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Obama visit steps up alliance   Julia Gillard and Barack Obama have put the strentgh of the Australia-US alliance on show, announcing closer military ties. The PM's day with POTUS : Julia Gillard will join Barack Obama at the Australian War Memorial at 8.30am for a wreath-laying ceremony. Governor-General Quentin Bryce , Veteran's Affairs Minister Warren Snowdon and General Peter Cosgrove will also be in attendance. At 10am parliamentarians will gather in the House for the President's address to parliament. Speaker Harry Jenkins will begin the event with prayers. Ms Gillard will then welcome the President. Opposition Leader Tony Abbott will support the prime minister's remarks and then Mr Obama will address the parliament at about 10.40am . At about 11.15am the PM and the President will head out to an undisclosed location, widely expected to be a Canberra school. President Obama will head to the US embassy close to  midday to plant a tree, while

Christmas Island rethink as Libyan bombing begins   A week of violence on Christmas Island has forced a re-think by Labor. The PM's day, per the press office: Julia Gillard is in Canberra today as parliament resumes. She will visit the Australian Solar Institute Laboratory at the Australian National University early this morning. She will visit the Japanese embassy mid-morning with Opposition leader Tony Abbott to sign the condolence book for victims of the earthquake and tsunami. Tony Abbott is in Canberra and has been interviewed on ABC radio this morning about this story: Tony Abbott calls for new intervention in Alice Springs . Mr Abbott called for a bipartisan approach to tackling indigenous disadvantage. He wants more police, more teachers and a greater commitment to work for the dole schemes. "When you've got a serious social crisis, you've got to take serious measures to address it'' he said. DFAT's Japan morning up

FINANCIAL & FOREX INFO NEWS Fifth pillar on the near horizon   Much-hyped banking reforms are around the corner, but will they work? First off: TREASURER Wayne Swan is poised to unveil plans to create a so-called fifth pillar in the banking industry, with credit unions and building societies to be offered assistance to expand in a bid to put more competitive pressure on the big four banks. In controversial moves likely to be resisted by the big banks, the recently closed government guarantee scheme is expected to be reopened on a limited basis for credit unions, building societies and regional banks. (more from Adele Ferguson and Eric Johnston ) Investigation: BUILDERS awarded millions of dollars worth of contracts under Labor's schools stimulus program will be the target of a tax-avoidance crackdown. It will also investigate companies involved in the botched home insulation scheme. Thousands of businesses will be contacted with requests f

Military and diplomatic ties have never been so important   Hillary Clinton and Robert Gates are in Melbourne with a full agenda for AUSMIN talks with the Gillard Government. Closer military ties between the US and Australia, the Afghanistan war and the geo-political balance of the Asia-Pacific will be on the table today as the US Secretaries of State and Defence sit down with Foreign Minister Kevin Rudd and Defence Minister Stephen Smith. Prime Minister Julia Gillard spent time with Ms Clinton over the weekend, lunching in Melbourne, but it's back to the grind for the PM today. Labor is briefing that Ms Gillard will appear on the Victorian campaign trail this morning with Premier John Brumby at the Alfred Hospital to make an announcement about telemedicine, while morning radio is reporting that Mr Brumby will announce an extra $344 million in funding to cut hospital waiting lists. But it's the AUSMIN talks that are driving the national agenda this

Cup day hangover as RBA raises rates Joe Hockey's push for interest rate relief for working families now looks canny. The cup day rate rise from the Reserve Bank - and the Commonwealth Bank's decision to almost double the 25 basis point rise is dominating front pages. Treasurer Wayne Swan has a response, of sorts. He has promised to unveil a set of reforms next month to improve competition the sector and impose a fresh round of regulations, as David Uren writes . Peter Martin says "AUSTRALIA'S biggest bank humiliated Mr Swan yesterday and thumbed its nose at a parliamentary inquiry by lifting its mortgage rates by nearly double yesterday's surprise 0.25 percentage point increase in the Reserve Bank's official cash rate. And while Michael Stutchbury has backed the RBA boss's decision to raise rates, writing "SOMEONE is finally making a clear policy call and backing it with action, even if it's unpopular. Glenn Stevens is b

FINANCIAL & FOREX INFO NEWS Odds are long on Cup day rate rise THE Reserve Bank will rule on whether to raise interest rates today. A Bloomberg poll of economists has found that just 6 out of 23 economists are tipping rates will rise today, bucking the trend of recent years. But as Peter Martin writes "THE Reserve Bank is gearing up to sell publicly a 0.25 percentage point interest rate rise, scheduling a major economic statement and an appearance before a parliamentary committee within weeks of today's Melbourne Cup day board meeting.'' Prime Minister Julia Gillard is still overseas. Now in Indonesia to meet with Indonesian President Susilo Bambang Yudhoyono today and the ongoing debate about asylum seekers and immigration are driving the day's news. Michael Owen and Tony Barrass write that "ADOPTING tough measures on asylum-seekers does not deter refugees from illegally entering the country, Chris Bowen asserted yesterd