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 Network News -

View in ParlView

(generated from captions) The top stories today - Federal Cabinet is meeting to put the finishing touchs to another round of spending cuts . Treasurer Chris Bowen is expected to hand down an economic statement this week addressing falling revenue. There's speculation about the visit the Governor-General today if an election whereas to be held on August 31. be held on August 31. The fourth and final flight of equipment destined for the expanded man news island asylum processing centre will arrive today in Port Moresby. Antonov carried 10 shipping containers. A new study says heart attacks survivors are
putting their lives at risk by not following doctors' orders. More than 500 heart attack survivors were surveyed by independent health researchers Baker IDI. The study found many sufferers don't take medication and continue to live unhealthy lifestyles, greatly increasing their risk of another heart attack. And Pope Francis has wrapped up his trip to braz Will a mass in Rio de Janeiro. An estimated 3 million people attended the service on Copacabana Beach. It marks the end of the biggest Roman Catholic World Youth Day. More on that trip to Brazil know and those amazing pictures of the crowd gathering on the beach. The Pope is heading back to Rome today after a week-long trip during which he called on young people to help change society by fighting apathy. This was one of the biggest gatherings ever Steen in Brazil. At least 3 million pilgrims waking up after a night-long vigil on Copacabana Beach, inspired by a Pope who communicates at their level. This papal visit may have been more about style over substance, but in the words of one Vatican insider, Pope Francis has electrified the Catholic Church and brought many young people back home. For the leader of a church that's trying to overcome so many internal problems the adulation has been almost unconditional.

The church especially here in Latin America is increasingly charismatic, and for a moment, even the Bishops perhaps have got who they were . - Bishops perhaps forget who they were. The verse "go and make disciples of all nations" has been a constant theme.The church needs you, your enthusiasm and your creativity, Pope Francis told his young attentive audience.

E repeatedly, Catholic youth have heard Pope Francis tell them to get up, go out and spread the word. As they joined together in pilgrimage, they also said it was a church beginning to listen and modernise.Any institution that doesn't deal with its young people is going to die. And that's just the way that it works. The church has to address the young people nurture their faith, nurture their spirit twality or else the church will cease to exist. But there are other young people here, also with
marching this weekend. Unhappy with the Pope's visit and the church's traditional stance on issues like abortion and gay rights.The money from people in this kind of event, it's bringing nothing for us. Sheer bringing nothing for enthusiasm for Pope Francis enthusiasm for diverted attention away from serious diverted attention away problems. Hosting the World Cup next year will be a much tougher challenge.

Nathan tougher Australia's youngest billionaire. Now he has been forced into a fire sale of assets. Tonight 'Four Corners' looks at the story and the reporter is Stephen Long. He joins me now. Good morning. Is Nathan Tinkler broke now or was he able to quarantine some of his Commonwealth from the problems?We believe he has some of his wealth quarantined in a family trust. He is living in Singapore. I expect some of the money is squirmed offshore but that hasn't stoped a situation where he es's got so little ready cash that he has had a lot of businesses wound up, and he also hasn't paid a lot of bills. But that's been his modus operandi from Day 1. Where is it all start?It started when he became a pit electrician in the mines outside of Muswellbrook and Singleton in the Upper Hunter valley. In New South Wales?Yes, in New South Wales. And what we've learnt, Joe, is that he purchased a house with his wife Rebecca in 2003. In mid 2004, the lender foreclosed and got an order for repossession because he wasn't making the mortgage repayments. At least five creditors also got court orders and orders from the Cher river's office to repossess goods. Singleton council over a got an order to repossess his house on on contents right down to house on on to the lawnmower and the whipper snipper. This is 2003. 2009, he is worth $440 million. It's an extraordinary rags-to-riches family.When did he suddenly come across all this money or possible wealth? He society up a company basically hiring out tradies to the mines. He was in debt problems when he did that but he managed to scrape together with a business partner a million dollar deposit on the middle mount coal lease in Queensland.It was in 2005 or so? This was in 2006. Bring in backers, 30 million is cost, I don't think he put up much of the money but the coal boom took off, Macarthur Coal bought the lease, and he took shares in Macarthur Coal as payment, it was a takeover target. He sold his shares for $442 million.He this had that in cash, then? 18 months later where he bought the Maules Creek deposit and the Gunnedah basin in north-western New South Wales, he had virtually no cash reserves. He'd burnt through so much money he could only bring $9 million to the table. Borrowed about $500 million at credit card rates.What happened to all the quash? $150 million buying horses and stables, private jets, houses all over the place, punting like a day trader on stocks. Getting margin loan so is amplified the risk then losing out big-time when BHP and Rio Tinto, for instance, their shares went down with the GFC. So he lost tens of millions. 70, 80, maybe 1430 million is one estimate we've been given on share trading. 150 million on the horses. And the lifestyle stuff, the jets, the houses, the luxury

