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(generated from captions) This program is not captioned. We're just coming back a bit early because Justice Minister Michael Keenan has begun that media conference.Is a shared challenge throughout the region. The Australian Government has been very focused on making sure that we work with our colleagues in Indonesia but also more broadly in the region and the globe to do all we can to coordinate our efforts to degrade and destroy ISIL. Part of doing that is making sure that they are not getting support from any of our countries in financial or recruit ment sense and making sure we're using the financial intelligence we can get from our private sector partners and AUSTRAC to ensure we're doing everything we can to choke off any source of funds is going to remain very, very important. The shared challenge of destroying ISIL is a global channel. We're keen to work with our partners in the region and globally and to do everything we can in a financial and military sense and we've spent a lot of time focussing on what we can do to ensure our agencies are equipped to deal with it. We've done a lot for the Australian Federal Police, other security agencies, and AUSTRAC has been...Just welcoming Queensland viewers now on ABC and ABC News 24, we're watching the Justice Minister Michael Keenan speaking at a counter-terrorism conference.I'm going to invite me friend and colleague Minister Pangitin to say something and then we're happy to take your questions.Very good morning. I think it this conference is very good to all of us that we can establish more corporation among countries in the region especially and we understand ISIS threat. We believe with this cooperation we can try very hard to stop finance towards ISIS activities in the Middle East and in this region as well. So two institutions from Indonesia led by Dr Youssef and also from his counterpart from Australia, I think established already very close cooperation and I believe with this kind of cooperation we can minimise or we can cut the finance report from anywhere toward activity, ISIS activities. Thank you. Minister, can we just ask you a question. You drew a distinction between ISIS and Al-Qaeda in terms of their targets, soft targets and more institutionalised targets. We saw in Bali a similar sort of attack using explosions on many people, more than 200, is there any evidence to suggest that Jemaah Islamiah, given the recruitment of 800 Indonesians to fighting forces in the Middle East, has some form of liaison with ISIS?Well, I cannot give you evidence on this but I can tell you that we are working very hard to, you know, to see - to minimise the activities of the ISIS Indonesia. We understand this is not easy job but we monitor quite successful so far the activities of the member of foreign fighter and we understand, like we mentioned earlier, around 700 to 800 Indonesians right now somewhere in the Middle East or in Syria and around 52 get killed already over there and we are closely monitoring the activities of them as well as the financing. Dr Mohammad, I think, working very well on this and we do hope that we can contain any further activities of ISIS as much as possible in Indonesia.Can you confirm, you said I think in your address before that there is a significant number of Indonesians that have returned already but some that you do not currently know where they are. Is that a concern to you?Yes, like I mentioned earlier, we are monitoring very closely about foreign fighter come back to Indonesia but as far as we understand number of deaths, not really very much yet but I can assure you that we closely monitor and tracking, track the foreign fighter in Indonesia.But you're confirming then that there is a number of them that are in Indonesia but you currently do not really know where they are in Indonesia?Yes, we know where they are and we already arrested some of them and we'll see what happen but to be honest to you, our police and our intelligence agency successful so far to monitor activities of the ISIS within the country. But again, no country immune from this kind of threat. So we are working very hard in order to minimise again, like I mentioned earlier, about the ISIS activities within Indonesia.Minister Keenan, provided 400 people with specific swres to ASIO at the moment, it's doubled within a year , is it time for the Federal Government to bring in laws way ahead of the curve to safeguard what it's going to be like in 60 years or 70 years' time? I find it astonishing that there are people who are known extremists who are living in aur community. How is that the case?That's exactly what we have been doing. Since we've come to office we've been very focused on the rise of sigh ISIL and the threat it poses to Australia's national security, particularly, of course, after the terror threat alert level was raised to high in September of last year. The Attorney-General has passed through Parliament 4 tranches of legislation to make sure that our security and law enforcement agencies are operating with an updated legal environment which is commensurate with the threat and there is a 5th tranche of legislation introduced into Parliament just last week that takes into account some of the lessons that we've learnt over the past 15 months in an operational sense from our agencies. On top of that we've made an extraordinarily significant investment in our agencies, 1.3 billion dollars, that includes the Australian Federal Police, ASIO, other intelligence agencies and of course AUSTRAC who have been the beneficiaries of that investment so we can use financial intelligence to make sure we're doing everything we can to keep the Australian people secure. The other thing I would say to you is that in the past 12 months, our agencies, who are the best in the world, have stopped 6 attacks from occurring here in Australia and that is a testament to the fact that we are protected by agencies