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6.30 With George Negus -

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Tonight a brave act I know but

we'll try to make sense of the

country's real estate market. Right

now it makes a roller coaster ride

look like a drive to the shops. So

buy, sell or just sit tight? We

have the facts and some advice.

G'day again. The bumpy road to home

ownership in a tick. But also

tonight why jockies want you the

taxpayer to kick the can when they

get hurt. Isn't that a bit rich

coming from the

coming from the multi squillion- This This is a test. This is a test.

dollar racing game. And Barbara

striesian stops to smell the roses

later. But first, in this country

real estate is not just the great

home ownership dream, it's almost a

national pastime. You hear it every

day, what you can and can't afford,

between buy and sell and of course

how big is your mortgage. Usually

it's too big. Today the RBA boss

was dancing around the nub of the

issue - interest rates. This got us

wondering, just how crook is the

housing industry in Australia at

the moment. Here is Meg Palmer.

Weighed all like a bit more money.

So, where to invest? The share

market is like a yoyo at the moment

and cash returns aren't great so is

property the way forward? Or has

the shine worn off the real estate

market? In the June quarter houses

were 2.7 per cent less affordable

in Brisbane, but they were better

value for money in other capital

cities - up 3.2 per cent in Perth

and 2 per cent in Sydney. But does

that make property a good

investment? Public service divided.

It would be foolish to buy now. I

think it's a great time to buy.

Garry has been in the real estate

industry for 30 years. He is

convinced the time is ripe for purchasing. What is happening to

property prices at the moment? They

have come off. No question people

are getting good value now. I think

the savings are there. Vendors have

understood they can't get the price

of earlier this year and last year

and are now prepared to take a hit.

Great plus for buyers. Buyers who

Garry says stand to get a good

price now and reap the benefits

eventually. How long till they go

back up again? The crystal spwal

business haezy, six months, 12

months or two years - they will go

back up again, they always do. But

economists Steve Keen doesn't buy

it. If the Titanic hit your house

it would be a perfect time to buy

according to those guys. We're in a

bubble. Am the bubble denyers are

finally getting their Dave

reckoning. We have a bigger bubble

than they had in America and

possibly larger than Japan. A

bubble he believes will continue

bursting for years. In America they

have gone through four years of

falling prices. Japan has gone

through 20 years of falling prices.

A bubble this week with that much

debt behind it can take over a

decade. The average rate of fall is

between 5 per cent and 10 per cent

per annum. If you're not sure what

if anything is a good investment at

the moment you're not alone.

Figures show Australians are saving

at an extraordinary level, at rates

not seen since the 1980s recession. Consumer caution while certainly

making life hard for retailers is

building resilience in household

balance sheets. The RBA Governor

today delivered an economic health

check. Broadly speaking we are

healthy but - There is a heightened

degree of uncertainty at the moment.

Less obvious is what will happen to

rates when the RBA meets in

September. At this point in time

our terms of trade are very high

while our unemployment rate remains

low. Inflation bears careful

watching but I think we can keep it

under control. Quietly confident

for now. The old Australian real

estate conundrum. Meanwhile, three

days later from the accident itself

as outside observers it's almost

impossible imagine what the

survivors of that awful housefire

in Brisbane are going through and

we're not about to try but today

the families tried to put their

loss into words themselves in part

to say thanks to all their

neighbours who rallied around them. Here is Max Fucher.

People of deep faith united by People of deep faith united by

their profound grief sing as one

voice. The journey ahead is going

to be a very long one. But with

faith in God we will get through

this. Jeremiah Lale has the darkest

path to tread. Among the 11 lost in

this week's fire, his wife and five

children. Tried my best to save the

life of my kids and my wife. Still

inside the house, the fire, the

smoke, can't see anything inside

the house. Keep calling my wife's

name. My boys, my girls - no one

answer. At that time I thought

myself they already outside, they

jump from the window. I came

through the window. In the front,

no one there. There is no one front

of the house. Running around - no

more wife. My kids... And I

realised that time my wife and my realised that time my wife and my

kids, they can't make it. It's been

three days and the 50-year-old says

he wishes he had stayed in the

house with them. My wife, she took

all my kids and leave me behind.

Thank God and we're so grateful

that he is here, you know. Even

though he says he wishes that he

had gone too because now he is left

without his family, for us... We're

just thankful that he is here and

we just thank God that he spared

him. The family and community are

holding firm to that faith. They

say Jeramiah did all he could to

other plans. save his family but the Lord had

(SINGS) # Lead me # Guide me

# A long way


# Lead me... Max Fucher with that

report. He may have been left

behind but with a community like

that one I doubt he will be left

alone. For those of us who don't

follow horseracing closely on the

face of it looks like a game for

the would-be rich and famous. That

said there are many jockies who do

it tough on those giant four-legged

beasts daily just to make a crust.

But as Eddy Meyer hears it, if they

fall and get injured they want the

Aussie taxpayer to help them. There

is a lot he can't remember action

legacy of a traumatic brain injury.

