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(generated from captions) strengthen and drive showery

winds over the New South

Wales coast and ranges A high

in the south will clear the

south-east and keep

conditions in the ACT froze city. While another low off Western Australia starts the move across the country

bringing widespread rain and

offshore wind bring patchy storms. Cool southerly

rain to northern New South

Wales and south-east

Queensland. Rain is forecast for most of the capital

cities tomorrow. Canberra and

Adelaide will be partly

cloudy but they should stay

dry. Showers are forecast for

most parts of New South

Wales, they will be scattered

around the northern rivers,

mid-north and Hunter coasts

and isolated about the

Tablelands, slopes and

plains. Cloudy but dry in

Canberra, the Riverina and

the far west with light

southwest to south-east wind.

Isolated showers are forecast for Sydney tomorrow and it

will be a couple of degrees

cooler than today. It will be

choppy on the water with

light south to southwest wind

of 15 to 20 knots. Scattered

showers are forecast for

Sydney this weekend but they

should be mostly quite light

with lengthy sunny periods

and we should not see any

heavy falls until Monday

morning. Our top stories - the New South Wales

Government is embroiled in

controversy after the shock

resignation of Transport

Minister David Campbell amid

allegations of a gay sex scandal three-weeks after the

stabbing of Sydney nurse

Michelle Beets one of her former colleagues a 49-year-old American man has

been charged with her murder.

In Thailand the Government has extended curfews across

the country in its continued

clamp down on Red Shirt

protestors. The that is ABC

News for this Thursday. Stay

with us now for the '7.30

Report'. Goodnight. Closed captions by CSI

Sometimes people randomly

accept people who they really

don't know. Tonight on the

receive Steve the explosion

of social networking online.

How dangerous is it? There is

clearly a threat there. It

is not technology it is how

individuals use that

technology. If you have a

lot of little people

sometimes they can overcome a

big one. Challenging bank

fees in court t implications

of the nation's biggest class

action. It really puts

notice. corporate Australia on

Welcome do the program. Online social

networking is the biggest

social media revolution to

have hit the internet in the

past five years. In Australia the social networking site

Facebook is second only to

Google as the most visited

internet site. With

predictions it will soon

overtake the search engine.

But the killing last week of

Sydney teenager Nona Belomesoff after she

allegedly befriended a man on

Facebook and the 2007 murder

of Adelaide 14-year-old Carly

Ryan by a man she met online

have heightened concerns

about how safe young people

are when they network online.

18-year-old Nona Belomesoff

went missing. Homicide Squad

and police rescue found her

body. A man has been charged

with the murder of a woman

after meeting a man on

Facebook. The second man

that she was supposed to have

met in fact is fictitious and

does not exist at all. The

killing of Sydney teenager

Nona Belomesoff is the latest

tragic reminder of the

potential dangers of online

social networking. You can

find yourself in a tricky

spot if you do not exercise

due caution and really think

carefully about what

information is being shared

and who it is being shared

with . Often times people

say technology is bad. What

is going on it is not the

technology but how

individuals use that

technology. Look you have

five new messages. My God!

The phenomenon of online

social networking has

revolutionised communication

in the 21st Century and for

members of the generation who

have grown up in the digital

age it is woven into nearly

everything they do. Social

networking sites like

Facebook help users keep in

contact, meet people,

organise social events and

share personal information

and photographs. I'm kind of

embarrassed how much I use

it. I use it like every day.

It is like a business card.

You meet people at a party

and at the end of the night

they will ask you do you have

a Facebook. Sometimes people

just do randomly accept

people who they really do not

know. The internet allows a

scammer or a criminal to gain

access to a whole range of

people often outside their

own jurisdiction. Sometimes

very local victims so the

type of criminality you

encounter online is frankly

not dissimilar to off line

criminality. Clearly with the explosion of the

uptake... Alistair is a former Australian Federal Police officer and authority

on high-tech crime and

internet security. He warps

users to be just as careful

about who they meet and

befriend online as they would elsewhere. Ultimately you

are going to be the best

judge of had a person sends

the hair on the back of your

neck up. If they seem too

good to be true they probably

are and we need to have that

level of I guess commonsense

and Street Smart about us.

Some of my friend have

upwards ever 1000 friends and

I don't know about others but

there is no way I could know

and remember 1000 people.

There are only so many people

you can fit into your life.

