Moving with uncommon speed, Congress gave final approval on Thursday to a $168 billion economic rescue package, including rebates for taxpayers and tax breaks for businesses, that lawmakers and President Bush hope will set off a rush of springtime spending and spark the slowing economy. 

The Treasurer, Michael Costa, has pinned his future on the sale of the state's electricity assets, saying he will "not hang around in politics if we're not doing reform". 

In a wide-ranging interview with the Herald yesterday, Mr Costa also claimed Labor's state president, Bernie Riordan, had forfeited his right to the job with his outburst against privatisation this week.  

from Crikey …. 

Romney's out, unless of course Al-Qaeda step in... 

US correspondent Guy Rundle writes from Chicago: 

France unveils super-fast train …..

French President Nicolas Sarkozy has attended the launch of a new high-speed train made by engineering giant Alstom.The AGV (Automotrice Grande Vitesse) train will travel at up to 360km/h (224mph), powered by motors placed under each carriage, the company says.

from Crikey ….. 

Which bank spent $50 million on crappy ads then raised rates? 

Jane Nethercote writes: 

Nine ways in which the Earth could be tipped into a potentially dangerous state that could last for many centuries have been identified by scientists investigating how quickly global warming could run out of control. 

The Federal Opposition says Prime Minister Kevin Rudd is creating problems for the economy by talking up the challenge of inflation. 

The official interest rate is expected to be lifted to its highest level in 12 years today and the Government warns it may be some time before homeowners get any relief. 

The spending package for the fiscal year that begins October 1 included no big surprises, especially since its key elements had already been reported in detail in recent days.

Canadian farmers are warning against growing the first GM food crop to be approved in Australia. 

Mr Macdonald says a separation of GM and non-GM canola will happen and his state is the only one imposing conditions on farmers. 'Our system in New South Wales requires an application by a proponent before an expert committee,' he said. 

There was always something a little strange about the neoconservatives, beginning with the oxymoron of their name.

Senator Joyce says Mr Rudd should already have plans for the country and a summit will achieve little. 

Queensland Nationals Senator Barnaby Joyce says the '2020 Summit' planned by Prime Minister Kevin Rudd shows he has no ideas of his own. 

In the warmonger sweepstakes now taking place among the major GOP presidential contenders, John McCain out-demagogued even Rudy Giuliani, whose studied belligerence seems narrowly centered on the Middle East. McCain’s enmity is universal: if he were president, in addition to taking on the Arabs and the Persians, we’d soon be at loggerheads with the Russians.  

Australian families have helped to drive Shell into the record books, after the oil giant posted a $A35.5 billion profit. 

Motoring group NRMA said the company owed a thank you note to Australian motorists, after it turned a profit of almost $4 million every hour of last year. 

Tony Blair has been holding discussions with some of his oldest allies on how he could mount a campaign later this year to become full-time president of the EU council, the prestigious new job characterised as "president of Europe".  

Baldrick: "I have ... a cunning plan. It's as cunning as a fox who's just been appointed Professor of Cunning at Oxford University. 

The thing is, we want all this land, but we don't want those Arab people what live on it.