Girl reporter stuns Chinese officials

CHINESE officials accustomed to the tame questions of a compliant state press have been caught out by a plucky 11-year-old reporter during the country's sensitive Communist Party congress.

Sun Luyuan, a Beijing sixth-grade student, shook up one of the tightly-controlled party meetings on Friday on the congress's sidelines with a question that put officials on the spot over China's miserable food-safety record.

Noting that a steady stream of scandals and health scares involving tainted or unsafe food products had particularly affected students, leaving many sickened in various incidents, Sun asked why China can't clean up its act.

"I love snacks, but I don't dare to eat snacks now because we see so many reports these days of problems with food products," Sun asked high-level officials during a congress delegate meeting, according to state-run China News Service.

During the meeting at Beijing's cavernous Great Hall of the People, Sun, who works for the Chinese Teenager News, continued by asking "why are these kinds of food products available for purchase?"

"As many primary and middle school students eat our lunches at school, what can you do to put us at ease over food safety?" she asked.

The Communist Party is presenting a tightly-scripted image of national unity for the week-long congress that opened on Thursday.

Held every five years, the congress will end next Wednesday with the unveiling of a new top leadership line-up widely expected to be headed by Vice President Xi Jinping, who will lead for the next ten years.

Ma Kai, a top official in China's cabinet who presided over Friday's meeting, passed the question to Education Minister Yuan Guiren, the China News Service said.

Yuan offered a stock official response pledging the government was addressing the situation and putting proper safety measures in place, a line repeated for years even as the scandals have persisted.

In 2008, China was rocked by one of its biggest-ever food safety scandals when the industrial chemical melamine was found to have been illegally added to dairy products to give the appearance of higher protein content.

At least six babies died and another 300,000 became ill after drinking the tainted products.

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Huge fire engulfs Qld shopping centre

FIREFIGHTERS are battling a huge blaze that has destroyed three shopping outlets in north Queensland.

Emergency services received reports of a fire in a shopping centre on Greenfield Blvd, Mackay, at 11.45am (AEST) on Saturday.

The Department of Community Safety says the shopping centre has been evacuated and about six crews are fighting to bring the blaze under control.

No one has been injured.

A nearby local shop worker says the Toys R Us, Clark Rubber and Autobarn stores have been destroyed.

"They have gone, the roofs have just caved in," she told AAP.

"I can see the flames spilling out of them while I'm talking."

Authorities have blocked off all surrounding streets, including the Bruce Highway, and the shop owner says shoppers have been stopped from saving their cars from the blaze.

"No cars are on fire but it's just too dangerous for them to retrieve them," she said.

"It's just too hot.

"All these people are lined up watching their cars."

Chemicals stored at the Autobarn and Clark Rubber stores are a concern for emergency crews.

"It's the toxic smoke they're worried about," the shop owner said.

Police could not confirm whether any arrests had been made in relation to the fire.

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Madonna fan guilty of resisting arrest

A FORMER firefighter with a crush on Madonna has been convicted of resisting arrest outside her former New York City apartment building as he spray-painted poster boards with love notes.

A jury delivered its verdict on Friday in Robert Linhart's trial. He could face up to a year in jail.

Defence lawyer Lawrence LaBrew told the New York Post that Linhart will appeal.

Linhart was arrested in September 2010. Police say he parked his SUV outside the singer's Manhattan apartment, laid out a tarp and wrote out such messages as "Madonna, I need you".

Jurors told the Post they felt it was fine for Linhart to express himself to the Material Girl, but they said they believed police testimony that he resisted arrest by flailing his arms.

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SEALS reprimanded over games leak

SEVEN Navy SEALs, including one involved in the raid that killed Osama bin Laden, have been reprimanded for divulging classified information to the maker of a video game.

The seven received letters of reprimand and forfeited half of their pay for two months after a Navy investigation found they served as paid consultants to the designers of Medal of Honor Warfighter, a Pentagon official said on Thursday.

All are members of Seal Team Six, the secretive commando unit based in Virginia. Members of the unit conducted the operation against bin Laden's compound in Abbottabad, Pakistan, in May 2011.

Four others SEALs, all based on the west coast, are also under investigation for allegedly disclosing classified information, the official said.