There is the only day he can recall

that day 18 months ago. He has gone

down. It's lost its rider at the

350. We will check on Pat's

condition at the moment. His

condition was critical. Doctors

warned he had barely a 5 per cent

chance of surviving. I broke my

left eye socket. I broke my orblal

wrist, the base of my skull, left

ear canal and my jaw and tore

tendons in my left shoulder. Two

months in hospital and nine in

rehab he knows he is lucky but he

will never ride again. No jockey in

Australia would ever clear me to be

a jockey. Unfortunately not. At

least my son has a father and there

is my daughter - it's very hard on

my family. Like I have two little

children and a wife that depend on

me. They did get help from the

national jockise' trust funded by 1

per cent of all prize money but

funds are limited and injuries are

common. More than a third of

Australia's jockies fall each year

around out of action for weeks. A

few each year suffer severe

disabilities that put them out of

the saddle permanently. The

Australian jockies association is

asking the government to contribute

a one-off $175 million. 50 kilos

riding a 550 kilo thoroughbred at

60 kilometres an hour, there is not

much margin for error. If they

suffer a severe injury it's I'm

more that will Jackies should be

left to their - immoral they should

be left to their own devices. This

is an industry with a total

economic benefit of some $3 to $4

billion a year. State ministers

will discuss this next month. Not

everyone agrees it's needed. Is it

any more dangerous than driving

fast boats or cars? They have

chosen an industry in the fast lane.

But they've chosen it and you live

with it. Why aren't the trainers or

the owners funded? They make very

good money if they work hard and

they are talented while riding.

While a small percentage do make

great money, 80 per cent barely

gross the average wage and can't

afford expensive insurance. So

while the arguments continue again this weekend the jockise'

association will have to do what it

has always done and that's rattle

the tin at major race meetings the tin at major race meetings

across the country asking the

punters to chip in a few dollars to

celebrate and support those who

make the races so exciting. But

they have secured one concession,

from January their minimum riding

weight has been lifted by a kilo,

making the job of shedding weight

less onerous. We live in a society

of gluttony where they don't want

to wastte. Pat continues to beat

the odds, hoping to work again one

day. I'm pretty limited in what I

can do at the moment. But, yeah, it

will still be a hard long road.

Eddy Meyer there. Still ahead - we

travel to one of the most

breathtaking places on the planet,

one in fact that countries are

willing to fight for. And later,

Barbara Streisand being,

waiting for. We announce the winner

of a brand-new Mitsubishi valued at

over 50 grand. We're back. If you

will pardon the really obvious pun

there is a Cold War going on at the

top of the world in the Arctic

circle in fact. What's it about? In

short a race for the mind goggleing

wealth hidden beneath the ice and

snow. What are they all after and

where will it end? Here is Emma

Dallymore hopefully to tell us.