Social networking is a huge

fact of life in Australia and

obviously overseas and the

reality is that this is the

way in which many people

particularly young people are

now meeting friends for the

first time and so it comes

down to teaching the skills

necessary to do that in a

safer manner. I can not say a

safe manner because I think

that would be giving a false

sense of security. Don't

get caught up in the

popularity contest of who can have the most

friend. Alistair says school

campaigns like this one run

by the Australian federal

police are important to

highlight the potential

dangers. Once you put those

photos or videos or comment

online there is no taking it

back. Would you post

something in the physical

world, stand in front of your

school and share something

about your several? Would you

go to a street corner in a

public setting and share

something about your several?

If you are not willing to do

that in those settings then

more than likely you should

not be doing it online. The

Co-chair of President Obama's

online safety working group

will record to the US con

Greens in two weeks. He has

been dubbed the marshall of

My Space for his overhaul of security measures on that

site and says parents must

take as big an interest in

children's online activities

as they do in their other

social interactions. We are

capable of keeping ourselves

safer we just need to have

more dialogue around this and

every sector needs to be

involved in that dialogue not

just the technology industry,

not just parents, not just

law enforcement but all of us

working together. Launched

by Harvard University

students in 2004 in just six

years Facebook has exploded

to become the biggest social

networking site in the world.

If Facebook was a country it

would be the third most

populous nation on earth

after China and India with

more than 400 million active

users. It is probably bigger

than we could even possibly

understand. This is

probably some of the most

concerning data from this

report. Julian Dooley advices

the Federal Government on

cyber safety. He says young internet users are

particularly vulnerable when

they share personal

information online. So the

more information you put out

there the greater the

potential is for people to

find that information and

possibly people you don't

want to. I have my birthday

on there which is a scary

thought. Users and experts

alike argue Facebook's

privacy settings make it

difficult for users to secure

their personal information. A

quit Facebook campaign has

sprung up putting pressure on

Facebook to provide greater

privacy protection. It is

quite hard the find on the

profile. You have to go into

a different menu like off the

home page. It is not right

there saying privacy setting

on the home page. Now if

you do not change your

default privacy settings your personal information is

shared with your entire

network which will include

people you are not

necessarily friends with.

There has been an outpouring

ever grief for Nona

Belomesoff. The a Facebook

site dedicated to her #34e78y

has already more than 12,000 supporters. Facebook issued a

statement in response to her

death saying -

Nona Belomesoff's death

has made some young people

think twice about the type

information they share

online. I'm so nervous, I'm

seriously going to go home

and take off my hometown. I

do not know what is the worse

that could happen but I'm a

bit nervous. As of tonight

more than 90,000 individual

Australians and small

businesses have signed up to

join the biggest class action

in the nation's his industry.

This one against the Big Four banks for alledgedly

overcharging penalty fees for

the past 6 years. To date the

banks have remained silent

about this development but it

must be a sobering prospect

as a battle royal looms large

in Australian courts. It is

not just the banks that will

be paying attention the

stakes for other areas of

corporate Australia are

substantial. Any foe would

fear their war chest. In

financial year 2009 the Big

Four Australian banks made

underlying profits before tax

of around $35 billion. By

capitaliseing on Government

guarantees in the credit

crisis to consolidate their

dominance of mortgage lending

and other financial services.

And this year the financial

forecasts look even more rosy

than last. The year demonstrated good revenue

growth combined with sound

cost control. Revenue

growth was strong. Profit of

9.7 and 15% respect of

thely. By supporting

customers in financial stress

but our larger corporate and

institutional customers have

given me feedback that we

have been there for them when

they most needed us. But it

is the last points that is

most contentious. Just as

they seem at the peak of

their market powers the banks

face allegations of greed

from a growing legion of

customers aggrieved they have

been overcharged for late

payment of fees or exceeding

loan limits penalties

sometimes levied it is

alleged at 50, 100 times bank

costs regardless of how

Beverley terms may have been

breached or how legit Matt

the region. For me it is a

social justice issue because

I see it as predatory

organisations, the banks are

predatory behaviour and the

impact it is having on

people's lives. It is unfair.

