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 News -

View in ParlView

(generated from captions) Live. This Program is Captioned

Tonight - a US credit rating

downgrade fans fears of a renewed global renewed global crisis. It's a

real blow to the American

economy, to our status in the world. How will Australia's share market woes hit

retirees? In the last four, or

five years our income from

investments has gone down by something like 17%. Remembering

those lost in the sinking of

Wallabies face the old enemy at

Eden Park. Good evening, Craig

Allen with ABC News. There's

been a dramatic vote of no

confidence in the world's

biggest economy and it's

political leadership. The

United States has lost its top

notch triple A credit rating

from sphaurs for the first time

in the history of ratings. The

move could send shock waves

through global share markets

and potentially undermine the years Standard & Poor's has world economic recovery. For 70

given the US a triple A rating,

the highest possible credit

rating. But concerned over the

Budget deficit and rising debt

burden, the ratings agency

followed through with its

threat to downgrade the world's

biggest economy. The move had been anticipated but it's a

blow to the American economy

and the country's national

pride. If this

rates to go up that can have tremendous implications for the

US economy and that's where we

start to get this talk of

recession happening . It could

mean higher borrowing costs

only for the Government but for

ordinary Americans. The

downgrade came at the end of a wild week on the markets. Panic

anybody to do. The US is the last thing we want

unemployment figures delivered

an early morning bounce,

117,000 new positions were created and

created and the jobless rate

fell to 9.1% but worries over European debt soon erased any enthusiasm phone Wall Street.

There was relief at the White

rate was House that the unemployment

rate was at least heading down

but it's not but it's not enough to replace

the 8 million jobs lost during

the recession. We are going to

get through this. Things will

get better. And we're going to get there together. That's a

hard sell for the long term

unemployed, for the hundreds at

this jobs fair outside Washington, the President's words offer lit comfort. I've sent a lot sent a lot of resumes out and

have gotten no responses at

all. So... How does that make you been absolutely mind boggling,

just to say - just to see that

I'm still unemployed. It's now

two years since the recovery

began but economic growth is so

weak, some analysts are talking

it's about another recession and

has the White House it's that kind of peth mix that

worried. And with his assessment of the credit

downgrade, here's ABC analyst Alan Kohler. Standard & downgrade, here's ABC finance

Poors didn't tell us anything

we didn't already know in its statement this morning. The

rating agency said the Budget

plan announced earlier in the

week falls short of what's

required to stabilise America's

debt and more broadly the effectiveness and

predictability of policy making

and the political institutions

have weakened at the the wrong time. Too true. To the absence

oany surprises for those who

lend to America probably means

there won't be a huge reaction to the statement in financial

markets on Monday. But having

said that, this is said that, this is a huge

event. There are now 17

countries with a triple A

elephant stamp from S&P

including Australia, Singapore,

leekts ten stine and Finland.

The United States of America,

the world's largest economy and

one are maining superpower is

no longer among them. Massive. In Europe, share markets markets rapped up the week on a

decidely down note after

another volatile trading session. Investors are

increasing worried about the

ability of the Eurozone leaders

to drag the region out of its current debt particularly when so many of

them are aware on

holiday. Markets picked up in

Europe where they left off the

day before, heading down. Fears that the continent's debt

crisis could spread to Italy

and Spain helped drive London's

bench mark index lower bench mark index lower again. It fell nearly Its biggest five day loss since

the peak of the global

financial crisis. European

economic leaders scrambled to

stop the sell-off from turning

into a panic. I would in fact

encourage now everybody to stay

calm and breathe deeply and see

that the economic recovery is

going on, it's important that

we protect that from the

financial turbulence and this

work is now going on day and

night But many say margs are

demandling more from the

European central bank, especially when it comes to help bank says it's prepared to take

any steps to protect the Euro

currency. Clearly many remain unconvinced. We've seen some really dramatic change, I mean,

echos of the sorts of market

turbulence we saw at the time

of the Lehmann crisis. I don't

think it's as serious as that

but certainly we saw margs falling last

falling last night, in the US,

in Asia, waking up to red

screens this morning, it's a

real mess and there's

widespread panic. Amid-all the financial haven't changed, as European

markets face their biggest meltdown in year, leaders of

the continent's biggest

economies had one thing in

common - they were all on

holiday. One thing traders here

agree on, the volatility over

these past two days is just a

taste of what's to come.