that are very good at what they do and we will continue to support them as the Federal Government as will State Governments around the country but this threat is very severe.You say it's commensurate with the threat, that's commensurate with the current threat, what about preventing the threat getting worse, instead of incremental legislation to go a step at a time, to go ahead of the curve. How is it that we have 400 people who are out there that are known extremists on a watch list who somehow are not committing any single offence?That figure of 400 is people who are of concern to our authorities and we have been ahead of the curve. The whole point of what we've been doing is making sure that our legislative regime is updated to reflect the deteriorating security situation in Australia. That's exactly what the Government has been doing and we've been very focused on that since we've come to office.Is there any Indonesian journalists here, by the way? OK.It knows of 170 people in Australia providing support to individuals of Syria and Iraq through finance ing improvement, if they're doing that right now why haven't they been dealt with?Obviously we're tracking suspect transactions and we're also assisting key agencies such as ASIO and the Australian Federal Police in their investigations so a lot of the tracking we do is of suspects that are within that 400 number that you're referencing. But I think the important point is this summit, I think, is evidence that we are constant ly challenging ourselves. This summit hasn't been called in response to any particular terrorist act. This is, in fact, been called that we, with our Indonesian colleagues and over 18 countries in our region are asking ourselves the question, is there more that we can do in a collaborative sense? Is there more we can do in a legislative sense? Do we have the legislation that enabled us to share seamlessly and realtime the intelligence that we need to do? So that's exactly what this summit's about. Obviously that is an ongoing commitment of both our governments.Just on that very point, and I think that's why the Minister got the original question. In a legislative sense, at what point will we see bank accounts frozen, assets seized and arrests made? It's one thing to monitor the financial activities of those who support terrorism, when are we going to see some definitive action in terms of stopping?Well all of those 3 things that you put to me are happening.To what extent?As I said in my speech, we had 23 arrests for terror offences over the past 12 months and we will continue to make sure that anybody who is doing the wrong thing is prosecuted to the maximum extent of the law.You will see that AUSTRAC has actually closed down a whole series of agencies of concern to them. I'm not sure if you want to add anything to that?I can. I think a couple of points. We have been in the last 12 months extremely vigilant around closing businesses that suspected in any way of not meeting their compliance requirements and may well be, if you like, supporting terrorist groups around the world by their lax compliance regime. So yes, we are very much doing that as we speak.With those 170 people what exactly are they doing? Is it simply a matter of transferring funds or what are some examples of suspect transations?That's a range of things. As you can appreciate, our job, as it is for a lot of our agencies, is to often define the illegal activity from the legal activity. It is quite legal for people to send money abroad so what we're looking for is particular attributes in the nature of the money, where it's going, who is end sending it, is the pattern a regular pattern? It's those things that we look for and I want to stress that our financial sector, the private sector, the banks the resiter sector may a critical role in supporting law enforcement agencies in pursuit of those suspects.Is it time to bring in new laws? Rather than toughen penalties and more resources for those who are breaking the current laws, is it time to bring in new laws?, for example, it's illegal to be an extremist. I know it's a banal description of it, the legal definitions that are brought in?I will just say to you we are leer to look at the laws as it relates to terrorism financing and that's why we've got such a distinguished group of private sector government agencies and academia here to actually consider the terrorism financing regime.OK, anything further?Minister, the Acting NSW Police Commissioner came out today to say that police have been retrained in NSW to shoot to kill in situations such as those scenes we've witnessed with the Lindt cafe siege. Does that signify a national change in direction in which we're going to deal with this threat now or is NSW speaking for itself or would you like to see the military being relied upon to a greater extent than nidge State police forces?We obviously take operational advice from our agencies, I won't comment specifically on NSW. But certainly NSW and the Commonwealth cooperate extensive on counter-terrorism matters. I visited the joint counter-terrorism team yesterday which is made up of police officers from the Australian Federal Police working side by side with their NSW colleagues. Clearly we constantly look at our operational doctrine. We make sure that it's tested and we make sure that it's fit for purpose and those conversations are ongoing. There is circumstances, of course, where the ADF might be used but in the first instance, it's appropriate that the police respond and they have been very successful in doing so. As I've said, they have stopped 6 attacks on Australian soil in the past 12 months and that's a great Testment to their professional. And they're doing everything they can to protect us.A lot of emphasis in NSW at the moment is focussing $43 million put aside by the Baird Government to encourage vigilance within the Islamic community. How effective can that be if the threat within that community is