the luxury living. Where does it all stand now? There are creditors who are significantly out of cash now?There there are many many people who haven't been along the way. The credit rating of his horse stud is the lowest possible rating given by the main credit agency. 99.9 times worse than average. Another of his companies, a construction company, a similar deal. He's had creditors looking to wind up various companies. He looked like he could face insolvent trading charges after failing to come up with $28 million he'd promised to buy a stake in the mining exploration company. He managed to bring up 11 million to make that go away. He's lost his last remaining large coal stake at 20% stake in a big coal company Whitehaven and he's jost shore in Singapore. We don't know what his next play will be. bust
Are there people who've gone bust because of him?There are. There's people who've gone way. suffered hardship along the
broke and people who've

electricians. You'd say that way. We interviewed some electricians. You'd say sparkie, electricians. You'd say that a
sparkie, an have sparkie, an electrician would
have more support for the humble tradesman, but
electricians, farrier s who shoe the horses didn't get electricians, paid, right to the top end shoe the horses town. He angered people so much that we learned that one of the Patenak Farm horse floats, a big prime mover that moves maybe 20 horses at a time was fire bombed. Jeez. So what's likely to happen from here?I don't know. He's had two speculate plays when the coal price was rising and made a fortune. The youngest billionaire. Can lightning strike thrice? Could he do it again? Who knows. No-one knows what he's doing in Singapore where he has had financial backers. Were you able to track him down?I went there and I got into the house that until very recently he'd been renting but Nathan had left. No turn nur?I had a very interesting exchange with the cleaner who was tidying up for the new tenant. We didn't find him in Singapore, unfortunately. We gave it a red hot go. Looking forward to the story tonight. When can people see this?8.30 on ABC1, 'Four Corners'. Looking forward to t thank you, Stephen.Thanks Joe. The death toll from a bus accident in southern Italy has jumped to 24. The bus ran off a flyover near Alavino and plunged down a slope. The bus was carrying more than 40 people back to Naples following a pilgrimage in the southern region of Campagna. 11 people were rescued from the wreckage and taken to hospital some with serious injuries. Supporters of the ousted Egyptian President Mohammed Morsi have vowed to continue their protests despite threats to have them removed from the streets. Phillip Williams went inside pro-Morsi camp to speak
face-to-face for his supporters. For hundreds of metres up and down these streets you have these tented areas here. We're in the pro-Morsi camp. Literally thousands and thousands of people are not only coming here daily to protest, they're actually staying here and they are absolutely determined that they will not be moved. The government wants all these people and all these tents cleared away. They say the local residents have been complaining about it and they threatedened to move in and force them out but these people say they will stay here for as long as it takes to get their President Morsi back in power. Are you prepared to stay here even if it's dangerous, eveno even if that's shooting?We know already there's shooting but we need to protect our democracy. Are you scared for your own life?No, not really. In every country in the world that runs the revolutions, that is life taken and somebody need to protect our rights.We are here. We won't surrender to them. We are here. If we die or we win or die here. No-one of all the Egyptian people who are settling are settling there won't leave this place, no, till they die.This is an extension of the field hospital that was filled to overflowing on Saturday night with the many hundreds of injured from the attacks around the square. Now these people have come back for re-treatment. The more serious cases have been taken to proper hospitals. But they are preparing here, the doctors are preparing for major attack again and this is what one of them told me.All the doctors here had worked in very severe cases. They have worked in put Pell injuries, but here, Saturday night was above any medical history that has been seen before. You're worried it will happen again?We hope not. But we must be prepared. The depressing fact is there is no compromise on either side. And with the recent killings, attitudes have hardened and that can mean only one thing - more bloodshed to come.

