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The Greens get fired up as

Labor backs away from closing

big polluting power stations. It really goes

against the spirit of every

thing we've been trying to do,

and that is close down the

dirtiest power stations in

Australia. An emotional home

coming for the five Australian

soldiers killed last week in

Afghanistan.America's First

Lady the headline act as the

democratic convention getses

under way. When Michelle starts

talking I start getting all

misty. In for a dig, Australia's richest person be

moans the cost of doing

business. Now the evidence is

unarguable that Australia is

indeed becoming too expensive

and too uncompetitive to do export-orientated business.

Welcome to ABC News across

Australia. I'm Ros Childs. The

local share market is struggling.

More finance later in the bulletin. Australia's richest

woman has taken to the internet

to broadcast a lengthy critique of Australia's economic

management. The mining magnate

has posted a video lamenting

the country's competitiveness,

its taxes, relatively high

wages and the cost pressure her

industry faces. The Prime

Minister is shrugging off the criticism. She says the

Government has a different view

to Ms Rinehart. We hear plenty

about her. Who want to give a

very big tax cut to Gina Rinehart. But rarely hear from

her unless there's a point to

make. Now the evidence is

unarguable that Australia is

indeed becoming too expensive

and too uncompetitive. Bye

passing traditional media Gina

Rinehart posted a 10 minute

video on the Sydney mining

club's website. In it she took

a swipe at Government policies

and hit back at her

critics. What was too readily

argued as the self interested

complains of a greedy few is

now becoming the accepted

truth. The truth, according to

the country's richest person,

is that business is looking

elsewhere. This country simply

can't afford a Carbon Tax on

minerals, resource rent

tax. She referred to recent

decisions by mining giants to

shelve projects, warning

Australians not to rely on the So-called investment

pipeline. We are becoming a

high-cost and high-risk nation

for investment. That pipeline

is being squeezed and is

becoming risky. We've got $500

billion of mining investment in

the pipeline, more than $200

billion of it at an advanced

stage. The former head of

treasury certainly isn't

hitting the panic button. We

will see boom number three and

we will see boom number four

and we will see boom number

five and so on. My view is that the minerals development

projects under way in Australia

have a very long way to run. Gina Rinehart points to

the low-cost, low-wage

economies of after Africa quoo

as a threat to Australia. She

is calling on Australia to put

aside class wear fair and the

pushing for the creation of a

special economic zone in

Australia's north to encourage

investment. Not on this

Government's watch. We have a

different view from Ms Rinehart

about whether or not the

mineral bounty in our natural

landscape should be shared with

all Australians or kept for the

profits of a few. It is

business as usual.

Australia and Indonesia have

reached a deal to improve

search and rescue operations

for asylum seeker boats. The

Foreign Minister, Stephen

Smith, and transport minister

Anthony Albanese travelled to

Jakarta to thrash out the

details with their Indonesian

counterparts. The agreement

includes an Australian

contribution of more than $4

million to improve training of

Indonesian search and rescue

officers and the use of

satellite communications and

tracking technology. An

additional ship here or an

additional plane there won't

necessarily help. What will

help is growing their capacity,

growing their capability,

fixing their systems and

providing them with the best

possible chance of

instantaneous communication and

instantaneous access. Talks are

continuing on a plan to give

Australian planes more rapid

access to Indonesia. Staying

with Canberra where a

multibillion dollar part of the

Government's Carbon Tax package

has been scrapped, the second

major change in two weeks. The

package was built on a plan to

pay the biggest polluting coal

fired power plants to close

down. Although the amount was

kept secret billions of dollars

had been set aside to clinch

the Government has scrapped the the projects for closure. Now

idea and the partners in the

Carbon Tax have crying foul. It

was always a question of value

for money from the Australian

Government's point of view. We

had an envelope beyond which I

was not prepared to go. In

essence there was a significant

difference between our

valuation of the assets and the

valuation of the respective

owners of the assets. Of course

shutting down some of the

dirtiest coal-fired power

stations was at the heart of

what we are supposed to be

trying to do and what has

happened here is a lacklustre

effort from Martin Ferguson. He

is clearly the minister for

fossil fuels The Greens are

demanding compensation to the

coal and fewer industries be

reviewed in light of the

decision. The bodies of five

Australian soldiers killed in Afghanistan last week arrive

home today. The two olders from the Special Operations Task

Group who died in a hospital

crash in Helmand province

touched down at the RAAF base

at Richmond in Sydney. The

three who were shot dead by a

rogue Afghan soldier at a

patrol base in Uruzgan province

will be received at the

Amberley base near Brisbane.