They need to be held

accountable for it. If you

have a lot of little people

sometimes they can overcome a

big one. It is a rebellion

that began with this man. In

the past year English

immigrant James Middlewwe

helped 500 Australians

individually attempt to claw

back excessive bank penalty

fees. At times it was he who

got clawed of course but his successors attracted

attention from Australia's

largest litigation funder

International Monetary Fund,

a game-changer triggering Australia's biggest class

action against 12 foreign and

local banks with the four

majors most exposed. The

total market size is we think

around five to seven billion

and we think around five

million businesses and people

have been affected by it. I

think it would be better to

look at it as David's and

Goliath. There are a lot of

Davids out there literally

millions potentially of

Davids. I made a choice

because the fees were

exorbitant and unfair. I was

also a single working mother

at the time and $100 is a lot

of money. I tried the

negotiate with them and they

really refused to negotiate.

They had debt collectors

following me. I recently

issued a report I have called

the Clash of the Titans, I called it that because I believe International

Monetary Fund and the major

bank are Titans in their

respective industries. International Monetary Fund

is the only litigation

funding company which could seriously contemplate a class

action of this magnitude.

International Monetary Fund

has litigated or is currently

litigateing against Lehman

Brothers, Microsoft, Eriksson

and it has won 80% to 85% of

cases it has initiated. Lawyer and

financial analyst gorge

Gabriel who himself spent 7

years as a group strategist

with one of Australia's major

banks immediately recognised

the major significance which

he is unsure has dawned on

others. I worked until quite

late that morning to 4, 5am

crunching the numbers to

determine the absolute

magnitude. In terms of the commercial implications of this the banks will be

working out what would it

cost them to settle. I do not

believe the market fully

contemplates the broader implications both for

litigation funding companies

in Australia for the major

banks and also beyond the

banking and financials

sector. Or are these all

vexatious litigants deserving

such penalties? No comment

from the banking bunker or

the association which says only if International Monetary Fund proceeds the

courts must decide the merits

of this claim under stating

the very obvious perhaps for

a case we can confirm will

proceed in either the Federal

or Supreme Courts before most

likely moving onto the High

Court in a battle of the long

pockets unless it is settled

of course as banks weigh up

the commercial stakes of the

stoush ahead. Given in

October most banks suddenly

seem to recognise they were

over-charging for such fees

and substantially reduced

them. Both Houses of

Parliament have now passed

unfair contract legislation

which will receive the Royal

assent on the first of July.

Most of the banks certainly

the big local banks once they

saw that was happening either

dropped their fees altogether

or cut them by 70% or 80%,

huge cuts. Other banks have

continued to charge the fees

and no doubt will continue to

charge them right up until

midnight before the Royal

assent is given. The key

question for the banks is now

you have reduced your

exception fees do you want

the litigate against

International Monetary Fund?

