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(generated from captions) take the heat. So at this stage no

decision has been taken and our

interest rates remain under review.

year. For Westpac, it has been a great

In 2008 its net profit was $3.8

billion. Last year, in the heat of

the global financial crisis, its

fortunes eased back to just $3.4

billion. But this year with the government savings guarantee and the economy recovering, Westpac's

profits soared to $6.3 billion, up

a whopping 84%.

result. This is a strong, high-quality

Clearly the Commonwealth Bank

underestimated the backlash its

0.45% hike would cause. Now it may

have to take responsibility for a

government crackdown on the whole

banking sector.

Joe Hockey's been bashing banks for

nearly a fortnight. I'm not backing

down one iota. Not one iota. Today

- with voters congratulating him -

the Shadow Treasurer clearly felt

vindicated. I'm not budging.

And Treasurer Wayne Swan, also now

making threatening anti-bank noises,

looked like someone playing catch-

up before he flew off for economic

talks in China and Japan. The banks

should not underestimate for one

moment the determination of this

government to put in place a range

of reforms which will make the

system more competitive. The big

four lenders have no friends in

politics now, only savage critics,

following the Commonwealth Bank's

grab for cash yesterday, raising

its mortgage rate by 45 basis

points, almost twice the hike in

official rates set by the Reserve.

Mr Swan says the government has

been working for some time on a

bank reform program to be announced

next month. The banks are arrogant.

We are going to empower our

regulators with all of the powers

that they need to make the system more competitive.

The Coalition claims Mr Hockey beat

him out of the blocks with a nine-

point plan unveiled last week. The government's shuffling belatedly

and embarrassedly towards our

position today. In fact, Mr Swan

was weeks ahead of Mr Hockey in

revealing he's looking at ways to

keep competitive pressure on the

big banks. One measure he mentioned,

giving the ACCC more powers, became

the first of the Shadow Treasurer's

nine points. But in politics it's

perceptions that matter. The public

perception is that Mr Hockey led

the way in demanding action to pull

greedy and unpopular banks into

line and Mr Swan was reluctant.

We're very concerned with these

proposals that have been floated by

both sides of politics.

How finance editor is with us.

Business is booming at Westpac. The

Commonwealth is upping its rates

and the Treasury is telling people

to change banks. It sounds like a

good idea but is it easy? I do not

know if anyone has tried to change

banks recently put it is much more

difficult than people say it is. It

is costly because there are exit

fees. Pending -- potentially that

is what Wayne Swan is trying to get

rid of. If you change the mortgage

to a different facility, at State

Government stamp duty that will get

to every time. For many families,

that is the one big hurdle.

It's not just the banks which are

taking their bite. An independent

review of the electricity industry

in NSW has found soaring profits,

skyrocketing prices and a greedy

government are responsible for the

paying. hefty bills that we're now all

The old saying goes the grass is

greener on the other side. Well

it's true for the Banks family of

Queanbeyan when it comes to

electricity prices. If they lived

just 400 metres down the road, in

the ACT, they would pay 60% less

for their power. But they're not.

They're in NSW and paying the price.

I think it's really unfair. I don't

know why just because we're across

the border, it should be equal

Australia-wide, should be one set

price. But it's not just Queanbeyan,

as the Auditor-General found when

he reviewed the electricity sector.

The prices have increased, the

profits have increased and the

payments to the government have

increased. Here's the breakdown:

Profits for the government-owned

power companies, including Energy

Australia, Integral, and Country

Energy, rose to $1.2 billion - an

increase of 41% in the last year

alone. Of those profits the

government stripped out even more,

taking back a total of $1.4 billion.

And while their profits are booming

our prices are going to rise again

by up to 42%. When you look at your

energy bill when they come across

your table what you're staring in

the face is mismanagement. The

Premier disagrees and says a

perfect storm of demand and supply

factors including the greater use

of plasma TVs, air-conditioning and

laptops has pushed prices higher.

That's a good thing. Those

appliances make life easy and more

pleasant but it also increases demand for electricity.

The Premier is really tried to save

the face. Is her point convincing?

Not really. The premier has

announced there is inquiry on the

issue. She conceded whether the

issue of the profit should be

lowered to cut up power bills

should be looked at. That is good

news. The next generation of trains

to hit out tracks, they are not

ready. They have failed safety

tests. They were supposed to be up

and running two years ago. They

will not be up and running until

after the state election in April.

A 17-year-old boy was shot dead

this morning outside his home in

South West Sydney. Members of his

family when you buy as he was

gunned down.

John Wisniewski - six months shy of

his 18th birthday, saving for a new

car and loving life. A life cut

short in his front yard. He was

gunned down, his younger brother

and mother standing just metres

away. He did nothing wrong. He was

just a kind loving boy, he was so

young, no one deserves that. The

kitchen hand answered a knock at

the door around 5:00am. A group of

men confronted him. It's believed

he was shot at close range, wounds

to the chest and neck.

This morning I was woken by a

series of bangs. I think my house

is directly behind his.

As friends and family gathered at

Fairfield Police Station, police

revealed they're targeting three to

four men and they want information

about the last week of John's life.