Not long from now a ramp

ceremony will take place here

at the RAAF base at Amberley

west of Brisbane. Lance

Corporal Stepan Milosevic,

Sapper James Martin and Private

Nathan Poate will be received

by members of the Australian

Lieutenant General David army lead by the chief of Army,

Morrison and the Mills,

Margiris and Poate families.

All these men were killed in an insider shooting last week in

or us Afghanistan province in what was the worse loss of

Australian life since the

Vietnam War. Two other members

of the Australian army, special

forces soldiers Lance Corporal

Mervyn McDonald and Private

Nathanael Galagher also died in

a helicopter crash. Those men

will be received at RAAF base

Richmond by members of the Australian army led by the

chief of the Defence Force

general David Hurley and the

McDonald and Galagher families.

The ceremony will go for

roughly half an hour at

Amberley. It will then be

followed by quiet time for

members of the soldier's

families and followed by a

memorial service. John Taylor

outside the RAAF base at

Amberley. Police are yet to

determine how long a toddler

was alone with the body of his

mother at a unit in Melbourne's

west. Police were called to the

home at 10:30 last night where

they found the body of a 25-year-old woman. Her

15-month-old son was also

inside and was taken to

hospital to be treated for

dehydration. It is not yet

known how or when she died but

police believe it may have been

on Monday. I work from home and

I saw some para medics come

yesterday and knocked on the

door and I assumed that she

must have been out with her

son. If she died on Monday then

that's really sad. It is not

known if the death is

suspicious. Police are waiting

for the results of a post-mortem. It is the first

day of the democratic

convention in the United States

and they are getting ready for

the main event, the first day

of the democratic convention

there. First Lady Michelle

Obama is delivering the keynote

speech on day one hoping to

boost her husband's prospects

in November's presidential

election. Lisa Millar is there

in Charlotte North Carolina.

What is Michelle sow Obama

expected to focus on? She is

not going to focus on Mitt

Romney or the Republicans. She

will stay right away from the

harsh rhetoric that we've heard

from other people and, look,

when you think she's got better popularity stakes in the

opinion polls than her husband,

the incumbent in the White

House, then no wonder she is the headline act on this

opening night. She is going to

talk about their relationship

together, she will be soft and

gentle, possibly defend a few

of his decisions that have been

not so popular over the years

but, overall, it will be a

reach out to the women and to

the more emotional side of the

delegates and of all the

thousands and millions of

people who will be watching it. Now Barack Obama will be one of

them, he will be in the White

House, watching it with his

daughters. He spoke about how

he might feel when he's doing

that earlier today. This is

just like a relay and you start

off with the fastest person. So

I'm gonna be at home and

watching it with our girls and

I am going to try not to let

them see their daddy cry.

Because when Michelle starts

talking I start getting all

misty. What else is expected

over the next couple of

days? Tomorrow night we have

Bill Clinton appearing and he

and Barack Obama had a fairly

frosty relationship over the last few years and certainly in

the lead-up to the last

election but they have become

more friendly these days. Apparently Bill Clinton's

speech is the only one that the

democrats have not been able to

vet as yet but they say they

are quite confident that he is

going to deliver and that there

are going to be no Clint

Eastwood-style surprises at

all. On Thursday night we have

the President himself who will

be speaking in a stadium where

they are expecting about 75,000

people. I understand there have

been some protests outside the

convention centre there? Today

we saw about 50 people who sat

down and blocked one of the

major roads. I can tell you the

traffic was pretty horrendous

anyway so that only added to

the problems. It is a con

glomeration of various groups

that we have seen holding these

protests, the bigger one was on

the weekend where about 600

people took part in a march.

They've said that they were going to make their presence

felt throughout the rest of the

week but certainly none of the

huge scale that they were

hoping for, they'd been talking

of numbers up to around 10,000,

we have seen nothing like

that. What about the

Republicans, did they get a big

boost in the polls from their

convention last week?

Unfortunately for Mitt Romney

they're talking about perhaps a

point or two, that's all. So

not the bounce they were

looking for. Of course they

have the debates to come. We

have three presidential

debates, the first one on 3

October in Colorado, surprise,

surprise, a swing state, the

very last of the debates on 22

October, that's in Florida,

another swing state. Now that's

where Mitt Romney will be

hoping to make a real impact up

against Barack Obama and

perhaps to be able to increase

those poll numbers. Zogbi

polling, John Zagbi a well

respected international

pollster today said it was

absolutely tide at 44 all with

12% undecide. There is nothing

between the two of them at the moment.