perceived as lower to their own safety?Sorry, I don't quite follow that question.If the threat to the Islamic question is perceived by its members as not being as high, how effective can the vigilance and productivity be?Well, look, I don't think that's the case. I've had long conversations with the leadership of the Muslim community in Australia and of course they are deeply concerned about this and it's their young people who are being radicalised and going down this dark path. So they need to be our allies, there's no question of that, and we need to work as closely as we can with the Muslim community in Australia to ensure that they are our partners and that they are working side by side with the Government to counter this threat and that's going to remain a very important relationship. We work on it and that's certainly been reciprocated by the vast majority of the Muslim leadership. Now Minister s there anything you wanted to add before we closed?I just want to thank you to the Minister Keenan and the Government of Australia to organise such a very important meeting like this and I do hope that we can continue regular meeting like this and I do that we can do it some time next year in Indonesia. Thank you very much.OK, we'll leave that there for a the moment. That was live from Sydney, the Justice Minister Michael Keenan and the Indonesian Presidential chief of staff along with the AUSTRAC boss taking questions. French investigators say they're hunting for a 27-year-old Belgian man suspected of being the mastermind behind Friday night's attacks in Paris. Abdelhamid Abaaoud appears to be the coordinator behind several planned attacks in Europe. Lisa Millar reports from Paris.We know that he's a 27-year-old who fought alongside ISIS in Syria, returned to Belgium and that's where authorities believe he then organised this terror attack here in Paris. We do have some pictures of him because he appeared in an ISIS promotional video driving a car, dragging along the mutilated bodies to a mass grave. He was also previously quoted, interviewed at some point for some ISIS-related paraphernalia that he had said his ambition was to terrorise Europe. He's from Molenbeek, that suburb in Brussels that we've been hearing so much about, where various raids have taken place and certainly he is a very wanted man right now. But as we understand, back in Syria.And the US Secretary of State John Kerry is now in Paris for talks with President Hollande. He says countries must do what is within their power to defeat terrorism.Don't mistake what these attacks represent. This is not a clash of civilisations. These terrorists have declared war against all civilisation. They killed the Yazidis because they are Yazidis, they kill Christians because they are Christians, they kill Shia because they are Shia and on. They rape and torture and pillage and call it the will of God. They are, in fact, psychopathic monsters and there is nothing, nothing civilised about them.John Kerry there. John Watts is a nonresident fellow at Atlantic Council, an American think tank that looks at global challenges. His expertise is in counter-terrorism, international security and US defence policy and he joins me now by webcam from Washington DC. John Watts, welcome and thanks for sticking with us, I know you've been waiting there for a bit. Barack Obama has flatly rejected sending in thousands of troops to destroy Islamic State but the bombing campaign will be intensified, what's the likelihood that strategy will be enough?Well I think there's many play layers to this. I think we need to look at it from different angles. The bombing campaign will be able to do a huge amount of damage to ISIS, particularly if it's targeted in the economic sectors and against Raqqa which they bombed overnight, but it's not going to stop them completely, it's not going to wipe them out. You've got to remember that this is a group that survived for a long time underground, they are expecting this sort of response and they will have plans in place to mitigate that risk.So there are people who argue Western involvement is counter-productive, it just increases anti-Western sentiment and the number of jihadis. What's the point if that's the case?Well, that is certainly an argument and I'm sure that's the case in some circumstances but that said, the alternative of doing nothing is not really going to be any more effective either. The fact is that this group is able to grow and expand as it has in part because the regional powers and the global powers have not prioritised their degradation of destruction to the degree that they could and that's allowed them the space to create their State. So taking the pressure off would just allow them more space, more time to expand the control in that reach.So are you one of those who are arguing that the Western countries should in fact send in troops on the ground?No, that's a bit of a leap. I don't think boots on the ground is the right way to go and I think for anyone with any experience in military planning, it would be obvious that that is a massive task and a very complex and challenging one. But there are many degrees of military activity between, you know, sanctions on the one hand, air strikes and a full-blown invasion of hundreds of thousands of troops.There had been some significant gains against Islamic State in the last week or so taking Sinjar, a key town in Syria. Had the tide started turning against Islamic State? There are some people saying that this attack in Paris may have been planned for some time but the trigger may have been the case that the Islamic State was under such pressure in Syria and Iraq that it was lashing out elsewhere?Look, it's unlikely that the attacks happened in direct response to the lss of Mount Sinjar. The time it would take and the resours it would take to set up an attack this complex and sophisticated are far longer than what could have happened in a day or two or even a week's time