Countries in the Euro economic

zone are committed moor than

half a trillion dollars to tackle Europe's spreading debt

problem, the financial markets

appear to be saying that's

still not

from the US and Europe

reverbates around the globe here in Australia investors are

being urged not to panic. The

PM says she's convinced the Australian economy is in good shape to withstand another

financial meltdown. But the

multibillion dollar plunge in

share values could mean deep

pain for many retirees who rely

on their investments nor income. Mary and Phillip Silver

received a statement for one of their investments last night. I opened it and the figures were

nought. So that was a bit of a

shock and then I realised that

on top of that I was being

charged management fees. And

they're still to feel the effect effect of the latest share

market savaging. We're not in a

good position as we were a few

years ago and there'll be more

impact this time. The shock

wave also hit many Australians

who are retired or planning to leave the workforce soon,

around 400 billion worth of

superannuation is self-managed,

another 800 billion in super funds and heavily weighted to shares. It

will correct but no-one knows

over what time period, it might

be 18 months or four years. The

Government is trying to head

off the panic with the message that Australia's well placed to

ride out the turmoil? We've got an unemployment rate of less

than 5%, we've got low

Government debt, we've got the

Budget coming to surplus in

12-13, we live in the past part

of the world that is continuing

to grow. And there are other positives. As the market falls it can be share, home owners are less

likely to face interest rate

hikes and if the Australian

dollar keeps dropping from its

record high, that could be good

for. Porter but for. Porter but the question is, what was if the market meltdown continues for

years? You can't go out and

work overtime or get a second

job, you're constrained by the

fact that you're a self-funded

retiree and you're retiree and you're dependent on what comes through the

post. Investors will be

watching carefully when the

Australian market opens on Monday. Dozens of Federal

police officers have touched

down on Christmas Island to

help escort the first group of

aslyum seekers to Malaysia.

Refugee advocates say

of 55 is extremely distressed

as they await their removal and

have begun hunger strikes. Reinforcements arrived

in the form of 38 Federal

police officers as the

Government prepares to

implement its people swap deal.

The first group of aslyum

seekers is expected to be

transferred to next few days and these

officers will be responsible

for getting them there. The 55

aslyum seekers are now well

aware of the fact that they're

being sent to Malaysia. It's understood the understood the men, women and

children were upset about

disappointed when told the

news, but it appears the situation has detierated. A refugee advocate whose previously lived on Christmas

Island says she received a

distressed phone all from an

aslyum seeker inised the Phosphate Hill detention centre

on Friday night. An Afghan man who explained to me that the women and children are in an

extremely bad way at the

moment, that they are in

desperate need of help and that

the aslyum seekers are going

hunger strike. The immigration

department says it's not aware

of anyone on a hunger strike

and says just because a person

missed a meal or two it don't mean they're on voluntary starvation. Look, I've seen

reports to that effect, obviously our immigration department officials will

handle any issues, but as weave

immediate clear all returns to Malaysia aren't a

question of volunteer ing this

will be done. And there's now

plenty of police to ensure plenty of police to ensure that

happens. ACT police have searched a flat on Northbourne Avenue as part of investigations investigations into the murder

in Braddon earlier in this

week. The search was sparked by

a tip-off from the public,

forensic officers have

concentrated on an apartment on

the opposite side of the road

to where the body of a to where the body of a

27-year-old North Canberra was fond on Thursday. The victim died after what police

describe as a fierce attack

with a sharp edged weapon.

Police also searched a wide

area along Northbourne Avenue

today, no charges have yet been laid laid in connection with the murder. The ACT Government is a

step closer to a new Supreme

Court after settling on a plan

to build on the existing site. The new building will serve

Canberra for the next 50 years,

the plan includes three storeys

above ground with two below.

Including subterranean

courtrooms. The important thing

was to confirm

site totor for if new Supreme

Court and further work can now

occur in relation to

investigation and afall

sis. Most of the building will

be torn down be torn down but the special timbers in each courtroom are

likely to be retakened.