"We do not tolerate deviations from the policies that govern who we are and what we do as sailors," Rear Admiral Gary Bonelli, deputy commander of the Naval Special Warfare Command, said in a statement.

"The non-judicial punishment decisions made today send a clear message throughout our force that we are and will be held to a high standard of accountability," he added.

The video game was released last month by Electronic Arts of Redwood City, California.

The company asserted in promotional materials it was "written by actual US Tier 1 Operators while deployed overseas" and that it provides "players a view into globally recognised threats ... letting them experience the action as it might have unfolded".

A Tier I Operator is a military term for a commando involved in the most sensitive operations.

The reprimands given to the seven SEALs, which were first reported by CBS News, are a step below a court martial but will likely force them out of the commando unit and possibly end their careers.

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Man charged with grooming girls aged 11

A SYDNEY man has been charged with online grooming after he allegedly sent sexually explicit messages to two 11-year-old girls on a social networking website.

The man, 31, had a number of inappropriate conversations with one of the girls between July 2011 and February 2012 in which he posed as a 13-year-old boy, police allege.

He also had similar online contact, as well as inappropriate mobile phone conversations, with the other girl between December 2011 and February 2012.

Police executed a search warrant on a home in Matraville, in Sydney's east, on Thursday afternoon after the families of both girls reported the interactions.

Officers seized a computer for forensic examination and later charged the man with two counts of using a carriage service to send indecent material to a person under 16 years and using a carriage service to groom a person under 16 years.

The man has created other identities to communicate with young females on social networking sites, police allege.

The man was granted strict conditional bail to appear at Waverley Local Court on December 5.

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Business should get online: Turnbull

AUSTRALIAN companies must embrace the digital world and take their businesses online, in the knowledge that their competitors will, opposition communications spokesman Malcolm Turnbull says.

Mr Turnbull said so far Australia's response to the growing online business environment had been "patchy", with some companies doing it well and some, such as newspapers, slow to respond.

"Everyone has to look at their business model very carefully and embrace the digital world," he said.

"Because if you don't do that, if you're not prepared to embrace the digital world and compete with your own bricks and mortar business, then somebody else will do it."

Mr Turnbull's comments came as a new report warned that one third of Australian businesses faced a "short fuse, big bang" scenario, offering them little time to adjust to the major changes brought by the digital economy.

The BankSA Trends economic bulletin said the impact would be felt hardest in the eastern states where major change to key sectors was coming fast.

"The eastern states capitals, particularly Sydney, where there is a far greater concentration of industries such as finance, information and communications technology, and media and professional services, face a more immediate impact from the changes brought by digitisation," the report said.

It said older economies such as agriculture and manufacturing probably had more time to adjust.

Mr Turnbull said a very large percentage of Australian businesses still had no online presence, not even a web page, despite the opportunities it offered.

He said the internet also created much more competition.

"If you owned a dress shop in Adelaide you would have thought, not too long ago, that your competition was the department store around the corner. Now it's the entire world," he said.

Mr Turnbull said the critical thing for all companies was to take decisive action.

"The shortest commodity in the internet world is not technology," he said.

"It is technological imagination. It's businesses having the imagination to think laterally and recognise the opportunities that the online environment offers them."

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Full-time jobs rise impressive: Shorten

EMPLOYMENT Minister Bill Shorten says the creation of 18,700 full-time jobs in October is impressive in the face of continuing uncertainty in the global economy.

Australian Bureau of Statistics data released on Thursday also showed the jobless rate remaining at 5.4 per cent, when economists had expected a rise to 5.5 per cent.

Mr Shorten said this solid result confirms that more than 820,000 jobs have now been created since Labor came to power in November 2007.

"This is a standout achievement in the context of fragile global growth and high levels of unemployment in advanced economies around the world," Mr Shorten said in a statement.

"Australia has an enviable set of economic fundamentals that sees us performing well in the face of these persistent global headwinds."

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Sydney conman duped high-profile investors

A FORMER Qantas steward rented Rolls-Royces, luxury holiday homes and offices to fool investors into thinking he was a wealthy and successful businessman, a court has heard.

Dimitri de Angelis, 46, appeared at a sentencing hearing in the Supreme Court in Sydney on Thursday after pleading guilty last month to 16 fraud charges.

The court heard he duped investors out of more than $8.5 million, telling them his recording company Emporium Music was a "foolproof scheme" that would turn a $100,000 investment into $6 million.

Those stung by de Angelis included Anne Keating, the sister of former prime minister Paul Keating, Sydney's former deputy lord mayor Marcelle Hoff, experienced businessmen and lawyers.

Prosecutor Michael O'Brien said de Angelis invited potential investors to "salubrious holiday homes" he rented for short periods at Palm Beach and other locations, giving the impression he owned them.

The Paris-born former Qantas steward drove them there in rented Rolls-Royces or Bentleys and also turned up at meetings in rented Ferraris, the court heard.

De Angelis, of Turramurra, also invited investors to rented offices in Sydney's CBD, at times giving the impression he not only owned the office, but owned the entire building.

Mr O'Brien said de Angelis showed photos of himself with the rich and famous to support the impression he was a highly successful and wealthy businessman.

He had himself photoshopped into pictures that appeared to show him with the Pope, former US presidents Bill Clinton and George W Bush, the Dalai Lama, former prime minister John Howard and businessman Kerry Packer.

De Angelis told some potential investors he often went to Kirribilli House to cook for his "friends", John and Janette Howard.

"Once Mr Rudd got in, he was very good friends with Mr Rudd," Mr O'Brien said.

One investor even believed she and de Angelis were to be married.

The court heard de Angelis spent much of the investors' money on his lifestyle, his partner Aaron Hung and Mr Hung's parents, between February 2005 and June 2009, when his scheme came unstuck.

Investors then realised "the whole thing was a house of cards that had come tumbling down," Mr O'Brien said.

Mr Hung's parents, now living in Taiwan, have put up $1 million in surety for de Angelis to be granted bail.

Defence lawyer Soruban Siva said his client had a narcissistic personality disorder, but at the outset he had genuinely intended to create a successful recording company.

"But he was hopelessly out of his depth, was inexperienced and did not have the ability to create a successful business."

Mr Siva said some money had been spent on recording and launching music CDs.

But he said his client had found it was "very easy through exaggeration and lies" to persuade people to invest significant amounts of money with him without him providing corroborative documents.

Justice Richard Cogswell will sentence de Angelis at a future date, with a jail term expected.

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Bikie charged over Sydney casino assaults

A SENIOR Comanchero bikie has been charged with three assaults at a Sydney casino.

The 25-year-old is alleged to have king-hit two people in separate incidents in February and April, knocking them unconscious.

He is also accused of throwing a drink at a security guard who was trying to remove someone from the premises last month.

Officers arrested the man after stopping a car on Bunnerong Road, Maroubra, just after midday (AEDT) on Wednesday.

He was later charged with common assault, breach of bail and two counts of affray.

He appeared at Waverley Local Court on Thursday and was granted bail to appear in court again on December 19.

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Camilla makes a good impression

SEASONED royal-watcher Neville Condron says Camilla, the Duchess of Cornwall, has made a good impression on her first visit to Australia.

Mr Condron, who has met several queens, princes and princesses from various countries, says he's pleased there haven't been comparisons with the late Princess Diana, who was a favourite with Australian crowds.

The duchess has been warmly welcomed at official events and has happily chatted with the small crowds that have turned out to greet her since arriving in Australia on Monday.

But the crowd numbers have been far from the thousands that flocked to greet Diana, or even the Queen, during their visits to Australia.

Mr Condron shook hands with both Prince Charles and his first wife in 1985.

"I've been pleased that the comparisons just aren't an issue," he said outside the Victorian College of the Arts Secondary School, where the royal couple watched a performance by school children.

"Camilla just seems so relaxed, people are warming to her and I think it's been long enough for memories to fade a little bit and I think she's off to a really good start.

"I think Australians would like her sense of humour and enjoy the way she dresses. She's very relaxed with the crowd.

"I think she's great and they look so happy together. It's a good thing."

Mr Condron took his French bulldog, Bert, to meet the royal couple, and the duchess was especially taken.

"The duchess said she used to keep Boston terriers, which are a similar looking dog, not as cute as French bulldogs though, and she was just very taken with him and gave him a good pat and called him Bertie," he said.

"He was enjoying himself. He'll sleep well tonight."

Yet Mr Condron is frustrated at the lack of public information about the royal tour, which is part of the Queen's Jubilee year.

"Last year for the Queen's visit you knew exactly where to go, what time, there was no guessing," he said.

"Nobody seems to know what's going on (this time)."

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New app to remember Remembrance Day

THE ritual of honouring Australia's war heroes is moving into the digital age, with a new app being launched to help young people remember Remembrance Day.

The Minute to Remember app will send out an SMS reminder just before 11am on Sunday to remind subscribers to observe the traditional minute's silence.

The app has been created for Defencecare, an RSL NSW charity that helps current and ex-service personnel and their families with a range of issues.

Defencecare CEO Robyn Collins says the number of war veterans is diminishing but the importance of Remembrance Day and the minute's silence "continues to be a truly essential cultural element of being Australian".

"This digital solution is an exciting way to stay relevant, respectful and help the Defencecare community," she said.

The Minute to Remember campaign also allows people to donate by buying a virtual poppy, which is uploaded to their Facebook page.

RSL NSW President Don Rowe welcomed the new app, saying it would help the ongoing effort to support veterans.

"Defencecare makes a real difference to people's lives and for us, it is crucial to be able to continue our support."

Details can be found at www.minutetoremember.com.au.

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Cousins sentenced for manslaughter

A MAN who fractured his drug dealer's skull by hitting him on the head with a metal pole will spend at least six years in prison for his manslaughter.

His cousin, who was also involved in the attack, was sentenced to a minimum five years and two months.

Todd Carney and his cousin Luke Joseph Cambey, both aged 25, went to buy cannabis from Derrick Reid at his Sydney unit on the morning of January 29, 2006.

A scuffle ensued and Mr Reid was kicked and repeatedly hit with a metal pole while he stood in the unit and again after he fell on a bed.

He suffered factures to his head, cuts and fractures to two fingers, and bruising on his chest, shoulder, back, left flank, face, head and arms.

Mr Reid went to a neighbour and told them he had been bashed before being taken to hospital where he died later that evening.

Carney and Cambey were charged in 2008 and convicted of murder in 2010.

They successfully appealed and a jury later accepted their evidence the attack was in self-defence, convicting the pair of manslaughter in August this year.

In the NSW Supreme Court on Wednesday, Justice Monika Schmidt apologised to Mr Reid's family for a "regrettably protracted legal process".

"I thus particularly extend my sympathies to Mr Reid's family," she told the court.

"I hope that this sentencing exercise will now give them some peace of mind."

Justice Schmidt sentenced Carney to a non-parole period of six years and Cambey to five years and two months.

Both of their sentences will take into account the time they have already spent in prison.

Justice Schmidt noted that both men had a history of taking drugs and drinking.

She described their actions as "a grossly disproportionate response".

"This was a brutal killing, but one which was clearly to some extent the result of Todd Carney's deteriorating mental state," she said.

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Oppn should prove polices won't hurt: Swan

TREASURY has costed three coalition policies and assessed their impact on businesses at the request of the federal government.

Coalition shadow treasurer Mr Hockey was "alarmed" that Treasury's "unsolicited" analysis was leaked to the media and on Monday wrote to department secretary Martin Parkinson demanding an explanation.

But a spokesman for Treasurer Wayne Swan on Tuesday said it was not "remotely unusual" for Treasury to analyse policies in the public domain and the same thing had occurred under previous regimes.

"It's doing its job as it did under the previous government," the spokesman said.

"From time to time governments of both persuasions publicise information to contribute to a more fulsome debate about policies."

Labor on Monday used the Treasury report to argue a coalition government would slap higher taxes on business and dismissed the opposition's anger that the "unsolicited" costing had been released without its full knowledge.

The analysis, published by Fairfax Media, showed three coalition tax policies would cost businesses $4.57 billion in the first full year of a Liberal-National government and $17.2 billion over four years.

The policies include a 1.5 per cent levy on big companies to fund paid parental leave, axing the instant asset write-off and other tax breaks for small business funded by the carbon tax and the abolition of the business loss carry-back policy.

But Mr Hockey said on Monday the figures were "grossly inaccurate", although he declined to say what treasury assumptions were wrong.

In his letter to Dr Parkinson, Mr Hockey said "if Treasury undertook to conduct these unsolicited costings, or subsequently released these costings to the media, then the apolitical and non-partisan nature of Treasury has been severely compromised".

He also asked whether Mr Swan's office had sought the costings and whether Treasury had been told the analysis would be released to the media.

Mr Swan's spokesman said Mr Hockey should take responsibility for the impact of the policies and not blame hardworking Treasury officials.

"The onus is on Joe Hockey and the Liberal Party to prove that their massive tax grab will not smash the business community," the spokesman said.

Comment is being sought from Mr Hockey.

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Rates decision a blow to retailers: ANRA

THE Reserve Bank of Australia's (RBA) decision to keep interest rates on hold has denied retailers a reason to celebrate on Melbourne Cup day, a peak retailers' group says.

The RBA on Tuesday said it had left its interest rate on hold at 3.25 per cent after its November board meeting.

It is the first time in six years the bank has left the cash rate unchanged on Melbourne Cup day.

Australian National Retailers Association (ANRA) chief executive officer Margy Osmond said the bank had "bet against the retail sector" on Tuesday, leaving retailers on the losing side.

"After the major banks refused to pass on the full cash rate cut in October, giving mortgage holders only a limited boost to their discretionary spending, retailers were hoping their Melbourne Cup winner would come in," she said.

"Now we are likely to see consumers put the brakes on spending again in the crucial lead-up to the holiday season."

Ms Osmond said Australians were already watching every penny and keeping the cash rate the same would return them to a saving over spending mentality.

She said retailers were waiting on the federal government's response to the Low Value Parcel Processing Taskforce report that showed practical ways for overseas businesses to face the same tax obligations as Australian retailers.

"The RBA has not come to our race day party, so now we are waiting on the federal government to play Santa in 2012," Ms Osmond said.

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Half Qld's TAFE campuses 'should close'

AN independent report recommends the closure of about half of Queensland's 80 plus TAFE campuses.

The Queensland Skills and Training Taskforce, lead by Queensland Resources Council chief executive Michael Roche, has released its final report into the vocational education and training (VET) sector.

It recommends closing 11 TAFE campuses in far north Queensland, five in the Fraser and Sunshine coasts, five in the Western Corridor, 10 in Brisbane, three on the Gold Coast and four Skills Tech Australia campuses.

The report also recommend cutting "non-priority" training in favour of skills that will help boost the state's economy.

Money should be invested in mining, tourism, agriculture and construction courses, the report says.

Education Minister John-Paul Langbroek said the next challenge for the government would be to balance the 91 recommendations with the needs of individual communities.

"That's why we want to make sure TAFE courses align with government priorities and meet demands in the marketplace, to produce real career outcomes for VET students," he said in a statement.

The federal government has attacked the findings.

The federal minister for tertiary education and skills Chris Evans says the report, if implemented, will undermine his government's efforts to boost educational opportunities in regional areas.

"This is a real body blow and I'm very concerned if the Queensland government is to adopt the direction of this report," he said.

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South Korea shuts nuclear reactors

SOUTH Korea has been forced to shut down two nuclear reactors to replace components provided with fake quality certificates, a minister said, warning of "unprecedented" power shortages to follow.

Knowledge Economy Minister Hong Suk-Woo stressed that the "non-core" components posed no safety threat and were unrelated to a string of systems malfunctions at reactors this year that triggered calls for a safety review.

The two affected units at the Yeonggwang nuclear complex in the southwest may have to remain offline until early January, as engineers replace more than 5,000 fuses, cooling fans and other parts provided by eight suppliers.

"Comprehensive safety check-ups are necessary at these two reactors where the uncertified parts were used extensively," Hong said.

"It's inevitable that we will experience unprecedented power shortage during the coming winter with the two reactors shut," he added.

South Korea operates 23 nuclear power reactors which meet more than 35 per cent of the country's electricity needs. It plans to build an additional 16 reactors by 2030.

Last month, authorities temporarily shut down two 1,000-megawatt reactors at separate nuclear plants after system malfunctions which were also blamed for another reactor at Yeonggwang being tripped into automatic shutdown in July.

The South Korean government has vowed to stick to its nuclear power program despite public concerns arising from last year's nuclear disaster in Japan.

If the two Yeonggwang reactors are not brought back online as scheduled, Hong warned of a "dramatic" drop in national power reserves to 300,000 kilowatts in January, compared to the government target of 4.5 million kilowatts.

"Energy authorities are preparing a super-intense power supply emergency plan, which will be carried out in mid-November," he said, without elaborating.

All parts supplied for use in South Korea's nuclear plants require quality and safety warranties from one of 12 international organisations designated by Seoul.

Hong said prosecutors would investigate the suppliers as well as possible collusion by officials of the state-run Korea Hydro and Nuclear Power.

Doubts over nuclear safety standards were fuelled in May when five senior engineers were charged with trying to cover up a potentially dangerous power failure at South Korea's oldest nuclear plant.

The five, including a 55-year-old chief engineer at the Gori-1 reactor, were accused of violating a law on nuclear safety.

The reactor, built in 1978 near the southern city of Busan, briefly lost mains power on February 9 and the emergency generator failed to kick in. The power cut caused cooling water to stop circulating.

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Rayney yet to accept murder case offer

PROMINENT barrister Lloyd Rayney was acquitted only last week of murdering his wife but he may already have a new client to represent in court.

The Legal Practice Board of Western Australia imposed a condition on Mr Rayney's practising certificate - to remain in force until his trial was determined - that he not conduct trials before a jury.

Mr Rayney last Thursday was acquitted of murdering his wife Corryn, but the prosecution has until November 22 to decide whether to appeal, so the board is assessing whether his trial can be considered to have been determined.

The board said in an emailed statement on Monday that it would consider the judgment.

Lawyer Richard Lawson, who had worked with Mr Rayney for the Director of Public Prosecutions, has offered him two clients to represent in court.

One of those clients is Duran Leonard Nepean, who is accused of fatally stabbing a man. Nepean made his first appearance in the West Australian Supreme Court on Monday with Mr Lawson representing him.

"I asked him (Mr Rayney) if he wanted to do it," Mr Lawson told reporters outside court.

"I didn't officially brief him (but) the offer was on the table to do this."

Mr Lawson said Mr Rayney had not yet responded to the offers but had shown some interest.

"I've just had my status conference on it so I don't know who the barrister is going to be right now," Mr Lawson said.

He said neither he nor his client had any qualms about Mr Rayney potentially taking on the job.

"I've used him before and in my professional relationship with him he's a very good barrister," he said.

"I'm quite pleased with the results I get with him and I will continue to use him."

Nepean was remanded in custody and is scheduled to reappear in court on February 7 for a status conference.

His trial has been set down for June 10.

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Cardboard cut-out fills royal void in Qld

IT seems Longreach locals can't wait for the real thing.

A cardboard cut-out of Price Charles has been doing the rounds of the outback Queensland town, popping up at the pub and posing for happy snaps with excited residents.

The official tour is set to begin at 4pm (AEST) on Monday, when the heir to the British throne and his wife Camilla, the Duchess of Cornwall, arrive from Papua New Guinea.

But why wait, figured Merino Bakery owner Ben Roughan, who's been hosting the pretend prince's unofficial tour.

"It's been quite a bit of fun doing it," he told AAP on Monday, just a few hours before the royals' expected arrival.

"This is such a significant moment for Longreach. The real Prince Charles is only here for two hours, so I thought why not show him parts of the town the locals love?"

Mr Roughan said his Prince Charles Royal Lamb Pies had been walking out the door ahead of the couple's brief visit, which will finish with a community barbecue attended by 300 locals.

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Aust stocks set for cautious start

AUSTRALIAN stocks look set for a quiet start to the trading week ahead of the US elections and a Melbourne Cup day interest rate decision.

CommSec chief economist Craig James says the battle for the White House between Democratic president Barack Obama and his Republican challenger Mitt Romney will be at the front of investors' minds on Monday.

Before Americans go to the polls on Wednesday (AEDT), the Reserve Bank of Australia is due to hold its monthly board meeting on Tuesday, Melbourne Cup day.

"I think the market is going to be super, super cautious," Mr James said on Sunday.

"There are so many uncertainties ahead.

"You are not going to take too many positions ahead of that."

Futures markets were pointing to a weak start on the local market, with the December share price index futures contract down three points at 4,442 points on volume of 5,644 contracts.

Some 12 of the 15 economists surveyed by AAP said they expected the central bank to cut the cash rate by 25 basis points to three per cent.

In other domestic news, the Australian Bureau of Statistics is due to release local jobs numbers and the RBA is scheduled to publish its quarterly statement on monetary policy.

In companies news, full year results are due from Westpac Banking Corporation, while first quarter profit numbers from Rupert Murdoch's News Corporation and a September quarter trading update from Commonwealth Bank of Australia are also slated for publication.

"There's plenty of fodder for investors to feed off and a lot of these things could go either way," Mr James said.

"It is a case of just finding out what the outcome is, interpreting it and moving forward from there."

Wall Street traded higher during the early part of Friday night's (AEDT) session in response to better-than-expected US jobs figures before fading into the close as nervousness over the upcoming US elections took over.

The Dow Jones Industrial Average fell 1.05 per cent, the S&P500 eased 0.94 per cent and the NASDAQ ended 1.26 per cent lower.

The non-farm payrolls report showed the world's largest economy added 171,000 jobs in October, well above market expectations of a 120,000 gain.

The Australian dollar closed the US trading day at 103.37 US cents, down from Friday's local close of 103.85 US cents.

The Australian stock market closed flat on Friday - the benchmark S&P/ASX200 edged up 0.05 per cent and the broader All Ordinaries index rose 0.07 per cent.

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NAB CEO says funding costs on the rise

NATIONAL Australia Bank chief executive Cameron Clyne says there is little prospect of any official interest rate cut being passed on in full to customers any time soon.

Mr Clyne says funding costs for NAB are continuing to rise amid competition for retail deposits and ongoing pressures in wholesale money markets.

Most banks have lowered their borrowing rates by less than any cuts in the Reserve Bank of Australia's (RBA) cash rate, citing higher funding costs, and Mr Clyne says this will likely continue.

"I think there's no short-term return to the RBA cash rate and bank interest rate movements being aligned," he told ABC television's Inside Business program on Sunday.

Mr Clyne said the period between the mid 1990s to the mid 2000s was the only one where bank rates actually moved in line with RBA.

"If you go back prior to that, and then obviously the period since 2007, this is actually more normal," he said.

"Funding costs are driven by a variety of factors - what you pay for deposits, what you pay for long term and short term borrowings."

Mr Clyne says the battle for retail deposits has put the most pressure on funding costs in recent times, while wholesale funding has been "a little more benign".

"That's not to say it may not spike up again if you have instability in Europe or elsewhere, but funding costs are still continuing to rise," he said.

"That will obviously impact us to a degree to which we are able to reprice."

On October 31, NAB reported net profit for the year to September 30, 2012 fell 22 per cent to $4.08 billion, compared with the previous corresponding period, with results dragged down by difficulties at its UK-based operations.

Mr Clyne said turning around the performance of NAB's UK businesses would depend on the state of Britain's economy.

"A patient approach, although it's difficult, is actually in the long term interests of the shareholders," he said.

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US economic recovery 'shaky': Swan

FEDERAL Treasury Wayne Swan will meet his US counterpart Treasury Secretary Timothy Geithner this week for a "first-hand assessment" of the state of the American economy.

Mr Swan met with G20 finance ministers this weekend in Mexico, where discussions centred on Europe and the US.

The treasurer will be in Washington this week for talks with US Federal Reserve chairman Ben Bernanke, International Monetary Fund (IMF) managing director Christine Lagarde and Mr Geithner.

In his weekly economic note, Mr Swan warned that international economic events could quickly spill across borders.

"Flows of capital can surge or dry up almost overnight," he said on Sunday.

"Business and consumer confidence in one place can sway sentiment in another."

Despite some encouraging data in recent weeks, economic recovery in the US was still shaky, he said.

The looming "fiscal cliff" in the US, which will see a sudden unwinding of tax cuts and the ending of expenditure programs, also risked crippling the world's biggest economy, Mr Swan said.

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