frame. I think it's clear that there is a stagnation of ISIS's expansion of territorial control. They have not only survived the bombing of the coalition but they have expanded under that time but I think to look at any uninstance as being a trend is dangerous. I think there has been times when they've had losses, there's been times when they've lost terrain and gain ed it the week after. It's too early to say the tide has turned but their ability to expand and grow has hit something of a wall, of a plateau and I think they're looking to create greater awareness of their cause through other means.How much of an influence on that was the entrance of Russia to the conflict? Obama and Putin held talks at the G20 just in the last 24/48 hours. Can Vladimir Putin be trusted?Again, we don't know very much about exactly how ISIS operates on the inside so anything that we, you know, any comments or analysis we give is really just speculation. That being said, I certainly think that that is a factor in the growing pressures that ISIS are facing but we've also got to bear in mind that Russia is not directly targeting ISIS, the majority of their bombing campaign has been against anti- Assad military forces.OK, John Watts, thanks so much for talking to us.No problems.So despite the terror attacks in Paris, a major gathering of world leaders for global climate talks will go ahead at the end of the month. Federal Environment Minister Greg Hunt has just been there for preliminary talks.What matters to the planet, what matters to the globe is the total load and what wee see is really two things. Firstly, my belief is that the Paris process will deliver a 2-degree outcome, not in terms of all of the pledges that are on the table now but what is likely is it will set up a process that will bring us to come back in 2020 and 2025 and 2030 and there's a very strong commitment to that. Secondly, what you find is Australia is one of the few countries in the world to have met and beaten our first and now on track to meet and beat our second Kyoto targets and we've set the highest per capita reduction on an equal basis of any G20 country. The debate or the discussion was about the overall targets of achieving that outcome and let me give you an example. We've just achieved 45.5 million tonnes of emissions reduction with our auction last week. One of the most successful outcomes in the world and then Australia led just prior to the pre-Paris talks what's called the Montreal protocol discussions. That produced 90 billion tonnes of emissions reductions savings between now and 2050 under the ozone protection process.And just before we go on, I might mention that we're expecting another minister, Christopher Pyne, to hold a media conference in about 10 minutes time in Canberra. That's a live shot you can see from the blue room from Parliament House in Canberra. The media advisory that the minister sent out doesn't indicate what the subject is but we'll be covering that with Christopher Pyne in about 10 minutes.The first of 12,000 Syrian refugees coming to Australia under the humanitarian intake are due to arrive within the next 24 hours. The attacks in Paris have influenced a discussion on Australia's commitment to the refugee intake. Immigration Minister Peter Dutton spoke on that subject a little earlier.Don't forget that many of these people, of course, are fleeing the same circumstance that people in Paris have endured over the last few days and that is in Syria, people from ISIS, who are beheading Christians, people who are attacking Syrians as well as the asaid regime attacking their own people. So we're trying to help people that are fleeing the same sort of terrorist attacks being inflicted on them and in their villages as we've seen play out is
in Paris. So the trick for us is to make sure that we don't, in any circumstance, compromise our national security but at the same time try to help people who want to flee certain death otherwise. That's the balance that we need to strike.Melbourne's Federation Square has turned into a playground after an 8-person swing set was installed by the CSIRO. But it wasn't all frivolous fun. The researchers are hoping their swing will kick off a conversation about energy conservation. Reporter Robert Baird checked it out.The CSIRO's infinity swing is actually an 8-seat electricity generator. It's just been relocated from Sydney where 4,000 people tried it out over 5 days. Now I'm joined here by research director Glenn Platt. How are you?Great, thank you.How much power can you get from this swing?Each seat makes roughly 5 watts which isn't much. It's enough to maybe light one downlight in your kitchen.So it's not going to have an application - the kids playground may not turn into powering people's homes?No, it's not really about a way of making electricity to power our houses. Certainly energy harvesting, the technology inside it has some niche applications but really the swing's about starting a conversation around energy, about taking something that's kind of invisible to us and making it so you can feel it.How does this work here today?As you swing on the seat it makes electricity. That lights up the letters and the light on the ropes around us and also changes the music that you're listening to as you change the swinging.So over the space of 5 days how much power was generated when this was in Sydney?We had a few hundred watt-hours which is enough to maybe run a small air conditioner for an hour. So not a great deal.Does it say something about just how hard it is to generate this level of power?Yes, spot on, exactly. I think this is a really good way to show that energy's hard to come by. It's not easy , you've got to swing pretty hard just to make enough electricity to light up a letter. But, science and technology, has a solution is to that. So we don't want it to be about having cold showers and hot beers. Science and technology can mean even though energy's hard to get, we can still