in

dragging those institutions

outside the ordinary banking

system what they call a

shadow banking system hedge

funds and the like under

regulation so it there is we

will look for the meat of

this and there that people

will see whether or not there

is going to be some sort of

action behind these good

words. As you mention

Germany and in particular

France got what it wanted in

relation to regulation but do

you think the financial

workers muttering in the ear

of Barack Obama say you need

to throw everything at this

moment and work as hard as

you can will they leave

disappointed. US, Australia,

Great Britain made a play for

more money. They were talking about what has already been done but that is not the

case. When Kevin Rudd was in

New York he talked about the

International Monetary Fund

saying hot was needed was 2%

of countries GDP thrown at

the crisis this calendarer

and another 2% next calendar

year but they dot have that

but they certainly have a lot

of stimulus kicking around

the system. There is a lot of

concern about the amount of

money washing around.

Governments do not do well

the Ray treat from these

situations and when growth

returns with all this money

kicking around it creates

problem. The thing with

governments is they never get

the timing right.retreat from these situations and when growth returns with all this money kicking around it creates problem. The thing with governments is they

never get the timing right.

An unpleasant story about the

Prime Minister? Yes, on his

way back from Papua New

Guinea he did not apparently

get the meal he was after. He

is not eating red peat and

was looking for a different

meal and when the meal did

not come he apparently abused

the RAAF hostess serving him.

He was asked about this at a

press conference today and

this is his response. All of

us are human, I'm human, I'm

not perfect, you know, and as

I said before, if I upset

anybody on that particular

flight I'm sorry, I apologise

and as I I said at the time

to one of the staff on the

plane, let's move on - that's

it. A clearly uncomfortable

Prime Minister there. He was

asked a number of times about

it. He was also asked about

his temper, whether or not he

has a problem with his temper

because the Kev