US official says they're planning a resumption ever peace talks between Israeli rail and the Palestinians with the first due in Washington tomorrow. The negotiations have stalled since 2010. Earlier the Israeli Cabinet approved the release of more than 100 Palestinian prisoners. It also approved a referendum for any approved a draft Bill requiring agreement with a referendum for agreement with the Palestinians
that involves a referendum for any peace
agreement with that involves territorial
concessions. agreement with the Palestinians
that involves concessions. The Israeli
Cabinet gathered that involves territorial Cabinet gathered in Cabinet on Sunday to consider whether to release more on Sunday to to release more than 100 Palestinians. A proposal that even the Prime Minister Palestinians. A even the Prime Minister found
hard to accept.This moment is not easy for me. It's not not easy for me. It's not easy
for the Cabinet ministers and it's especially not easy for the bereaved families whose feelings I understand. But there are moments in which tough decisions must be made for the good of the country and this is one of those moments. Israel has held thousands of Palestinian prisoners for many years. Now, some of the families of those in detention are allowing themselves the hope that their relative might get out this time.We can't express our feelings. Any human being would feel the same. For 20 years he has been in jail, all of his youth. We were prevented from visiting him so we hope, God willing, to see him as soon as possible. But we are worried because we can't trust Israel. And that is the problem that will be at the heart of negotiations between the two sides. Trust. This anti-negotiation demonstration in Ramallah on Sunday was mirrored by another held in Gaza. Hamas governs Gaza. It will take no part in any talks.We reject the return of the Palestinian Authority to the negotiations because the Israeli occupation is the only side that will benefit from it. Also the release of any Palestinian prisoner is our right. It is not a favour from the Israeli occupation. Representatives of the Palestinian Authority are expected to take part in negotiations. In a statement after the Israeli Cabinet's decision, its chief negotiator said:

But with many Israelis and Palestinians implacably opposed simply to talking to each other, any negotiations seem unlikely to bring a durable settlement. Let's check the markets now with Alicia Barry. It was a good year on the markets up to the end of June and it's still rising?That's right, Joe. The market seems to have been holding onto Friday's gains and we're expecting a rise of 16 points at the open. the market is still holding well above that well

Rio Tinto has offloaded its majority stake in the north parks copper and goldmine in central-western New South Wales - north Parkes. A Chinese company has hey greed to pay $88 million for Rio's 80% stake in the mine. Rio says the mine is a successful business but is too small to remain part of the company as it seeks to rein in costs. If approved by regulators and share holders the deal is expected to be complete by the end of the year. There are concerns low interest rates aren't sthim lating construction as the mining boom winds down. Economic forecasting agency BIS Shrapnel says the next 12 months will be a critical test of how quickly the building industry can take over as a leading source of economic growth. Its Building Australia report suggest there is will be little growth in residential construction in the coming year. It expects housing construction will pick up in New South Wales, Queensland and Western Australia but it's forecast to stall in the other States. Taking a look at what the markets will be focusing on this week