Many of Australia's

best-known magazines have a new

owner. Nine Entertainment has

sold us magazine business ACP

to the German publisher Bauer

Media. ACP's stable of 85

titles include 'Australian

Women's Weekly', 'TV Week' and

'House & Garden'. The 'Women's

Weekly' was started by Kerry

Packer's father Sir Frank. The

price will allow CBC

Asia-Pacific to pay off part of

its massive debt. Harold

Mitchell is executive chairman of Aegis Media Pacific and he

likes the deal. This is a very

good deal. It is a game

changer, to use that dreadful

American phrase I have to say

because what it does is the

really embattled organisation

that currently owns it,

everything which has been the

Nine Network as we know it over

a long period of time, has had

a massive debt. They have to

come to grips with their debt

very soon and this has given it

the cash lick witdy and a bit

of freedom. There is no doubt

that the way away is centre to

what it is. Dealing with the

magazines, it is going into the

hands of a German company which

is very, very good at magazines

on a world scale, they have

moved into America in recent

types and are very big in Europe. That is something of

where the world is going. Is it

a good deal? Yes, it is. What

about the price tag, they

reported $500 million, is that

enough to get them out of trouble? They are in trouble

and it will mean that the rules

will be still the same rules,

they have put that in projects.

I understand the number is

something like that hard

million, they might have liked

a little more, why wouldn't

they? That is a good deal for

the Germans so they have some

cash there. Where the Nine

organisation is going from here

is there are two major

bondholders that hold most of

the debt. Packer, as you know,

James Packer, sold it for $4.5

million or so. The debt is over

$2.5 million and that is

probably about what it might be

worth. Most of the banks that

were involved in that early

stage have written the amounts

down so that Monday you is

already gone. What I can see

happening from here is a

restructure of the ownership

that the shareholding will

remake itself, still as a

private company, but the

bondholders will come out as a very substantial shareholders

in the organisation. I expect

also there is something of a

hero in this whole operation

has been a young man called

David gin gel who is head of

the whole operation. He has

kept Nine competitive. He won

the rugby league rights that

was a very big thing to do. A

very big price but gave them certainty over programming into

the future. In the next four to

six months, it could be sooner,

there is a couple of trigger

points come along, they now have the freedom because of

some cash here, a little bit of

liquidity but not too much, to really restructure it so the

debt finally disappears

because, as I said, the banks

have lost it, that's gone, and

the Nine Network is left with

the cash. Not a bad outcome. It

is always a pleasure to talk to you. Doctors diagnosing

patients by iPad, accountants

crunching client's numbers by

Smartphone. 4G is promising to

change the way we work. As the

big providers roll out their networks the digital super

highway is fast becoming a

reality for business. 4G is not

revolution but evolution. It is

very much an increase of the

capacity of the network. It is

more a network issue rather

than a handset or consumer or

business issue. The business

and consumers will reap the

benefits from that extra

capacity through faster

internet speeds and much

greater mobility meaning more

business applications can be

done online and out of the

office. So, for example, if you

have a sales force on the road

with laptops and with tablets

and thins like that, and those people are accessing

information from the office and

the internet et cetera then you

need sufficient capacity to

make that efficient and

productive for these people. 4G

is adding that extra level of

capacity to the mobile network

that actually allows debt

activities to happen. It is

snot just businesses who use

data which will benefit.

Internet analysts say 4G will

open up a-wide range of

applications. 4G will enable

faster communication so more

his resolution video for

example is possible and things

like remote diagnostics with

doctors and things like that

are possible over these

Wireless networks. 4G is a Wireless network which raises

the issue of the fibre to Home National Broadband Network

which is currently under

construction. A

telecommunications consultant

says 4G makes the need for the

NBN deprater than ever. The

more data we are going to use

over the mobile network the

shorter the distance has to be

between us, the users, and the

towers. That requires more

towers connected to fibre op

ticket inworks which is the

NBN. He points out that British

Telecom built nearly 8,000

mobile phone towers in London

to have its 4G network

operational for the Olympic

Games. Let's take a check of

the markets now. Here is Steven

Daghlian an analyst with

CommSec. The share market fell

modestly yesterday. How are we

doing today? The market is not

doing great at the moment.

Shares down for the second time

this week and down for the

sixth time in eight trading

sessions. The All Ords down in

the order of about 1%. Global markets didn't do that well

last night either. We had US

shares trading for the first

time this week and ended in the

red. Which had European markets in particular losing quite a

bit of ground. We had shares in

Germany for example down 1.2%.