Will you robustly defend this

class action or will you as a

matter of enhancing your

reputation with your customer

base merely choose to settle

and move on? So it really

only takes one of the 12

banks to step forward and

settle with International

Monetary Fund. They will

break ranks and that I

believe could potentially

undermine the resolve of the

residual banks to continue

this class action. The banks

may from choose the stand and

fight but it will be one

thing to win in court and

another to win in the court

of public opinion. For me to

get up and say something, as

you can see it is incredibly

difficult to do but I know

somebody has to get up and

say something. Rest

assureside, this is not

merely a banking matter, the

implications for other major

corporations in Australia are

profound. The question is

does this also apply to other

industries, potentially any

consumer law contract where

there is an exception fee

applied could be subject to

challenge so we are talking

about telcos, we are talking

about utilities, so I would say that International

Monetary Fund is effectively

putting corporate Australia

on notice in the sent that

International Monetary Fund could potentially broaden the

scope of its challenge of

exception fees across a

number of different

industries. Business editor

Greg Hoy. Professor Ross

Garnaut the man who gave the

Rudd Government its blueprint for a emissions trading scheme to combat climate

change a plan that is now in

the Government's bottom

drawer for several years has

weighed into the emotion-charged resource rent

tax that could decide the

next election. Professor Ross

Garnaut whose early academic

work on resource rent taxes

became the framework for the

Hawke Government tax on

Australia's petroleum

industry 20 years ago has

supported the new tax on

mining companies but has criticised the Government for

not releasing the Henry

report for discussion before

announcing the new tax and

has criticised miners for

what he says behaving like

union shop stewards. At a

speech at Melbourne University tonight Professor Ross Garnaut says this will

be a important test for the Government's capacity to

stand the Government's vested

interests in a dangerous time

for our country in a

dangerous world. Professor

Ross Garnaut is President of

Lihir gold although most of

its activities are

offshore. Professor Ross

Garnaut since you wrote the

work on rent taxes 30 years

ago we can assume

in-principle you support this

tax. The question is, is this

particular tax on mining fair

and is it practical? Will it

do the job required without

drive in miners and investors

out of Australia? It is the

right sort of tax and the

Henry review made a strong

case and a good case for

taxing mineral rent. It is an

elegant approach to the

taxing of mineral rent. It is

an approach that has not been

adopted in detail before and

so that raises some questions

which will be debated in the

period ahead. There may be

answers to those questions.

If there is not then with

small modifications there is

no doubt it can do the job. You obviously believe

this could have been handled

better by the Government in

the way it was introduced. In

hat way? It is a very large

and complex change and it

would have been a good idea

to have put the Henry review

out into the public sphere in

advance so that there could

be public discussion of it so

that when the Government made its response then there would

be a context for it. I think the Government's announcement

took a lot of people by

surprise, more surprised

probably than they should

have been taken. I think that

is good for public discussion

to have more understanding

and information but the

important thing now is to

make sure that there is a

good public discussion of it

now it is out there. Mining

is one of the highest risk

reward ventures in business.

If mining investors accept

the high-risk aren't they

entitled to higher reward

when the gamble pays off

without too big a slug of

taxation? Yes. That is the

whole idea of resource reason

taxation. Economic rent,

mineral rent, is the return in excess of the - the return

that is necessary to attract

all the factors of

production. There are a

couple of ways of making sure

that you do not take more

than the economic rent with a

good mineral tax regime. One

is the approach taken in the

old petroleum resource rent

tax which is to allow a

higher return before you

start taking anything. The

other is the approach taken

in the Henry review to

effectively subsidise all

expenditures at the tax rate

so that overall any

investment that is going to

be profitable before the tax

is profitable after it. But

to define super profit in

such a high-risk industry as

any profit more than 6% and

that is 6% before the cost of

interest payments is

subtracted so not really a 6%

profit in the way most people

under it, surely that is

unreasonable? Well that is

not what Ken Henry

recommended or what the

Government has announced.

What the Henry tax is about

is taxing all revenues at 40%

and subsidising all

expenditure at 40%. Where the

carrying-forward of the

Government's bond rate comes

into it is that the

Government is not paying out

as cash that 40% but is

instead lending the money to

companies. That is a new

thing in taxation and it is

not readily understood and I

think that that, that lack of

understanding is one of the

problems the Government has

at the moment. When a mining

company commits to a new

project it does so knowing

what the prevailing tax

regime is so why is it fair

again after a mining company

has committed the a project

then a few years later

suddenly the basis for their

whole taxation projects on

that project has changed

quite dramatically might not

be quite a form of

retrospective taxation but is

it fair, is it a stable

environment for investment

decisions in a high-risk

industry? In other areas of

tax we do not tax retrospectively an the proposal here by the

Government is the the tax retrospectively. Just like

the lump sum super tax or

capital gains tax it is

incoming go forward that is

subject to tax. Now

transition arrangements are

more complicated here and I

think it is reasonable to

make sure that projects are

not taxed more heavily under

this tax project than they

would have been if the tax

had been there from the begin

in and that rough test can be

run over proposals in the

discussions going forward. Of

but what happens with a

company where it does turn

out it is paying more tax

under the new regime than it

did under the old regime on

an existing project? That is

not different in-principle if

a car manufacturer, Ford

Australia a backing the early

'90s when we were getting rid

of most of our protection.