have the lifestyle we like.Thanks for joining us. Let's have a bit of a ride. Now the infinity swing will be here in Federation Square from Saturday until 10pm. Come down and have a swing.Baird there with a bit of a firs ABC News 24. Let's take a look at business now and it's good morning to Alicia Barry. When we spoke yesterday you mentioned after the Paris terror attacks we were expecting a pretty sharp fall. It was a reasonable fall on Australian markets yesterday but you said then that previously there had been a pretty strong bounce back after that initial shock and is that what's happened?Yeah, I said yesterday we were expecting a short, sharp fall and it would only be limited and that seems to have happened. Overnight in European markets, we saw markets fall initially by the next hour of trade, markets were coming back up and we did see just a slight loss on the Paris stock exchange but US markets rebounded strongly and that's flowing through to the Australian share market today. Those terror attacks in Paris dented confidence only very briefly. And we are seeing a rebound on the Australian share market. The All Ords index is up 39 points:

The Brazilian mining firm Samarco has promised to pay for environmental damage after two of its dams burst in Brazil. The collapse of the dams unleashed torrents of waste flattening a village and killing 9 people. The cost associated has exceeded the insurance cap for civil damages. According to prosecutors, the company part owned by Australia's BHP Billiton, has signed an agreement to guarantee payment for compensation measures. BHP said it's reviewing two other joint mining ventures in Peru and Columbia following that disaster in Brazil which it jointly knowns with Vale. BHP Billiton made a $1.9 billion profit in the 12 months to June last year.The Reserve Bank has warned that lower commodity prices may be here to stay. The RBA assistant governor Christopher Kent has told a gathering in Sydney that the potential for commodity prices to rise from here is somewhat limited. Weakness in commodity markets stems from a gradual slowdown in the Chinese economy. Beijing has responded to the slowdown by easing monetary policy and funding extra investment projects.Two US hotels, the Marriott International and Starwood Hotels, have agreed to $12.2 billion deal to create the world's biggest hotel company. Combined, the two firms have more than 5,500 hotels with 1.1 million rooms and $2.7 billion in revenue. The two brords have agreed to the deal. The tie up will see them overtake the UK's Intercontinental hotels which just has under 5,000 hot rooms.And the RBA minutes are coming out this morning at about 11:30. But they will be out of date because they won't take into account that big jump in jobs created in the month of October that we saw last week.That there were questions about anyway.Yeah.Back on the hotel story, has there been much of a discussion in the wake of that about the effect of things like air-BNB and the share economy on those established hotel changes?You would think they're under pressure and that's why they're seeing consolidation in those industries that have been disrupted. There hasn't been too much discussion surrounding this deal but you could a assume that would be one factor.And time for the weather. Kirsten, it's been a pretty stormy start to the warmer part of the year for Australia and that is continuing in Queensland right now?Yes, that's right. A few decent storms yesterday and some storms also around the east a chance today. There's been a stubborn trough that's generating these severe storms and it's still hanging around and so is that cloud over eastern Queensland. Some showers today and the possibility of storms. If we look at the rainfall, lit be a bit more off the coast this time so the falls are unlikely to be as high as they were in some parts yesterday.And just how hot is it getting across parts of southeastern Australia over the next couple of days?Yeah, it's going to get very hot. A larger pressure system will move across from WA, really heating things up. We're starting to see temperatures rise in SA already and then the heat will move east. So temperatures going up in Victoria today in the 30s, the heat will then hit NSW tomorrow with 33 in Sydney and then south-east Queensland later in the week. It's really just Tassie that misses out on this heatwave.Lucky Tassie. Around the States and territories today?Let's look at Queensland:

The top stories - French investigators are hunting for a 27-year-old Belgian man suspected of being the mastermind behind the Paris terror attacks. The man is thought to be in Syria and authorities say it is likely he was behind the attacks which saw at least 129 people killed. The man is from the district of Molenbeek in Brussels. More than 20 people have been detained in 168 terrorism-related raids across France. An apartment building in Molenbeek in Brussels was raided but the man believed to be the 8th Paris attacker wasn't found. Police seized weapons, including a rocket launcher. The Brazilian mining firm part owned by Australia's BHP has promised to pay at least $260 million for environmental damage after two of its dams burst in Brazil. The collapse unleashed ternts of waste that flattened Bento Rodrigues. Samarco has signed an agreement to guarantee payment for compensation measures .The second cricket Test between Australia and New Zealand in Perth appears to be headed for a draw. All will resume its second innings at 2/258 oo the final day, a lead of 198.Police have revealed the identity of a man they believe was the mastermind behind the terror attacks in Paris. He has been named at 27-year-old Abdelhamid Abaaoud who is believed to be operating from Syria. French police raided 168 properties. They hunt Salah Abdeslam as well.After the tears and the screams. A minute of silence for those murdered on Friday, led in Paris by the French President. Mirrored across the country. And abroad.