On our markets today the big banks losing ground and Westpac

the worse of the big four down

in the order of 1.4%. The

miners pulling back

significantly. BHP and Rio both

down 2.5%. Combined Rio and BHP

make up 10% of the Aussie

market and that would put

downward pressure on trade overall. Fortescue Metals is

one of the worst performers

today, why is that? Fortescue

is having a shocking day today,

down 10% today alone. Yesterday

the company announced its plans

to delay some of its expansion

projects. Today it has sold a

power station at its Solman

iron ore mine in the Pilbara

for $300 million. It received a

broker downgrade from a big

investment bank today also.

Between 2003 and 2007 the iron

ore miner did very well indeed.

It was riding the wave of the

mining book overall. A $10,000

initial investment in Fortescue

in 2003 over the next five

years would have been worst

$150,000 so not doing too badly

overall. Figures out a short

time ago are giving us an

indication of how strong the

economy? We had the GDP figure

released for the June quarterer

so for the three months between

April and June this year. We

awe the economy expanding at

3.6% but lower than economists

were expecting across the

country. Keep in mind the

Aussie economy has expanded now

for 21 consecutive years and

this is despite a situation and

the fragility we are seeing

offshore in both Europe and the

US. Wall Street was dragged

lower in early trade by factory

output figures down for a third

straight 23406789 the market

rebounded as Apple made gains

on speculation about the new

iPhone. The Dow and the S&P

ended up in the red but the

tech heavy Nasdaq put on a

quarter of a%.

A Queensland man has been airlifted to hospital after

being stabbed by a sword fish

while fishing in a boat off the

Gold Coast overnight. The

20-year-old was deep sea

fishing about 190 nautical

miles from the Southport Seaway

when the sword fish struck the

back of the man's knee. The CareFlight rescue team had to

wait for the boat to come

closer to shore before winching

the man to safety. He lost a

significant am of bloods at the

time but that was arrested and

he had bandaged it and did good

first aid and we were able to

winch him off early this morning. He was flown to

hospital and is now recovering

in a stable condition.

Authorities say the incident happened when the man tripped

and landed on the fish's bill

while-hauling it into the boat.

Tens of thousands of Victorian

teachers are attending a stop

work meeting in Melbourne to

vote on whether to step up

industrial action. The

state-wide teacher's strike has effectively shut down hundreds

of schools. Independent and

Catholic school teaching staff

are also taking part. It is the

second mass strike this year

after talks on pay and conditions stalled with the

Victorian Government. Listen

to parents, listen to children,

see what we do in our school and value us as we

should. Absolute unity and

commitment to the cause but

also frustration. There's been

no movement. Union members will

vote on weather to implement

more work bans and rolling

stoppages in term four. The

Government has condemned the

strike action. Like many on the

land in Australia dairy farms

in Britain have been

complaining about falling

prices. Well today there has

been a break through with both

UK farmers and milk producers

siege up to a voluntary code of

practise. The deal should now

lead to fairer prices for

farmers. It is all about the

price of milk. Farmers complain

that they're loosing about 4p

on every leader they produce.

They say they have been bullied

into contracts which give huge

advantage to the big buyers. A

series of cuts and the price

farmers have paid led to

protests and now a

Government-brokered voluntary

code of practise. It says farmers should get more

flexible contracts, be given

better notice of price changes

and offered a chance to find

better deals elsewhere.The national farmers union has

welcomed the news, many big

processes are also signing up.

What the voluntary code of

practise will do is enable

farmers to understand how their

milk price is calculated and

what farmers are telling me is

they want transparency, they

want to understand why they get

the price they do for milk and

the voluntary code of practise

is a massive step forward on

that. The voluntary code of

conduct will not solve all of

the problems but it is a

much-needed positive move.

Let's have a quick look at

other stories making news

around the world. A bus has

plunged into a ravine in

central Morocco killing more

than 40 people. Another 24

passengers were injured in the

crash between the desert cities

in Marrakesh and Ouarzazate.A

political party in Pakistan has

launched a campaign to promote

the use of head covering

garments for women. Campaigners

have been distributing free

hijabs to women in markets so

they can sell them at discount

rates for a week. Talks in

Norway will try to end Latin

mesh's longest running inSuburb againsty. Colombian President

Juan Manuel Santos is hoping to

find a lasting peace with Farc

the revolutionary armed forces

of Colombia which has been

holed up in the Colombian

jungle since 1964. Jacqueline

Freney has equalled the

Australian record for the most

gold medals at the Paralympics

with more swimming success in

London. The 20-year-old took

out her classification in the

50 metres freestyle to win her

sixth gold medal for the games.