Preliminary reports will be be ready by

ready by the middle of next

year. Victorian police say it's

amazing no-one was killed when

a car carrying ten children

crashed and rolled several times. Police say the four-wheel drive was licensed to carry seven

were on board and only one

change child was wearing a seatbelt. It was an accident

the like of which police rarely

see. 12 people, two adults and

ten children, under the age of

7, were crammed into a four

wheel agree when itle rod

several time on a dirt road

yesterday afternoon. When egot

here there was probably one of

the most chaotic screens I've

ever seen in 27 years. Police say a 34-year-old unlicenced woman from Epping

was driving the car when it crashed.

believe to be a passenger was

arrested at the scene for being

drunk. It's believed that speed and alcohol may be contributing

factors. The dirt road

poor condition and littered

with pot hold holes. Only one of the children was wearing a seatbelt. Police

seatbelt. Police and para-Ned

wriks so it was Luky no-one was

killed. I'm not sure if people

are thinking about cramming 12

people into a vehicle and ep

daerping their lives in such a man Five of the injured children were brought to the Sunshine Hospital, five were taken to the Royal children's. Paramedics who

treated them said they were in

shock and very upset. They had a range of injuries and

including fractures and abdominal and chest injuries. A British teenager has been mauled

mauled to death by a polar bear

in Norway. He was among the

youp of British students

camping on a remote glacier as

part of a holiday. Four others

were also injured when the

polar bear attacked the group. The father of one of the injured students said his son was rushed to a nearby

hospital. The polar bear

attacked him with his right

paw, across his face and his

head and his arm, and then the

leader came a long and tried to

get the bear away, he got

mauled really badly The polar

bear was shot and

bear was shot and killed.

Seeing polar bears in their

natural habitat attracts

tourists to Svalbard which is halfway between Norway's

mainland and the North in the national capital but

that didn't deter a detective kalted group from commemorating

the loss of HMAS 'Canberra' during World War

Canberra was badly damaged in a

surprise attack by the Japanese at Savo Island in the Solomons

in 1942 with the loss of 84 lives. The US lost lives. The US lost several ships in the battle and the

Canberra unable to move was

scuttled as the allies fled the area. The bravery of the Canberra's crew so impressed

the American President he

insisted on renaming a warship after the

Canberra. First time the US

navy has ever named a ship of

their's after a foreign warship. That honour was recalled today as a small group

remembered the sacrifice of the

lost crew. The All Blacks have

put their World Cup credentials

on display in the first half of tonight's onning Bledisloe Cup

match in Auckland. The

Wallabies were outclassed and

outworked in the first half,

the All Blacks piling on 17

held to nil at the break. If

New Zealand was worried their

25 year hold on the Wallabies

at Eden Park was under they weren't showing it.

Australia was rattled early

while New Zealand was on a mission in

mission in the opening minutes.

Keen to show they're favourites

tag for this year's World Cup

is more than warranted. Try.

New Zealand. Wonderful stuff by

the men in black. The Wallabies were losing batles all over the

park, the home side relentless

out wide. The Wallabies settled

and began to string phases

together but rock solid defence

for the miracle. He's going to kick across here for Digby

Ioane and... The All Blacks on the

the other hand were simply too

good with the pal in hand.

Keven Mealamu scoring New

Zealand's seconds next to the posts. James O'Connor missed

his chance to put the Wallabies

on the board, the All Blacks up

17-nil at half-time. Things began to look up for the Wallabies early in the second half. Digby Ioane scores. But

the All Blacks were quick to

respond. And the final score in that match, the All Blacks have beaten the Wallabies 30-14. West-Tigers match winner Chris Lawrence could be ruled

out for up to three weeks after

being injured in last night's

win over the Dragons. In other

game, the Bulldogs defeated game, the Bulldogs defeated the

Cowboys in a tense clash, while

the tonight'serliy game the

Storm are leading the Panthers.