(All sing the French national anthem)Ending almost everywhere in France with a heartfelt burst of patriotism. At this station in Paris, people told me the moment of reflection was hugely important. TRANSLATION: We are French. The attacks were aimed at us, at my generation. It could have been me, it could have been him. TRANSLATION: We never thought this would happen to us, but terror has come to us, here at home.This is the man investigators now believe coordinated the attacks. 27-year-old Jihadist Abdelhamid Abaaoud. He called in this video for the murder of those linked
fighting Islam and has been linked to other attacks in Europe. He was born in Brussels and filmed here in Syria where he is still thought to be. The focus of the investigation is outside France now, with strong links to Syria and increasingly Brussels, Molenbeek district. Police launched a big operation here today, hunting for the missing 8th gunman from the Paris attacks. The brother of one of the suicide bombers.They didn't find him but another brother came forward with this message about France's most wanted. .Just interrupting that because the industry minister Christopher Pyne has just begun a media conference in Canberra.Today we are announcing the new chair of innovation Australia Bill Ferris. He will be very well-known to people in business and industry across the venture capital start-ups sector. He is probably Australia's longest serving and best known venture capitalist, starting the first Australian venture capital business as a start-up itself in 1970 which has had a number of different iterations over that period for 45 years but is best known as Champ Equities. Everyone across this sector will see Bill Ferris' appointment as a very strong indication from the Government that we want innovation Australia to have a substantial role in the implementation of the national innovation and science agenda that will be announced in December. We also want people to recognise that we are appointing a businessman, a philanthropistist. Someone who will continue to bring the business sect and higher education sector together, to match up funds with groundbreaking research, to commercialise research. This adds to our agenda that is starting to be fleshed out around improving talents and skills, commercialising research, raising capital and Government as an exemplar which will form the four pillars of the national innovation and science agenda. I am very pleased that Bill accepted the role, innovation Australia will have a revamped part of the national innovation and science agenda. We will be giving it a beefed up role that will include advice, evaluation and so
reviewing of the agenda. I have so far worked well with Bill. His input has impacted upon the final shape of the national innovation and science agenda. I am very excited about ongoing future relationships and the role that he will play in bringing innovation, creativity and agile economy very much to the centre of Government's agenda. Bill might like to say a few words and then we will take some questions.Thank you minister for an articulate and generous introduction. It is an important day for those of us in the science and innovation system of Australia and I think for all Australians, frankly, in that there is a real momentum from the top down, from the PM and from minister Pyne which gives me a lot of enthusiasm and encouragement that change will happen for the better. One doesn't feel like one is wasting one's time or yours. I come to this with - thank you for the comments about some successes, in fact I bring a lot of scar tissue as well. I have learned that effectively in that great big school of business school of hard knocks out there that you learn more from your failures probably than most of us do from our successes. After a while, you begin to identify luck as a pretty good part of the latter anyway. I mention that only because I think we all do work in a cultural sense on often too bigger play of the fear of failure as opposed to the excitement of gain. It is the latter that ultimately drives innovation right through the system. I am happy to take any questions that may occur. REPORTER: Mr Ferris, I am just wondering about in building an innovation climate what role investors can have in your view and in particular the proposal for broadening capital gains tax, exemptions for angel investors. At the other end of the scheme, what sort of role do you think other foreign Governments can play in helping Australia, like the talk about submarine programs, helping drive broader innovation in Australia? I will throw the submarine one to the South Australian here. On the first question, I think we do need a lot more activity in the start-ups part of the food chain. The more we get happening in that area with capital and very early stage venturing will be a good thing. You have to accept failure as well as successes in that end of it. Without more of it happening, more collaboration between entrepreneurs, academics here and abroad, we won't get it and part of that will be fuelled by raw risk capital. A chunk of that and a chunk more of it needs to come from private investors, including high net worth investors to your question. The Government will be looking at whether the income tax deduction scheme can be more aggressively offered to compensate for that early risk and also whether capital gains tax, if people hold investments long enough, should that be relooked at? But, certainly, I would expect and hope that in this process, we will see more activity, more money coming from private high net worth investors into start-ups, into the accelerator incubator ecosystem that is surrounding that and growing rapidly in a sophisticated way in Australia. Early days but good days. More of that, yes.AVCAL released their year book in the