At least one of the offenders knew

of the victim. John's ex-girlfriend

had barely spoken to him in the

last six months. Today left with

deep regrets. I just want to say

rest in peace. I love you, John. He

was a clown, he always made jokes,

he was into his tattoos. Who

treasured his family more than

anything in the world. His mum was

his mum. number one to him, he always loved

Do police have any idea of a

motive? Police are looking at the

possibility that his death may have

been linked to information that any

-- that he may have had about a

robbery. While the cordon has been

lifted on the street, and police

are investigating, they are

appealing for anyone with any

immediately. information to contact them

A huge fire destroyed part of a

Penrith shopping complex last night

and nearly 24 hours later it is

still smouldering. At the height of

the blaze, an exclusion zone had to

be set up as dozens of gas bottles

exploded. Police were not letting

anyone get too close. The burning

tent shop was a ticking time bomb.

Woah (BLEEP).

The fireball and the panic that

followed was all caught on camera

phone. The gas bottles inside just

started exploding and it got bigger

and bigger. It took 75 men three

hours to fight the flames which

raged dangerously close to

neighbouring businesses. A million

dollars in stock was destroyed. The

damage has devastated the shop's

owner. Yes, it is a shock.

Investigators think the fire

started in a bin behind the

building. The area is now a crime

scene. This could not have come at

a worse time for the dozen or so

retailers here. They are already

facing a bleak Christmas after

yesterday's shock interest rate

rise. We are not allowed to open,

there is no power and no telephones.

We are losing money every hour we

are closed. At least they are still standing.

President Obama is paying the place

for America's struggling economy.

The mid-term elections have dealt

the President what could be the

worst poll defeat in 68 years. That

is correct. It is a hymn really

take a loss for President Obama and

Republicans have won back control

of the House of Representatives.

Why did it happen? It is all about

the economy. People are saying that

he has been in for two years and

things have not got any better.

Tonight was a night of the Democrats would rather forget.

They knew it would be bad and it

was. As a report card, it makes

grim reading. A strong wake-up call

for President Obama. 90 million

people voted. In state after state,

they abandoned the man who only two

years ago rode in on a wave of

unprecedented optimism. It is not a

friendly night for President Obama

and his supporters. The Republicans

and the Tea Party movement picked

up a swag of seats. We have come to

take our government back. One-time vice-presidential candidate Sarah

Palin described it as an earthquake.

It was not so bad in the Senate.

The Democrats fought back and held

on. It has been a one-issue

election. Nothing matters more to

Americans than the state of the

economy. The President has to

acknowledge the magnitude of this

rejection and find a way to

convince Americans that he has a

plan to get the economy moving. His

next two years in office will be an

uphill struggle.

It is not a bad effort. Not even

two days old and Taronga Zoo's

newest baby has stepped out to meet

the rest of the herd. The little

one stuck close to mum's side but

seemed quite at home in the open

air of the elephant enclosure with

just the occasional prod required

to keep her in check.

In the news a header - a special

investigation shows how Sydney

train drivers are putting your life at risk.

Dramatic pictures as police hunt

down a big fish dock after an attack.

Newly married with a baby on the

way. I am really excited. It is the

next stage of my life. The shock deaths of a

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This program is captioned live.

If you or one of your loved ones

regularly catches a train, you will

be shocked by this next story. Nine

News has learnt that almost 400 of

Sydney's train drivers have been

suspended and eight have been

sacked for putting the lives of

their passengers in danger.

Caught breaking the rules designed

to keep us safe. Our cameras

snapped this driver talking on a

mobile phone while travelling on

Sydney's busy northern train line.

Another caught in the act at

Lidcombe, sending a text message

while behind the controls. It's a

matter we take very seriously, the

drivers are clear, they're not

allowed to do it. But that hasn't

stopped hundreds of train drivers

risking it and getting caught. A

train driver can't do anything now

without everybody knowing about it.

Of the 405 suspended in the last

three years: 351 were stood down for three years: 351 were stood down

for running a red signal. Five were

clocked for speeding. Three were

busted talking on their mobile

phones. And two train drivers were

sacked for drink driving.

If a driver does make an error, we

immediately take them off driving

duties while we investigate.

Running a red signal lead to this

train collision in Melbourne six

months ago - 13 people were injured.

A million passengers hop on and off

2,500 train services around Sydney

everyday. Rail bosses are

investigating whether fatigue could

be a factor behind the high level

of driver error. It is an extremely

stressful job. Our members will

complain about the amount of work.

Not very reassuring for commuters.

These guys have got a lot more

people's lives in their own hands.

It is concerning, you wouldn't

expect a bus driver to be doing

that. And travellers will be

wondering that if over 400 drivers

were caught, how many more are breaking the rules?

Three dogs have led police on a

wild chase through suburban

Melbourne. They'd attacked a 17-

year-old boy in a park but things

got interesting when officers tried

to capture the dogs. They scattered

in all directions, one running

through a supermarket car park and

past frightened children. Another

was cornered in a backyard but got

away. Eventually one was captured

and the other two were shot dead.

