Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Disclaimer: The Parliamentary Library does not warrant the accuracy of closed captions. These are derived automatically from the broadcaster's signal.
ABC Midday Report -

View in ParlView

(generated from captions) This Program Is Captioned

Live.

Leading the way - Lauren

Jackson to be Australia's

flagbearer in the Games opener.

To be able to walk in front

of Australia in the Olympic

Games is something that I never

in my wildest dreams would have

imagined I could achieve.

Games effect - retailers and

video stores set to be the real

winners from the London

Olympics. It's called

'uprenting', the superflexible

approach for aspiring tenants.

And, tributes for the lead

singer of rock band Zoot, who's

died at 62.

(Sings) # I look at all the

lonely people... #

Hello, and welcome to ABC

News across Australia, I'm Ros

Childs. On the local

sharemarket all sectors are

pushing higher.

More finance later in the

disputed National Disability bulletin. First to the

Insurance Scheme, and Tony

Abbott is at odds with Liberal

Premiers over a proposed levy

to fund it. South Australia,

Tasmania and the ACT signed up

to a trial after meeting the

Prime Minister on Wednesday,

but Conservative States held

out. The Queensland Premier

says the Prime Minister was

offered support for a

Medicare-style levy to pay for

the scheme, but Julia Gillard

rejected the idea. Mr Abbott

doesn't support a new tax. If

we had a prudent frugle

government that respected

taxpayers' money, it ought to

be possible to fund this

important reform out of general

revenue. The Federal

Government maintains NSW and

Victoria should put up more

money to fund the trial in

their States. The Greens will

Independent Andrew Wilkie at be targeting Tasmanian

the next federal election. The

party has announced its

candidate for the Hobart seat

of Denison. Anna Reynolds is

the daughter of former Labor

Senator Margaret Reynolds, and

historian Professor Henry

Reynolds. She's currently an

adviser to Greens' leader

Christine Milne. I think

Anna's going to run a very,

very strong challenge and could

well unseat Andrew Wilkie.

Denison is considered one of

Australia's greenest

electorates. Well, it is a

woman after all. Basketballer

Lauren Jackson will be the 34th

person to lead Australia into

the Olympic Games, as

flagbearer. The selection has

been widely supported and was

the last official business for

the team before the Games get

under way. Mary Gearin reports

from London. They put on the

glitz for this announcement -

athletes, officials and business leaders gathered to

finally hear the name of Australia's flagbearer after

months of speculation. Lauren

Jackson. 31-year-old, 4-time

Olympian Lauren Jackson

collected the honour, to her

own surprise. And to be able

to walk in front of Australia

in an Olympic Games is

something that I never in my wildest dreams would have

imagined I could achieve.

It's not just Lauren Jackson's

outstanding career that has led

to this. Chef de Mission Nick

Green says it's an unassuming

attitude and wonderful

leadership qualities that make

her perfect for the role.

Elsewhere , there was more

heart ache for the equestrian

team. Megan Jones who just two

days ago replaced Shane Rose

when his horse was ruled out

injured has suffered the same

fate. It's upsetting, but at

the end of the day I get

married in six months' time, so

I've got other things to look

forward to as well. This man

is still pulling the crowds

without jumping off the blocks.

Ian Thorpe said it was strange

not being in the Australian

team this time around, but he

had strong words of praise for

the current swim team

superstar, James Magnussen.

It's the most impressive

swimmer I've seen over probably

the last decade. As for

Thorpe's own ambitions, he's

looking at the next world

championships not ruling out

the Rio Games. I have to get

back to a level that I am

satisfied with to be able to

then look at going on to

another Olympics. Thorpe said

he expects the Australian men's

100m relay team dubbed the

weapons of mass destruction, to

win, but US relay rival Michael

Phelps refused to engage in

trash talk and made this

dubious claim. We're not

going to run our mouths. We

never have, our country's never

done that. Well, sometimes. I

forgot Sydney, so... But not

this time. The Australian

Human Rights Commission has

found that the government

breached international laws in

its treatment of young

Indonesians suspected of people

smuggling. The commission president Catherine Branson

says the detention of many

juveniles often in jail, also

raised serious questions about

Australia's criminal justice

system. Authorities here have

been criticised for the use of

X-rays to determine a young

person's age. Earlier this

year, the Australian Government

released 15 Indonesians from

jail after they were found to

be underage. There's a new

twist in the scandal plaguing

the upper ranks of China's

leadership. Gu Kailai the wife

of a disgraced politician has

been charged with murdering a

British businessman by

poisoning him. Neil Hayward was found dead last year.