And the Tigers slayed the

dration in dration in one of the best

games of the season. The Tigers

have found their mojo with the return of Chris Lawrence who

dislocated his hip earlier in year. Lawrence has bounced. The

try was disallowed but the

seens were ominous for the Dragons, they were lucky to

have a lead at the break. Early

in the second half a mistake

from Tim Moltzen gave his

opposite Darrous Boyd a four pointer. The Tigers replied to

trail by two. Comes down for

Fulton. Wests comeback was back for Jamie Soward. Benji

Marshall targeted him and the

result was a brilliant four

pointer. Back to Marshall,

Marshall will score from there. The

The Tigers have done it again. In a frantic ten minute,

the game was turned upside down after the Dragons reclaimed the lead through Brett morerieses. Benji Marshall, Lawerence and

Beau Ryan then combined for the

match winner. The Tigers have

hit straight back. But it came

at a cost with Lawrence likely to miss the next three weeks. I didn't need

tonight ever, that didn't help

us but again, we just refocus

on next weekend, and just can

write all you like disglefl the Bulldogs defeated the Cowboys was a

was a dour affair. Five five

Josh Reynolds opened the scoring and Frank Pritchard's

hits rattled the Cowboys. Might

have been a good idea to go one

defender wide. The Dogs sealed

the win with a charge of the

light brigade finished off by

Steve Turner. The cubs need Jonathan Thurston back as soon as can do is forget that performance and mon

on. Penrith's slim hopes

depended on a win over the

Storm and they were on the

board first board first through Purtell, but the competition leaders are

not easy beats and Ryan Hinchcliffe's try quickly balanced the ledger. The

Canberra Raiders have left for

Newcastle to play theing in

thes tomorrow boyed by the

re-signing of local talent

Jarrod Croker. Croker who is

likely to play tomorrow despite

a corked thigh has signed a one year deal which will keep him at the

club until at least the

weather. It was a pretty easy

decision for me. I still had

next year and, you know, I've said said this from the start that I think we've got the team here

to build obviously hasn't gone

our way this year but we've got

the team to build on, be a force. The Raiders have

re-signed the majority of their

current playing group this year

with Blake Ferguson likely to

ink a new deal in the next

week. In the AFL, a change of

coach didn't bring a change of

fortune for Melbourne this afternoon. As they crashed to a

76-point defeat at the hands of Carlton. Last night, St Kilda's

incredible run of form

continued with a resounding

over Fremantle. Thatch the Cats

thrashled Gold Coast and the

Blues grip on the top four

tightened. There might have

been a new coach and theness

that competitor a new beginning

for Melbourne but largely it

was the same old story in the

first quarter. As the luckless

Demons through threw everything

at Carlton. It's contact back. Only to Strauss for the season to a

horror leg break and trail by

12 points at the first change. As Carlton kicked the last

three goals of the term

Melbourne had mostly dominated. Feeds it off, well

done, It's fair to say Carlton

dominated the second quarter,

but unlike the Demons they but unlike the Demons they well and truly made it count.Ation navy

navy blue goals rained down on

a hapless Melbourne who showed

a wearing lack of spirit for

the second straight week and

trailed by 58 points at half-time. He can smell as well. He's taken big sparks

and had long dashing runs. With

the four points secured Carlton

eased up in the third, though

Melbourne failed to make any

role inroads and the Blues took

a 67-point lead and relaughed

approach into the final term

with three goals to one capped

off a handy win for Carlton and

demoralising loss for the Demons. They look to be

spending at least another week

in footballing hell. The result

wasn't anywhere near the

biggest thrashing of the day as Geelong produced another Kardinia Park mauling desperately outgunned Gold

Coast. He wants a goal, he's

enside 50. He's rewarded. Great

team goal Geelong. With no Gary

Ablett and with Ablett and with Campbell Brown

lost to a broken pelvis early

in the afternoon the Suns were

helpless to stop the kags

onslaught led by a ridiculously

in form Steve Johnson who

kicked four goals for the afternoon in Geelong's 150-point win. In the north-east erp the GWS Giants have continued

their charge to the finals with

a win over the Northern Territory scand thunder. Australians Adam Scott and

Jason Day are well placed at

the halfway mark of the world

golf championship event in the

United States. Scott is in a

four-way tie for the lead after shooting an even part round of

70. An early birdie gave Day a share of the off the pace. American Phil Mickelson produced the

highlight of the day with this

approach to the 11th. Knocks it

in in for a quick eagle and all

of a sudden he's four under

par. Former world number one

Tiger Woods faded during the

round and ended the day seven

shot persist behind the leaders. Australian long jumper

Mitchell Watt was continued his

hot form with an easy win in a

diamond league meet in London.

The new Australian record field with a jump of holder blitzed

8.45m. Terrific spring, that

string and that's a big really is quite a remarkable

lead. Watt is now considered

the favourite to take gold in the long jump at this month's world athletics championships.