Andy Irons has died suddenly,

possibly from a drug overdose. The

body of the 32-year-old has been

found in a Texas Hotel and there

are reports of methadone and

prescription drugs by his bedside.

This is the way Andy Irons will be

remembered - a big wave master with

the courage of an old fashioned a

gunfighter. He abandoned the Pro

event here in Puerto Rico

complaining of a virus, but

Hawaiian newspapers report it may

be an overdose, from methadone or

prescription sleeping tablets.

All I know is he was ill, he could

not surf his heats and he wanted to

get home as soon as he could. Home

is Hawaii but he was apparently in

Dallas waiting for a connecting

flight. I broke down. I ran up to

my wife and I have just been going

through waves of emotion all day.

Andy Irons is a three-time world

champion. After a break from pro

surfing, he came back this year to

win the Tahiti Pro. His wife is due

to give birth to their first child

on Christmas Day. It is really cool.

I am really excited, I cannot wait,

it is kind of the next stage in

life and for me it is going to be

something that I definitely keep

myself occupied. She is expecting a

boy. What are they he wants, he can

just go for it.

His surfing family are in this

hotel in Puerto Rico. While

officially the competition has been

postponed, there are fears that it

may have to be called off.

A cloud is hanging over veteran

jockey Jim Cassidy. He is in

trouble over a positive drug test.

Our cricket team under the palm against Sri Lanka.

D mac is a slice that some of the

world's best golfers were happy to show offer.

Sydney get a nice sunny day

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VOICEOVER: At ActewAGL, we're looking forward - forward to a world with boundless energy, a world where your old mail ends up in this bin a world where we leave things greener than we found them, a world where you don't fill up, you recharge. Every day, we're powering towards this future by sourcing green energy through Greenchoice, supporting an electric vehicle network, moving our headquarters to a new, energy-efficient building and encouraging paperless bills. ActewAGL:

This program is captioned live.

Hoping to break a 5-match losing

streak, the Australian cricket team

is in a real fight in the first of

the one-dayers against Sri Lanka.

Michael Hussey was the best of our batsmen.

The Aussies have not had much to

cheer of late but Elise they got

the toss correct. They were

desperate to set a competitive

total. As usual, it was hard to

pick Malinga be slender. But with a

bit of luck, Watson and Brad Haddin

saw of that threat. It could not

last forever. Watson went for 10.

Brad Haddin continued to plough on,

scoring at a run a ball. Michael

Clarke went for 27. Then the

Aussies were faced with a massive

swing, they slumped to four for 48.

The extra bounce off the surface of them caught Marsh off balance.

Smith also went at a vital time.

Michael Hussey he'd just one

boundary on his way to 50. It would

take some tight bowling and extra-

special fe de -- fielding to get

the Aussies back into this match.

Breaking news for the Eels. Chris

Walker has been signed by

Parramatta. The incoming coach says

he has done background checks on

Walker and says his attitude is spot on.

A half share in So You Think has

been sold to an international group

for over $30 million. But he will

continue to race. Two-time

Melbourne Cup winner Jim Cassidy

has been suspended for three months

after testing positive to marijuana.

On racing's biggest day Jim Cassidy

was hiding a secret. The champion

jockey knew he had an impending

appointment with Racing NSW

officials over a positive drug test

he returned after a race at Warwick

Farm last month. He's had that

hanging over his head for just over

a week. Today Cassidy was banned

from the sport. He won't race again

until February. Those rules are in

place for obvious reasons, safety

and integrity. Meantime the

Melbourne Cup winners are now in an

endurance test of their own. I'm

not sure how much longer I can keep

going. Going the distance last

night.'s I wasn't sure whether I'd

cry or explode. What is going to be

the first thing that you spend your

money on? A picture of me leading

the horse in. It is just amazing.

It is just awesome. The jockey is

light by $300, fined for blowing a

kiss before the finish line. Did

you pay that yet? At the Cavern

will pay it.

will pay it.

Not too long ago it was unthinkable

but after five years Tiger Woods

has lost golf's top spot, to none

other than Englishmen Lee Westwood.

The American managed to keep his

sense of humour as the two faced

off ahead of the Champions

tournament in China. Woods will

arrive in Melbourne next week for

the Australian Masters.

Robert Finch resigned today after

eight years. The cricket is right

after the news.

At the stock market hit a 6-month

high today. Dear All Ordinaries

gained 20 points.

It was almost a summer today.

It's certainly felt like summer.

All the details

Coming up on WIN News... The Coming up on WIN News... The repor

revealing public schools' funding

woes. And the Chief Minister

criticises the Commonwealth Bank

over its rate hike. Join me for all

the details next.

This program is captioned live.

It was a sunny day across Sydney

but do not get too excited, the

rain will be back sooner than you

think. Isolated showers are

expected this evening.

Cold south westerlies are pushing

light showers and highlands no to

Tasmania, and Southern Victoria.

Make the most of the sunshine

because it will not be back.

For more Sydney News, go to the

website. We are also on Facebook.

That is Nine News for this

Wednesday. Hope ate -- had a good evening.