State media is reporting the

motive was a business falling

out and Gu believes the Britton

was a threat to her son's

safety. The death caused the

downfall last year of her

husband, then one of the

Communist Party's most powerful

leaders after he was implicated

in the murder. A week since

the Colorado cinema shooting,

the US President Barack Obama

has waded into the gun debate

more extensively than at any

other time during his

presidency. The comment comes

amid mounting pressure for

politicians to do something

about gun violence. Jane Cowan

reports. In Aurora, the

mournings begun. The first

funerals have been held for

51-year-old Gordon Cowden,

whose teenage daughters made it

out, but not him. He was

eyelling after them "I love you

both". And are to a

33-year-old. In the charged

aftermath of the shooting,

Barack Obama's made his

strongest comments yet on gun

control. AK-47s belong in the hands of soldiers not

criminals. A ban on assault

weapons existed under Bill

Clinton, but expired in 2004.

A coalition of police chiefs

have now banded together to

call for its revival, as well

as for tighter restrictions on high-capacity magazines and better background checks on

those applying for gun

licences. America, we are not

doing enough to keep guns out

of the wrong hands. We're long

past the point of saying, "

Enough is enough". Adding to

the distress, there are reports

James Holmes sent a notebook to

a psychiatrist foreshadowing

his plans for the massacre,

complete with a diagnose of

stick figures wielding weapons

and mowing down other stick

figures in a hail of bullets.

Amid the grief, there's a

mixture of remarkable

forgiveness... He's just a

lost soul right now, and I pray

the Lord can find his way into

his heart and change him. And

a growing need for justice.

I'm so thankful that he did not

kill himself or be killed. I

want him alive. The one voice

that's been largely absent is

the gun lobby's. The National

Rifle Association's expressed condolences to those affected

by the Colorado shooting, but

otherwise has been lying low.

People rent rather than buy

for a variety of reasons.

House prices are still putting

home ownership beyond many

people, but some tenants also

enjoy the flexibility renting

brings. The latest annual

survey from website

realestate.com.au has

discovered a trend it's calling

'uprenting' - renters ready to

move to a better property, and

keeping leases short to give

them more freedom. The survey

also found nearly 30% of

Australian renters don't have

any kind of lease with their

landlord. Here to look at this

and other aspects of the

research is real estate author

and commentator, Jimmy Thomson.

This survey says that renters

are on the move more than ever before, this 'uprenting' phenomenon. This is the

advantage of renting - you can

live in a better home in a

better suburb than you could

afford to buy? But it's very

much a tale of two cities. The

vacancy rate in Melbourne is

over 3% whereas in Sydney it's

under 0.5%, so you're seeing

different trends in different

places. And 29% of renters

don't have any kind of lease,

are you surprised by that? I

was, actually. It seems quite

high, but I suppose when you

think of all the informal relationships, families and

people who sublet and don't

tell their landlords that

they've sublet a room, I guess

the numbers would add up fairly

considerably. I guess it

offers flexibility, but it also

leaves you pretty exposed? It

leaves both parties exposed,

both the tenants and the

landlords, because there are

built-in securities. Things

like bonds when you go down the

legal route rather than the

informal route. Is the global

uncertainty striking renters

who may feel if they keep

renting they're keeping their

options open? Not 'uprenting',

but often going somewhere

cheaper? I think there's

that. Renting is a great

opportunity for you to sample

lifestyles and cities are

changing. There's so many high

rises and apartments around.

People who may not have lived

in apartments at least get a

chance to give it a try and see

if they like it. This survey

found that Melbourne's inner

city suburbs are one of the

most popular places to rent in the country. What are the

reasons for that? One of the

reasons is that house prices in

Melbourne are going down.

They're down about 6% in the

June figures and that means

that rents are either stable or

going down there. So I'd

imagine those suburbs, people

are getting good value for

money. But on the other side

of the equation, in Sydney,

Sydney city has 50% of

residents of Sydney city, in

fact more, are renters. It's

pretty popular in Sydney, too.

Who's renting? Who are these

renters, what jobs do they have

in general? They tend to be

in jobs - you can read too much

into statistics, but it's jobs

where there's a lot of

mobility. Things like the hospitality industry and

health, that kind of thing,

where people need to be able to

move around to find where the

jobs are. Jimmy Thomson,

thank you. Thank you.