newspapers today showing an increase over the last two or three years in investments in this area and new venture capital funds. Malcolm Turnbull and I want to ride that wave now and turbo-charge it into the future. This is a great opportunity. We have a PM who is instinctively energetic about this part of the economy and believes it can be a transform Ty part of our nation and with a lot of business people and people with high net worth coming into the sector, as AVCAL's figures show in the paper this morning, it shows we are hitting it at exactly the right spot. In terms of the national innovation and science agenda, there will be a lot in there that you will be able to write about with respect to changes around tax, tax's bankruptcy, the way we treat tax losses, etc. We want to create an ecosystem that encourages exactly the kind of behaviour that we are wanting to see in Australia. Commercialising research, enabling risk. We are a risk averse nation economically. We want to give people a great boost to believe that they should take risks and if sometimes they don't succeed, they should try, try again, as Bill said as a businessman of long standing - lots of failures, lots of successes and you learn as much from the failures as from the successes. Obviously, the defence procurement is a big part of a role the Government can play in supporting high-tech industries and advanced manufacturing. The Government has been saying for two years that whatever the outcome of the competitive evaluation process for the submarines, there will be a great deal of extra work and jobs and growth for SA in high-tech and advanced manufacturing. SA has already won the future frigates project which is a $43 billion investment which will also be very important for advanced manufacturing and high-tech industries.Given what you have just said about angle investors, can we then infer that the innovation statement may adopt some form of David Coleman's proposal on capital gains tax? We are not going to preview the national innovation and science agenda any further than I already have. It is still a work in progress. Early in December, it will be released to you and to the public. I think you will be impressed with the comprehensive nature of it. I have outlined the four themes it will address. It will be around helping to raise capital and encouraging the raising of capital, the commercialisation of research, bringing talent back to Australia that has been overseas. There are 20,000 Australians in the Silicon Valley. We want people to go overseas and improve their skills but we also want them to come back. We also need to work on our skills base here in science, technology, engineering and maths and the Government has a role as an exemplar and procurer as the largest business effectively in the economy. I am not going to give tidbits about what we might be doing for your newspapers before then. I think it is a document that should stand on its own. You can assume that there will be significant tax changes and corporate law changes that will encourage the kinds of behaviour that we are looking for the business community to get involved in.To follow up, the emphasis we have seen from the new Turnbull Government on the importance of science and innovation, which has delighted the science sector, is it possible that the 115 or so million cut from the 2014 budget, is that something that will be reversed? Now you are fishing for more detail about the national innovation and science agenda which is your job and it is my job to blunt those attempts. I won't be giving you any detail about that. You will see it all when it is released in December.Mr Ferris, you have mentioned Australia's trading while insolvent laws. They are strict obviously, but what changes would you like to see from the Government? Not getting into the micro of what the Government might be considering but one of the problems at the start-up end is how do you attract skills onto the boards and as mentors to these early ventures when the risk is at its highest in the whole profile between the start-up and a major public company, for example? Trading while insolvent is not something anybody should try to say isn't a very strict and necessary discipline to watch. The Americans have laws which really at the start-up stage put the focus on the companies' responsibilities in that, not individuals and especially individual independent directors coming on to try and mentor and help. It is one of those nuanced things that we need to look at because we need those helps at the start-up end. This whole focus in the agenda is of course inclusive about start-ups. That is important and very exciting but the whole expanding small manufacturing public, the big end of town, greater engagement in innovation, it is right through our whole system that we have got to charge if we can, turbo charge if we can over the years. I think your question is more directed at that liability at the very start of this food chain.You talked about the fear of failure in Australia. What do we need to do as a society to get more young people interested in becoming entrepreneurs rather than going down the becoming salary employees. How do we get that ambition going as a culture? That is a very big question. I wish you could perhaps answer it for me. It is so many things. People have talked about early stages of education and intervention about what is possible and the stem subjects will help peoples' capabilities to participate in a digital world that has quicker pay backs often for failure and success, then the traditional business models which take a longer time characteristically. But I think it is happening. It will be more of a bottom up thing as much as it is great to have senior ministers and a PM talking about this and believing it and pushing it, I have got more confidence in the bottom up resurgence of doing it for yourself, getting out there and giving it a go. Look at the number of young peoples doing that now, as I am compared to top level, top big boardroom down where there, the fear of failure is at large. There, the box ticking and governance is trumping a lot of innovation and risk taking, I believe. This is not a government belief, I believe. Ultimately, the answer will be a bottom up thing and it is happening. The Government's measures and moves will help accelerate that.To briefly add to that. It is a big cultural change and one of the aspects of this national innovation and science agenda will be addressing culture. In Israel, the chief scientist, for example, told the PM not long ago, when asked this very question about the media handling of failure in Australia and how they did it in Israel. Israel as a venture capital Government fund which sometimes invests in businesses that don't succeed. In our media culture there would be an instant story on the front page of your newspaper or someone else's saying which minister allowed this to happen? That person should be sacked or resign or run out of town. In Israel, the chief scientist said actually we have convinced the Israeli public that business failure can be a public good. Just like university students going to university and studying, of course they might never actually work in and they might never actually start paying their higher education contribution scheme back because they don't earn over the threshold, we regard that as a public good, a public and private good associated with higher education. The Israeli chief minister said that - the chief scientist said if you invest in a start-up and it fails, you might invest in the same person again a second time they might fail. They have learnt from the first and second mistake. If they don't succeed the third time, they will probably succeed the fourth and fifth and sixth time, so the failures along the way have been a public good and we are prepared to wear that cost. They will probably earn a great deal more over time and pay more taxes and contribute to Israeli society in some sway. That is a cultural shift that we have a long way to go...We will leave that there from the moment. That was live from Parliament House in Canberra.Bill Ferris says Australia needs to overcome a fear of failure in its investment culture.Paul joins me with a look at sport now. The second Test between Australia and the Kiwis has turned into a century-fest? Yes, it has. Did you say snore fest? You're a bit down on this Test aren't you? It hasn't cranked up. The pitch hasn't deteriorated, the bowlers haven't been able to get on top and the great thing about Test cricket is if the batsmen shine on days one, two and three, usually the bowlers get a bit back on the last few days. Australia eventually dismissed New Zealand for more than 600 yesterday. New Zealand had Australia under pressure, claiming a couple of early wickets but a double century partnership between Adam Voges and Steve Smith. Both collected tons along the way, it means Australia is on top and with control of the match on day five. They lead by almost 200 and it will be a bold move by Smith if he gives the New Zealand team a chance. Ross Taylor made 290, Simon McCulloch, Kane Williamson, they are all in good nick and if Australia gives them a run chase of anything around 4, 4.5 or 5 an over, the Kiwis will that
take their chance on a pitch that is still pretty good to bat upon.I would love to hear the latest on the doping situation in Kenya, what is the suggestion there? It has already been said by Dick Pound in releasing that report on Russia last week that Kenya might have a doping problem. We know 15 Kenyan athletes are serving suspensions for doping. We also know that Kenya is finally said it is going to get up an agency for anti-doping. That would alarm people that thought that they would have one of those already.But they would have been tested by other organisations outside their country, obviously? Of course, but how good is it over the years. They had some people suspended. The upshot is when they said last week that Russia was the tip of the iceberg and other countries will fall under the spotlight, you could bet they meant Kenya, among others.There are a few question marks over a few Caribbean countries also? Yes, anywhere you look there has been positive tests. You can look at countries that have done exceedingly well. Kenya has dominated distance running. All countries are up for scrutiny at the moment. Athletics is scrambling to get its house in order. If it doesn't, the Olympics won't mean much next year.Cheers Paul.Time for a check of the weather with Kirsten Veness.Good morning. It is heating up across the country this week. Not much cloud about today, just some over Queensland that is bringing the odd storm and showers. Thundery showers for WA. A high is keeping most of the south-east dry and that is where the extreme
temperatures will climb. The extreme heat is starting in SA and moving east as the week goes on. Let's look at the States...

by CSI Australia
This Program is Captioned Live by CSI Australia This morning, a Belgian Jihadi named as the suspected mastermind behind the Paris terror attacks.They rape, torture, and wall it the will of God. They are psychopathic monsters. Also ahead - police launch dozens of raids throughout Europe but an alleged 8th gunman remains on the loose.A Brazilian mining firm promises to pay hundreds of millions of dollars for the environmental damage caused by two of its dams bursting. And another Steve Smith century puts Australia back on top in the second Test at the WACA. Hello, welcome to mornings, I'm Joe O'Brien. Looking at the weather first...

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