Turning overseas - and China Turning overseas is reviewing its public debt on concerns that official borrowings are causing problems in the financial system. Beijing will hold a nationwide audit to determine the extent of bad debts weighing on the economy. The State Council led by the premier requested the National Audit Office to conduct the review according to a statement on the organisation's web site. China's government has taken on a growing burden of debt as public investment replaces exports as a key driver of growth. A French and US company have announced plans to merge and create the world's biggest advertising group. Publicists and Omnicom say each will own 50% of the new company that is the latest for now, Joe. I will have more for you throughout the rest of the day.Thank you, Alicia. British soldiers have been involved in a week-long operation to clear in insurgents from an area in southern Afghanistan. The latest mission was undertaken after Afghan military commanders requested assistance. It was the scene of between some of the fiercest battles
between UK forces and the Taliban. By the time between UK forces and Taliban. By the time British troops left Taliban. By troops left Sangin in September 2010, more than 100 had been killed. Now it's emerged that nearly three years later, they've returned, to help the Afghan National Army clear the Ministry of
area of insurgents. The Ministry of Defence insists that the role of British troops was limited to providing back-up to an Afghan-led operation but the fact their help was needed will raise further questions about the ability of the Afghan army to maintain security here once NATO combat troops leave at the end of next year. Coalition forces are training their Afghan counterparts in readiness for that moment. The top US General believes they're ready.The Taliban began this year with certain stated objectives and they wanted to break the confidence of the Afghan security forces. They didn't accomplish any of that. But not everyone is so confident. Most Afghan MPs believe the security situation is now getting worse.If United States and British politicians say to Afghanistan "We return and bye-bye", in this case it will be a disaster in Afghanistan.The MoD confirmed the Sangin operation is over stating: Just now capable those forces are remains a matter of intense debate. An estimated 35,000 people are reported missing every year in Australia. This week marks the 25th anniversary of national missing persons week. This week is national missing persons week and this year's focus mental illness. Rebecca Cotts from the Australian Federal Police national missing persons coordination centre and Mark Jones whose brother Anthony went missing in 1982 which was the catalyst for the establishment of national missing persons week, they both join me now. Mark, we'll start with you. Could you tell us a bit about the beginning of this campaign?My own brother went missing in 1982 under suspicious circumstances. The family went through great difficulty it is getting that investigation carried out in a proper manner. My elder brother Brian at the time wrote a book on our experiences. He felt he didn't want other families to go through what we went through. They said look just declare it. We through. They declare it. We did that. That was in declare was in 1988. The media got on was in 1988. board and we got great was in 1988. The media got publicity over the years board and we got great through that. That's been a key publicity over the ingredient in bringing awareness and helping people find out what's happened to their loved ones. What sort of response have you seen over the response have you seen over years?We've seen a great response on individual cases through the media. Many of the holder cases, there were some great breakthroughs with that. Other TV shows came on board and got behind it. Through that publicity, people have been make some breakthroughs they weren't otherwise able to make.Could you tell us a bit about the logistics behind a campaign like this. I believe you're trailing some new things this year?This year we're the links between that and people going missing. This year Google have come on board with a new technology as far as demographically searching for people. Typically if somebody from New South Wales logs on to look at a YouTube clip, a pre-roll ad will come on and it will display a profile that's outstanding from New South Wales.How big a factor is mental illness in the cases you come across?There's three absolute at-risk groups identified time amounted time again through research. The first of those is youth which is about 20,000 of the overall 35,000 that go missing every year. The second is people suffering from a mental illness and the third is elderly or dementia patients. It's a massive at-risk group within the sector.Thanks very much both of you. missing persons week 3 August. With this year's focus on mental 3 August. With this focus on mental illness, if you know someone who does need help, they can call Lifeline on 13 11 14. Now, here's a giant mushroom story just for something different. Residents of a town in southern China are pondering whether they have a world record on their hands after the discovery of a giant fungus. The large clump of mushrooms which numbered over 100 caps atachled at the base of their stems was discovered in Yunan province. It was proudly put on display by the man who found it but it's not known what type of fungus it is, or whether the mushrooms are safe to eat or not.

Time now for the latest weather with Vanessa O'Hanlon.

Vanessa O'Hanlon decided to wear a suit today! Obviously that was Paul Higgins with the weather there. If you want to have your say on any of the stories we're following today, you can get in touch:

Stick with us on ABC News
24. We have a live event coming up in the next hour or so. The Opposition Leader Tony Abbott is at a child care centre in Granville in the west of Sydney. I will be back shortly with more of the day's top stories.

This program is not captioned. This program is not captioned. This program is not captioned. This program is not captioned.

This morning - Kevin Rudd's Cabinet meets to finalise spending cuts, still no word on an election date.

The PNG solution, the final cargo plane heads to Port Moresby for the expansion of the detention centre on Manus Island. Getting heart smart. A report finds more than half of heart attack fatalities are people who've had a previous attack. And former NRL and State of Origin coach Graham Murray dies in Brisbane. He was 58.

Good morning. You're watching ABC News 24. I'm Joe O'Brien. Taking a quick look at the weather first in the capital cities around the nation today: