12PM NEWS UPDATE

– Thousands of people have begun pouring into Flemington racecourse to celebrate the Melbourne Cup. Punters are expected to spend more than $800 million on the big race.
– The reserve bank is expected to leave interest rates at their record low of two point five per cent, at the board’s traditional Melbourne Cup meeting today.
– The AFP’s assistant commissioner has warned more counter-terror raids, like those recently carried out in Sydney Brisbane are likely…..as officers try to contain the rise of home grown terrorists.
– 100,000 people are without power, as record snow storms hit America’s East Coast from north of New York to the Southern states.
– And the Western Sydney Wanderers have received a rousing reception overnight, as they returned home to Australia, after being crowned the Best in Asia.