Beneath the freezing Arctic waters,

Canada continues to steak its claim

in an annual military exercise

Operation Nanook. But this year the

inclusion of unmanned drones and

development plans has an already

tense region edge. Russia is saying

any country that has any proximity

of the Arctic, which is introducing

the military element into this

potential conflict is basically

raisings the stakes. But Russia

began raising the steaks in 2007

when it planted a titanium flag on

the Arctic floor. Then came the

decision by the Russian government

to create a special Arctic military

force in case there are

complications that would put it the

best way. And complicated it will

be. This majestic part of the world

is estimated to contain a quarter

of the world's untapped oil and gas

reserves. As the polar caps melt

each year the region has become

more accessible opening up trade

and development and the risk of

military activity. Countries can

claim 370 kilometres off their

Arctic coast lines and the rest is

disputed. They are not alone. We

have even seen China starting to

make certain moves and noises and

sending ships there to investigate

the situation. But no one country

will easily relinquish the bounty

in their backyards. Call force NATO

involvement have so far been shut

down. I don't think we can say it's

a Cold War situation developing -

cold in the sense that it's a cold

region we're talking about. I don't

think we will see any military

standoff in the sense thank hot war

will develop. But it will be a long

and fridge yid fight with Russia

poised to sign the first drilling

contract, determined to take the

lead and perhaps determine the

future of Antarctic claims closer

to home. I think personally that

Australia obviously has some sort

of right because it's in the

vicinity. Based on the Russian

theory - That if you are close to

that region you have the right to

develop it. Very interesting. Which

raises the question of claims

Australia has at the other end of

the globe to the south pole. Hamish

Macdonald talked with the Lowy

Institute's James Brown about what

the future could hold for

Antarctica. How sold slid

Australia's claim? It's a little

flakey. We claim 42 per cent but

there are a lot of people active

there who wouldn't recognise that

claim. Whilst in our minds we look

demand and there are large red

lines that indicate where our

borders are down there across the

world I don't think it's quite as

recognised. Is the assumption that

because there is a race to the

Arctic now that some of the claims

are being challenged particular

will I by Russia for example that

the same will happen in the

Antarctic? Certainly a lot of the

competition between Russia and

Canada and other countrys in the

Arctic has focused attention on

whether those sorts of issues might

be replicated around the south pole

as well. Should Australia be

preparing to defend what we see as

our territory? It's probably not

that far. I think most of the

people involved in Australia's

Antarctic activities would agree

that the Antarctic treaty system

has been an excellent system. But

we need to think about a future

where the treaty might be withdrawn

or revoked. Is that an overly

optimistic assessment? Countries

will go to great lengths to get

their hands on natural resources? I

think we can be - afford to be a

little optimistic. The scale of

difficulty - a barrel of oil at the

south pole costs about 50,000 US to

get down there. Just getting oil or

minerals out of the ground down

there will be very difficult but

not impossible. I think we have

time to think about these issues

but not a lot of time. As the world

rushes for more resources how

realistic is it to expect that

Antarctica could be preserved as a

scientific base rather than a place

where big countries go and look for

the things they need? It will be

difficult. Russia already has in

its government policy documents

outlined it's prepared to think

about an Antarctic future where the

treaty doesn't exist and where

Russia is able to extract oil from

under the surface. Both Russia and

China are investing heavily in

their Antarctic capabilities. While

no someone overtly looking for

minerals in Antarctica there is

some suggestion that other

countries are looking at what

resources it might hold. Next up -

Barbara Streisand. Enough said.

Carrie, how are you lot going to

round off the week? We all know the

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Finally tonight - there was a time

when you admitted liking Barbara

Streisand was something you don't

yourself but watch out she has been

reignited - ignited by a new album.

Here is Barbara Whittaker.

(SINGS) # Memories, like the

corners of my mind. That voice, so

caressing, so familiar. So

distinctively Barbara Streisand.

She has serenaded us from Broadway

to Hollywood, selling more than 140

million albums along the way. Is it

hard to maintain your voice? You

know, I don't worry about it. I

never vocalise. You never vocalise never vocalise. You never vocalise

as in you don't walk around

singing? No, scales, no. You don't

walk around the piano and belt out

some songs? No. I never sing in the

shower either. It's like a gift

that I can't explain to you. When I

love the music I'm singing it's

just there for me. I'm very lucky.

Call it luck, call it fate, call it

her fans' good fortune. Singing

wasn't even her first career choice.

I didn't necessarily want to be a

singer. I did want to be an actress.

Not a singer? Not particularly. I

became a singer because I could

never get work as an actress. This

is Barbara Streisand's fall back (ob. job.

(SINGS) # Say goodbye

# I can barely say good night. S a

singer it seems she's done it. All

except perhaps for this. What

matters most is an album devoted

exclusively to the songs ever

This was a husband and wife lyricsts Allan -

This was a labour of love. It was

pure joy. The bergmanns first met

her in New York in the early

sixties. A friend dragged them down

town to hear a new girl singer. I

didn't want to be there until she

was there and I took a look. Then

she started to sing. And I started

to cry. If you know Barbara

Streisand's music, you know the

Bergmanns. They have penned the

words of some of her biggest hits, words of some of her biggest hits,

spanning am bums and movies.

(SINGS) # What matters most is that

we loved at all. When we were doing

Yentil I would say she is alone, Yentil I would say she is alone,

she has cut her hair and she should

sing to her father. She come up

with "Pappa, can you hear me". She

has been busy. She has earned two

Oscars, eight Grammys and is the

only performer to have a number 1 only performer to have a number 1

album in five consecutive decades

so you might find in a bit

surprising. This is the part where

I say to you I'm lazy. Sure I

should go out and do all my new

songs from my last couple of albums.

But would I rather be home reading

or writinging? Probably, you know.

Her creativity, she says, comes in

spurts. Work hard, then retreat

mall bue with her husband actor

James Bowland to recharge. - Malibu.

(SINGS) # What are you doing with

the rest of your life

# Look south and east and west of

your life. Do you like performing?

Not particularly, no. Why not? I Not particularly, no. Why not? I

mean, I love the audience response.

And that, you know, feeling. But

when you're performing and people

pay a lot of money for tickets

every aspect has to be - I don't

want to use the word "perfect"

Because nothing is perfect. You

keep striving for it?. I keep

striving for excellence. Today at

age 69 Barbara is in the middle of

one of her creative spurts. There

is still so much to do. That's why

I don't even say I'm retired; I

think I could record for years to come.

(SINGS) # I could never say goodbye.

Not bad still. She won her Oscar in

1968 for her role in Funny Girl. As

Have soon as I stop talking the Project.

have this great opportunity PETER HO: All of you guys Red Bee Media Australia Supertext Captions by

how to do it. to show the rest of this country This is huge! what we all dream about doing. This is unreal. You can really see someone's home taking shape. that has ever happened to me... # SONG: # This is best thing a mission to turn six run-down houses VOICEOVER: They are six teams on into real-estate goldmines. how impressed I am, I cannot begin to tell you

and every time you surprise me. so good is the winner... And what makes this competition from all six houses. Will win the profit Ker-ching! that has ever happened to me... # # This is the best thing

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