It has become a familiar

introduction in London. The

winner of the gold medal and Paralympic champion, Jacqueline

Freney! The Brisbane-born

swimmer's sixth gold medal

equalled the achievement of

Siobhan Paton from the Sydney

parayps and Paton was coached

by Freney's grand party

father. She will win it by a

body length. Le the only real

secret is hard work and

dedication to my sport. I have

been training for eight long

years and this is where it's

gotten me. 19-year-old Brendan

Hall was in a league of his own

in the S9 400 metres smashing

his world record. 14.88.

Brendan Hall, champion,

superstar. I swam the last 10

metres smiling into the world.

First Paralympic individual

gold medal for me. At the

stadium the youngest member of

the Australian track and field

team, 15-year-old Rheed

McCracken finished strongly to

take the bronze in the 200

metres. There was no doubt

about Russia's victory in the 4

by 100 metres relay for

cerebral palsy athletes but

there was confusion about what

went on behind. The Australians

were disqualified for stepping

outside their lane but lodged a

successful appeal saying they hadn't immediated another

runner and finished fourth.

They then protested the British

change but that was dismissed

and the home team took the

bronze. Heart to McLachlan,

very dicey. The Australian

Gliders thrashed memberso 64-37

to book a semifinal with the

Raining champion USA. China has

a massive lead at the sop of

the medal tally.

Staying with the London

Games, swimmer Matthew Cowdrey

may be about to break the Australian record for career

gold medals. He competes in his

pet event tomorrow morning and

he is not stopping there. When

Matthew Cowdrey anchored the

four by 100 metre relay team to

gold at the weekend he became

Australia's most decorated

paralympian with 19 medals

overall. He was only halfway

through his London program. It

is a little strange after every

race walking up to do the

interviews and everyone seems

to be talking numbers not so

much the performance. It is

something I wouldn't have

dreamed of coming into this

meet to be considered in that

equation to be one of Australia's greatest ever

paralympians. He now has 10 Paralympic gold medals in

total, equal with runner Tim

Sullivan. The next could come

with one of his favourite

events, the speed frenzy that

is the 50 metre free style. I'm

leaning towards the 50 metre

events with the underwater

events at the star. It is good

to get to some of my for

favourite events. He was born

with part of his arm missing

and started swimming when he

was five. His coach at the

Marra Olympics says what sets

him apart is pure competitive

instinct. I think that is a

special talent that he

possesses. When he gets up on

the block you see a different

Matt. He is ready for it and he

is ready to go to war. Cowdrey

has been leading the swimming

troops in a winning campaign.

In the best received of the

three Paralympics he's seen. To

go from Athens when we weren't

swimming in the statement pool

at the Olympic guys, we swam in

the water polo pool that seated

2,000 people to now swimming in

front of 18,000 every night

sold out, it is insane the

number of tickets that have

been able to be sold. I think

it has opened everyone's eyes

to Paralympic sport and a lot

of people are appreciating what

we have to offer. The number of

visitors to Olympic Park has passed 1 million with five days

of competition remaining. The defending champion Samantha

Stosur is out of the US Open

after losing a tight three-set

quarter final to the world

number 1, Victoria Azarenka.

After dropping the opening set

6-1 the Australian fought back

to take the second 6-4. There

was little between the two

players and the deciding set,

which went to a tie breaker.

The Belarusian took the tie

breaker 7-5 to end Stosur's

hopes of winning the title

again. She has done it.

Victoria Azarenka has won. 6-1,

4-6, 7-6. On a rain-interrupted

day Spaniard David Ferrer beach

Frenchman Richard Gasquet to

advance to the quarter finals.

To the weather now. The

satellite shows cloud crossing Tasmania, Victoria, western New

South Wales and eastern parts

of South Australia ahead of a

front. Cloud over southern

South Australia with a front

and low and patchy cloud over

the southern and western coasts

of WA in onshore winds. A

trough in front should cross

south-east Australia bringing

showers with locally heavy

falls in Tasmania and South Australia. Moist south-easterlies should

direct isolated showers onto the Queensland coast. A ridge

of clear showers from the west.

That's the news for now. I'm

Ros Childs. Have a great

afternoon. Closed Captions by CSI.

This Program is Captioned Live.

Today at the National Press

Club, the Chief Executive of

the CSIRO, Dr Megan Clark. Dr

Clark has been in the job since

2009. She began her career as a

mine geologist before taking on

several senior roles with BHP

Billiton. Today, she will

discuss ways Australia can

remain competitive in the face

of global change. From the

National Press Club in

Canberra, Dr Megan Clark.

On behalf of the National

Press Club, welcome to the

National Gallery of Australia.

Since her appointment as Chief

Executive of the CSIRO back in

2009, one of the consistent

themes that Dr Megan Clark has

pursued is the critical role of

innovation in dealing with the