Craig Mottram was almost as

impressive in winning the

5,000m, it was Mottram's first

victory at an international

meet in more than three years.

It's the Top End version of the

of heat, sand and dust bike Tour de France, 700 kilometres

riders from across the country

took part in the Tour de

Arnhemland this week, cycling

across a desolate stretch of the Northern Territory to raise money for charity. For 22 riders from across Australia,

it's been the ultimate

adventure. It's been hard. It's

been tough. It's really tested

a lot of people and taught us

all a bit about ourselves I

think and what we can ensure. The Tour de Arnhemland has been taken them through 700 Arnhemland. Every day you just

see their eyes wide open as they travel through this

beautiful countryside. Just

stunning. I've seen

which I've never seen before,

there's been some great bird

life and some of the camp spots

we've been at have just within

magic Cater and caring for the

riders has been a logistical challenge. Been riders has been a big

feeding them up with as many

think they're gaining cashes as possible. So far I

weight. Jaet stuff, this is of charity, raidsing money for health services in

Arnhemland. For a carty event,

you know, you can't go past it.

You really can't. The boys have

done a bang up job on these

beaks. As the ride fears its

end, they travel through the

area where Cadel Evans grew up

Tour de but organisers say this is no

Tour de France. He leaves us

for dead. We're novices at

that. After eight days on the

road the ride airs rive at their lost gone the distance. It's last night because everyone has

bittersweet, it's a shame that

it's over because it's been so

brilliant. I'm just so rapt that I've cleated this ride

today. A long but not so

Londonly road. It seemed Canberrians can't get enough of

Queanbeyan blood. Students at yeen yeen high school have been commended by the Red Cross

after donating more blood than

any school in the ACT for the

13th year in a row. And the flow of donors at shows no sign of drying up. The

idea of having a needle stuck

into one's harm can be a

frightening prospect, but these students stine up to donate

blood for the first time are

treading a well worn path. They

go to a high school where giving blood is the thing to

do. We only have 90 to 100

students each year and three

hands up. Queanbeyan high quarter of those put their

school has won the ACT Vampire

Shield for the past 13 years. local schools, the shield is

awarded to the school whose

students give the most blood.

And Queanbeyan has again claimed the Red Cross prize after making almost donations. 20 students have so after making almost 150

far donated blood this

financial year as the school

look to secure the shield again

but there's another reason why

these high school students are

keen to get on board. Some of

their own friends rely on those

donations. I ref receive blood

for the first time last year

and without that, there's no now so I'm incredibly grateful

and it's great to see that the

kids can see two of their school community have benefitted from that. I wouldn't be alive if people wouldn't

didn't give me blood disgla

that message has been received

loud and clear with these

students now relations at the

blood bank. Good on them too. As forekas, the showers began

at around 9 this morning. We

got about 7mm in the gauge to 3am

since. Only a top of 13 degrees


There have been showers in

Victoria as well today. bringing heavy cloud and A trough is passing over NSW,

today's showers and behind that

is a pool of cold air due to

hit Canberra next week. The trough will east but unstable conditions

will stick around tomorrow, and

for the early part of the

coming week. It will be a reina

day for most of the expects

tomorrow - it will be a rainy

tomorrow.?? day for most of the capitals

The rain will be mostly

contained in a arc from

Adelaide right up to the east

coast to Queensland. Showers

will be patchy through the

region tomorrow and start to

ease as the afternoon wears on.

Temperatures will be mostly

mild on the coast, 17 to 19


Before we go a brie re-cap of

our top stories tonight - the

United States has been stripped

of its thriple A credit rating

by the rating agency Standard &

Poor's sparking fresh fears

about the world's biggest

than expected employment data.

US officials are questioning

the figures, the agency used to

come to its decision. And the immigration department has

denied that aslyum seekers on

Christmas Island waiting to be

sent to Malaysia are on hunger

strike. Federal officers have

arrived on the island to escort

the group to Malaysia under the

Government's people swap deal.

And that's the news for now.

You can keep up to date 24

hours a day at New Zealand

we'll leave you online and at ABC News 24 and

and the amazing skills of

15-year-old Felix who can

complete a Rubik's cube in less

than six seconds. Thanks for

your company. Good night. Captions by CSI.