Truffles are culinary black

gold and more and more farmers

are joining the rush. The Australian truffle industry is

in its infantcy, but hard work

is paying dividends. The

fourth annual Truffle Festival

is on in Canberra and Karen Tan

has been part of the hunt.

Weekend farmers markets in

Canberra and truffle stores

have a steady stream of

customers. It's winter and

peak season. For such an

expensive product, people are

afraid of buying it. Once they realise that it's pretty hard

to mess it up. These truffles

retail at $2,500 a kilo, but

most buy it by the gram.

What's a good specimen? A 10

gram trufle, a piece like this,

12 grammes, a nice piece for

two people, nice and dark and

that would be around $20 worth.

They come from this farm near

Canberra, where the Marshall

family have one of Australia's

most successful truffle farms.

We're going towards the upper

end of the range. We'll get

about 100 kilos off this

hectare this year. A good

truffle hunting dog like Sal is

vital. You're a great dog.

Another one. There are around

200 truffle farmers in

Australia, but only about 5%

are producing commercial

quantities of more than 50

kilos a year. Three-quarters

of the national crop is

exported. We were really nervous about sending truffles

to Paris. We thought they'd

reject them as second -grade

foreign imitation s. They've

been lovely. They've stated

just to our faces they're just

as good as theirs. Nationally, truffle production

this year is anticipated to be

just over four tonnes. That's

up a tonne from last year. The

local industry is growing

rapidly by about 30% each year.

We think in four or five

years' time we're going to be

producing in excess of 10

tonnes. That will become a $12

million-type crop. With

international demand surging,

it seems the industry is poised

to explode. Let's go to other

stories making news in

business. Samsung has affirmed

ascendancy in the smart phone

business with a record second

quarter profit of $5.(500)

000-0000. That's an 80% jump

from the year before. The International Grains Council

has cut its global harvest

forecast because of droughts in the United States and sea

region. In its monthly report

the council says the US drought

is the worst since 1956. And,

the drought may soon bump up

the price of chicken in

Australia. The Chicken Meat

Federation says the price of

feed grain has gone up by $100

a tonne or 30% in the last 3

months partly due to America's

big dry. Onto the markets, and

the words of one man seem to

have fired up investors on both

sides of the Atlantic. In a

speech in London overnight, the president of the European

Central Bank Mario Draghi

pledged full support for

Europe's single currency. The

ECB is ready to do whatever it

takes to preserve the euro, and

believe me, it will be enough.

Comments suggest the Central

Bank may take action to help

Spain and Italy with it debts.

Italy's stock market shot up

5%, Spain 6% and there were not

quite as big rises in other

European markets. Has that

European confidence boost put a

fire under Australian

investors? Let's check the

local market with Alicia Barry.

How's it looking? The pledge of support from the European Central Bank to stop the

Eurozone imploding has put

risky assets like shares back

in favour and has lifted the

local sharemarket. Investors

are now looking ahead to next

week's meeting of central banks

in Europe and the US for

stimulus responses. The All

Ordinaries Index is 27 points

higher. The ASX200 index has

put on 29 points and mining

shares are clawing back recent

losses after commodity prices

jumped overnight. BHP Billiton

has added 0.5%. Its main

rivalrio Tinto is 2% higher and

Fortescue metals up 1.6%.

Newcrest rallying 3.5. How

are big banks doing? The big

four lenders aren't as strong

as the mining and energy

sector, but are posting modest

gains. ANZ has jumped 1%,

Westpac is not far behind up

0.9%. The Commonwealth Bank is

managing gains of 0.8% and over

two-thirds of a percent has

been added to the National

Australia Bank share price.

Anymore news about the bid for

Billabong? The surwear

retailer today opened financial

accounts to its private equity

suit or TPG Capital in the hope

they may ease conditions

attached to the bid. They made

a second offer. Billabong

rejected the first offer back

in February. The company says the due diligence process may

not lead to a successful

takeover. Elsewhere Caltex

shares are down as yesterday's

gains related to the closure of

its Sydney refinery are

Christalised. Telstra 3 cents

higher. A check of the other

big movers in the ASX top 100.

A 4% rise is as good as it gets

today.

Onto Wall Street and a

flood of earnings reports to

digest. Facebook reported

after the market closed its

first results after going

public were largely in line

with expectations, although the

stock tumbled 10% in

after-hours trade. Markets

were lifted by solid results

from ExxonMobil, 3 M and Home

Depot.