Suddenly it had made all

these investments and could

not get the same income it

from. They took that on the

chin because that was a

change that was good for the Australian economy as a

whole. Similarly the water

side workers, they had

arrange amounts that were

very good for them although they were not very good for

the rest of us and when that

reform was introduced there

was no suggestion that those people who had committed

their lives to a industry on

one set of arrangements had

to keep those arrangements forever. When you talk about

the water side workers you

have likened the reaction of

Australia's leading miners to

trade unionists and shop

stewards in the way they have

reacted to this tax. Are you

suggesting all these sthraetenned withdrawals from

mining projects are like a

union's threat the strike? I

think there is some shop

steward behaviour going on

and that is not helpful. I

think these issues should be

discussed on their merits. It

is a important question

Twiggy Forest has raised. Can

he under these arrangements

fund his project? The

Treasury? says that the tax

credit he gets is good as

money in the bank because is

guaranteed by the

Commonwealth. If he can't

borrow from the banks on the

basis of that then that is a

real question that should be

looked at. As the raw

authorise on the report to

the Government on how best to

reduce carbon emissions you

must be feeling sympathy for

Ken Henry now, most of his

recommend days are already

gathering dust. How did you

react when you heard a few

weeks ago that Kevin Rudd had put his emissions trading

scheme in the bottom drawer

until at least 2013? I was disappointed. There are

better ways through. This is

such a important issue that

keeping a vacuum there is not

sustainable so I was

disappointed but what we all

have to do now is to think

how we can actually get a

result for this country. It

does not work for this

country with its very strong

interest in climate change

mitigation to be one of the

world's laggards. In fact

you said on this program last

October that already this was

one of the worst examples of policy-making ever seen in

Australia. I would imagine

you would now be saying that

in spades? Well, I'm not

sure I would say one of the

worst now. It is just awful.

Including the terrible

episode of the Government

reaching agreement with the Opposition and that

falling-apart. Looking at the

whole history it is just

dreadful. I think there was a

basis in this country in

informed public opinion for

doing something solidly and

it is a pity that our

political leaders have not

built on that. Professor

Ross Garnaut thank you. Time for John Clarke and Bryan

Dawe with a few reflections

on Europe's financial

woes. Your name is Roger yes? Roger. That is your

name? Roger. Good. What do

you do Roger?. I'm a

financial consultant. Roger!

How is business at the

moment? Not bad thank you.

Been a bit quiet lately. How

do you mean lately? Since

the war. Been a bit

quiet. Fair newspaper. Roger

your special subject tonight

is the economies of the

European community. Your time

starts now best of luck. How

much does Greece owe? 367

billion. Correct. Who to?

Mostly to the other European

economies. Correct. How much

does Ireland owe? 865

billion. Correct. Who do they

owe it to? Other European

economies mostly. Correct.

How much does Spain and Italy

owe? $1 trillion

each. Correct. Who to?

Mainly France, Britain and

Germany. Correct. How are

Germany, France, Britain going? Struggling a

bit. Correct. Why? They have

lent all the vast amounts of

money to other European

economies that can not pay

them back. What are they go

to go have to do? Bail them out. Where are they getting

the energy to do that

Roger? That is a good question. I don't know the

answer to that one. How much

does Portugal owe What was

the answer Just keep

answering the questions.

Writes Portugal going to get

the money it owes to Germany

if they cannot get the money

back it ohs to Italy? The

question was how can broke

economies lend money to other

broke economies who have not

got any money because they

cannot pay back the money to

the other broke economy

because the broke economy

cannot pay back? You are

wasting valuable time Roger.

How much money does spay oh

to Italy? 37 billion but

they are broke. How can they

repay each other if neither

has any money? They will get

a bailout. Corrected. Where

is the money coming from?

That is what I'm asking

you. Why are people selling

the European economy and

buying the US dollar?

Because the European economy

is stronger. Why is that

Roger? It is owned by China.

After that round you have

lost $1 million. I thought

you said well done! Yes well

done you have only lost $1

million, an extraordinary

performance. That is quite

good is it? Slefnlts Sell

everything immediately.

Quickly! I think it is

called laughing as you sink.

That is the program for the

week. Don't forget 'Stateline' tomorrow. I will

for now goodnight. join you again on Monday but

THEME MUSIC looks deep into the Southern Ocean.' 'Ahead on Catalyst, Mark Horstman dropping a net over the side. It's much more than just approach to airconditioning.' 'And Tanya Ha with an elevated When buildings get hot, at cooling things down? just how good is a roof like this

G'day. Welcome to Catalyst. is a vast area The sea floor of the Southern Ocean stretching right around the globe, below the surface. much of it more than 2km The mysterious life that lives down there, the so-called benthic life, is only just starting to be revealed. and cinematographer Kevin May Mark Horstman spent a month on Antarctic waters at the bottom of the world. working alongside the trawl team 'This is as dark as it gets MARK HORSTMAN: of an Antarctic summer. in the single long day about the surface of the moon More is known

of the Southern Ocean. than much of the sea floor