The World Today

One of Australia's oldest and largest boarding schools is set to apologise to students who were sexually abused during their time there. St Stanislaus College in Bathurst has been the subject of child abuse investigations for nearly a decade, with a number of its priests, brothers and teachers convicted. The apology has been welcomed by many, but some advocates are calling for the school to be publicly scrutinised by the child abuse Royal Commission.

After less than three years as New South Wales Premier, Mike Baird insists his shock decision to quit politics does not mean that he's cutting and running. An emotional Mr Baird denies he's switching to federal politics, revealing that family members are suffering serious health problems.

Mike Baird insists he's retiring from all levels of politics, but that doesn't mean that some in his party won't try to change his mind. Trent Zimmerman is the Liberal member for the federal seat of North Sydney, which is next to Mr Baird's state seat, as well as the former President of the New South Wales branch of the Liberal Party. Mr Zimmerman said Mike Baird 'makes an extraordinary contribution to public policy' and would be welcome in Canberra, but he believes the Premier's statement.

The impending retirement of NSW Premier Mike Baird is 'good strategy' according to Contributing Editor for the New Daily, and former ABC journalist, Quentin Dempster. He says the last 12 months have been difficult, politically, for the Premier with council amalgamations, a greyhound ban (and subsequent backtrack), contention over Westconnex and Sydney lock-out laws, and environmental issues associated with several planning and infrastructure projects. Quentin Dempster says it's now time for the NSW Liberal Party to refresh.

Barack Obama has given his final media conference, reflecting on his legacy and hinting at his plans when he leaves office.

A day out from Donald Trump's inauguration, President Obama said it's 'appropriate' for the President-elect to go forward with his own vision and values.

Unemployment has risen to 5.8 per cent, despite the creation of 13,500 jobs last month, due to an increase in people looking for work. The Bureau of Statistics data show 9,300 full-time jobs were added, while 4,200 part-time positions were added. The participation rate has rising to 64.7 per cent with more people in the market looking for work.

After 90 years of American ownership, an Australian favourite is returning to local hands. Bega Cheese has announced it's buying the Vegemite brand from American food giant Mondelez. Businessman Dick Smith, who has long campaigned for the return of Australian brands to local ownership, is thrilled by the announcement.

Donald Trump has warned the US dollar needs to be lower and says the high currency is 'killing' US trade with China. Wall Street closed 0.3 per cent weaker and the US dollar hit a one month low days out from Mr Trump's inauguration as US president. Analyst Matt Sherwood told the ABC's Peter Ryan that Mr Trump has breached decades of protocols by targeting the US dollar.

In one of his final acts as President, Barack Obama has slashed the prison sentence of Chelsea Manning, the former US soldier who was jailed for leaking classified files to WikiLeaks. Manning was serving a 35 year sentence, but will now be allowed to walk free in May.

The Industry Minister Greg Hunt will move to the politically important health portfolio, replacing Sussan Ley who resigned amid a travel scandal. Cabinet Secretary Arthur Sinodinos's political rehabilitation continues with his move into Mr Hunt's industry portfolio. The moves deprive cabinet of one of its female voices.