Those comments from the

European Central Bank lifting

Asian markets.

A prominent figure in the

emergence of Australian rock

music Darryl Cotton has died in

Melbourne. He was 62. He's best-known as the founding

member and lead singer of the

1960s rock group, Zoot. The

group had a national hit with a

cover of the Beatles' classic

'Eleanor Rigby' before breaking

up in the early '70s. Darryl

Cotton then pursued a song

writing career in Los Angeles. He reemerged in Australia in

the 1980s as a TV host with

'The Early Bird Show'. More

recently he returned to live

work with Russell Morris and

Masters Apprentices' lead

singer Jim Keys. He was

diagnosed with liver cancer

last month. Now back to the Olympics, and the countdown to

the Opening Ceremony has begun

in ernest. On its last day

before the Games begin, the

flame has visited some of

London's most famous landmarks.

Prime Minister David Cameron

says the coming two weeks are

an opportunity for Britain to

put its best foot forward, but

criticism of the country's

Olympic preparations has come

from an unlikely source.

Visiting US presidential

hopeful Mitt Romney. Emma

Alberici reports from London.

It's been an absolutely

fabulous Olympic torch relay.

8,000 people carrying the flame

across the country. Kate

necessary bit brought it to

Downing Street, the first woman

in the Navy to receive the

military cross. She served in

Afghanistan, administering

emergency medical treatment to

injured soldiers while under

enemy fire. Seven years of

waiting, planning, building,

dreaming almost over. US presidential hopeful Mitt

Romney, who ran the Salt Lake

City Games also visited and

Prime Minister, the meeting a

little bit uncomfortable after

he earlier questioned London's

Olympics preparations. You

know, it's hard to know just

how well it will turn out.

There were a few things that

were disconcerting. The

stories about the private

security firm not having enough

people, the supposed strike of the Immigration and Customs

officials. That obviously is

not something which is

encouraging. Games

organisers released this sneak

peak of the Opening Ceremony.

All will be revealed before too

long. Big Ben will play a

starring role, both inside the

stadium and in its place at the

palace of Westminster. It will

ring in the start of the

Olympic Games. Not only will

we be ringing out, it will be

every church bell, people will

be ringing door bells,

handbells, bicycle bells. The

palace is the last landmark on

the flame's 70-day tour of the

UK. Prince William and Kate Middleton have chosen three

charity workers to carry the

torch on this second last day

of the 12,800 kilometre relay.

The royal couple greeted the

flame at the Queen's London

residence. They have a record

32 engagements during the

Games. Expect to see them

cheering on every medal hope in

Team GB. So, the Opening

Ceremony is almost upon us and

there's one group that is

especially excited -

shopkeepers hope to cash in.

There are more sales about and

not just for big screen TVs.

The theory is that if we feel

good we might spend a little

more. Charles Areni from the University of Sydney Business

School has studied the retail

mind, so when it comes to selling us things, is there

such a thing as the Olympic

effect? Well, it's slip

stream marketing based on the

idea that with the build-up of

the Olympic Games that is going

to be a topic of conversation.

The idea is to link your fairly boring retail brand to the

Olympic Games to try to get

yourself into the conversation.

Does it matter what you're

selling? The obvious ones are

wide-screen HD TVs, you can see

all the action in glorious

technicolour as it were. Those

are the obvious ones. Can you

sell anything and attach

Olympic rings to it?

McDonald's can put rings up in

their stores and come up with a

new Olympic burger and people

may remember having seen it at

Maccas and they talk about the

Olympic Games and somebody says

"By the way, have you been in

Maccas and seen the

Newburgher?" That's how it

works. The relevance of the

product category doesn't have

to be that strong particularly

if you have an official

sponsorship. Retailers are

trying to cash on that fiesta atmosphere that's around to

part people from their money?

That's it. They're trying to

capitalise on the natural

interest and there's been such

a big build-up for the London

Games and they're trying to say

if we can create a link there

we may get interest in our

product. We literally come into conversations that

consumers are having about the

Olympic Games. Is there a

flipside, retailers sympathising with people who don't like sport, who can't

wait for the next two weeks to

be over and saying - DVD shops,

for example,, "Come and rent a

DVD and ignore the sport going

on out there?" There may be

some people sick and tired of

hearing about the Olympic Games

and have had enough of the

hype. Most retailers will be

smart to try to come up with

another message entirely . My

favourite example of slip

stream marketing is IKEA when

Kevin Rudd was ousted as Prime

Minister by the Labor Party,

they ran advertisements on

billboard and magazines saying,

" Kevin, here's a cabinet you

can really count on". Of course

it's a pun, they were selling a

different kind of cabinet, but

those ads if they were regular

IKEA ads, nobody would have

cared but by linking it to the

current event, it drew a lot of

store traffic. Charles Areni,

good to talk to you, thank you. The home of one of Sydney's notorious Black Magic Rapists has been targeted in a drive-by shooting. Five people including two children were sleeping inside this home in Sydney's inner west. They were woken by a single gunshot, which blew a hole their through their front door. Neighbours were surprised by the shooting in what is normally towards the park area and soon after, police came. A lovely family, now I can't say anything, because for us he's very good. The home is owned by Tony Golossian, who was jailed last year for raping two women. He convinced his

victims they needed to have sex with him to lift a curse. A showdown is coming in the Syrian city of Aleppo. Tanks and armoured vehicles are converging on the city while thousands of residents are fleeing. There's already been intense fighting between rebel and loyalist forces and the US State Department is warning of a potential massacre. Aleppo has been slipping out of the Assad regime's control for months, but now it's a background. These are rebel fighters celebrating the capture of a police station. Government forces are said to be massing near Aleppo. The regime can't survive if it loses Syria's second city and

its richest. Syrian State TV's

English news bulletin has been

showing government troops it

says were mopping up defeated

rebel fighters in Damascus.

The regime has the firepower,

but the rebels have had the

momentum ever since they

assassinated the president's

top security team last

top security team last week.

The civil war in Syria has

moved into a new face since the

assassinations. Rebel fighters

are better organised doing much

more than just knocking out

more armour, but there's still

a collection of militias.

Lacking coherent political

direction from a chronically divided opposition trying to

work out what it wants.

work out what it wants. Turkey's Prime Minister

predicted that Bashar

al-Assad's inner circle were

preparing to step down. That

could be wishful thinking. The

rebel free army is releasing

more video of soldiers it says

have defected to join its

fight. Syria's descent into

chaos is gathering pace. But

diplomacy can't keep up and it

needs to, to stop Syria's spark

needs to, to stop Syria's spark

spreading in the world's most

combustible region. Let's have

a quick look at other stories

making news around the world.

The boss of Japan's biggest

investment bank has resigned in

the wake of an insider trading

CEO. Kenichi Watanabe quit

over leaks of insider trading

in 2010. Fire crews

in 2010. Fire crews have put

out a blaze on a Malaysian chemical tanker off the coast

of Borneo. The accident

happened at a methanol terminal

run by Petronas on the island

of Labuan. And a public

holiday 's been declared in

Baghdad and other provinces of

Iraq where the temperature

soared to 50 degrees.

Shopkeepers fought the heat

with showers and big fans. Others took

Others took matters into their

own hands. Australia has a new

world-class state-of-the-art

concert hall after the opening

last night of the renovated

Hamer Hall in Melbourne. A

lucky 2,500 people got to watch

a special opening concert last

night featuring Canadian singer

KD Lang. The hall is being

closed for two years to allow

for major building works and

the installation of acoustic

technology. Thick dark walls,

technology. Thick dark walls,

which used to close the

auditorium off from the Yarra

have been replaced and replaced

with a new facade, which opens

the building up. The

renovations cost about $13.5

million. To the weather now.

The satellite shows cloud over Victoria and South Australia

forming with a low in front.

Low cloud over the south-east

coast in moist southerlies and high

high cloud over the west coast.

A trough and approaching front

should cause showers to

redevelop in the south-east

falling as snow on the

Tasmanian Highlands and the

alps A growing high should keep

the rest of the country

generally dry with a cold

morning and mostly sunny day.

Let's go back to the Stock

Exchange for a final check of

the markets.

That's the news for now on a

day when basketballer Lauren Jackson was named as

Australia's flagbearer at the

Games Opening Ceremony in

London and Opposition Leader

Tony Abbott was at odds with Conservative State leaders on

Conservative State leaders on

the funding of a National

Disability Insurance Scheme

trial. There's continuous news

on ABC News 24 and also news

on-line. Our next full

bulletin on ABC1 is at 7

o'clock this evening. I'm Ros

Childs, have a good afternoon

and a lovely weekend. See you

back here on Monday. Closed Captions by CSI.