Two cyclones could form off Qld's coast

TWO cyclones are predicted to form on either side of Queensland and hit land within days.

The Bureau of Meteorology (BoM) has issued warnings for two tropical lows, each on either side of the state's peninsula.

The first is expected to cross Queensland's west coast at Weipa as a category two cyclone about 4am (AEST) on Monday.

The second system is expected to cross the east coast at Bowen in the state's north at roughly the same time, but as a lesser category one cyclone.

The first system was estimated to be about 300km west of Thursday Island at 4am (AEST) Saturday and likely to develop into a cyclone within 24 to 48 hours.

BoM has predicted a storm surge for areas between Weipa and the Torres Strait Islands on Sunday.

Gales are also expected in surrounding areas.

The second system was about 460km east of Cairns at 4am (AEST).

It is expected to slowly intensify and may form into a tropical cyclone before making landfall between Townsville and Mackay overnight Sunday or early Monday, BoM said.

Heavy rain, which could lead to flash flooding, is possible for coastal areas between Cooktown and Mackay from late Saturday.

Queensland's twin cyclone threat comes as almost 80 per cent of the state was declared to be drought affected - the largest area in the state's history.

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Planning minister welcomes overseas buyers

OVERSEAS investment which could see a proposed mini-city built in Melbourne's western suburbs should be welcomed, not feared, Victoria's planning minister says.

A Southeast Asian developer plans to build a residential and commercial centre in Yarraville, eight kilometres from Melbourne's CBD, on an abandoned 24 hectare industrial site, Fairfax reports.

Victoria's Planning Minister Matthew Guy said the potential development could transform the suburb while providing a jobs boost.

"Melbourne is one of just a few western cities internationally where there is strong interest, particularly from east Asian markets," he said.

"My view is that we should welcome the overseas investment that meets our own guidelines.

"This is about jobs, it's about hundreds of new jobs, it's about providing higher density in areas that can sustain it, around transport, around existing infrastructure, and so I think it is welcome news that we can get brand new developments like this up and running in Melbourne."

He denied overseas buyers were pricing locals out of the market, saying an increase in the high-rise apartment market and the extra housing lots in growth areas had helped to stabilise house prices.

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Australians on board missing plane

A search and rescue mission is underway for a Malaysia Airlines flight, which has lost contact with air traffic control.

Flight with 227 passengers and 12 crew on board missing ... Malaysia Airlines service bound for Beijing lost. Source: Supplied

• Beijing-bound flight loses contact at 5.40am AEDT
• 239 passengers missing
• Seven Australians were on board
• DFAT hotline: 1300 555 135 or 02 6261 3305

SEVEN Australians are among the 239 people on board a Malaysia Airlines flight bound that has lost contact with air traffic control and is missing.

The Beijing-bound Malaysia Airlines flight MH370, a Boeing 777-200 aircraft, lost contact with Subang Air Traffic Control at 5.40am (AEST).

"The flight was carrying 227 passengers (including two infants), 12 crew members," the airline said in a statement.

Malaysia Airlines said the passengers were from 14 different nationalities.

"It is our understanding there are Australian passengers on board," a Malaysian Airlines spokesman told News Corp Australia.

A total of 153 passnegers were Chinese nationals.

There were also 38 from Malaysia, 12 from Indonesia, three from France, two from New Zealand, four from the USA, two from Ukraine, two Canadians, two Russians, one Italian, one from Taiwan, one from The Netherlands and one from Austria.

Reports on Twitter appeared to show the a list of names of passengers on board the flight, but this had not been confirmed.

"Malaysia Airlines is currently working with the authorities who have activated their search and rescue team to locate the aircraft," Malaysia Airlines said.

Search and rescue under way ... a map of the Malaysia Airlines flight's approximate flight path to Beijing. Source: Supplied

China's state news agency is reporting that the Malaysia Airlines aircraft has lost contact over Vietnam while an unconfirmed report on a flight tracking website said the aircraft had plunged 200m and changed course shortly before all contact was lost.

The route would have taken the plane across the Malaysian mainland in a north easterly direction and then across the Gulf of Thailand.

Chinese news agency Xinhua quoted Chinese aviation authorities saying the plane did not enter China's air traffic control sphere.

China's foreign ministry spokesman Qin Gang said in a statement: "We are very concerned learning this news."

"We are contacting relevant authorities and are trying to confirm relevant information.''

Malaysia Airlines vice president told CNN that the missing plane had enough fuel for seven hours and suspects it would have run out by now.

Malaysia Airlines' Chief Executive Officer Ahmad Jauhari Yahya said in a statement: "We deeply regret that we have lost all contacts with flight MH370 which departed Kuala Lumpur at 12.41am earlier this morning bound for Beijing.

MORE: PLANE CRASHES THAT CHANGED AVIATION HISTORY

"The aircraft was scheduled to land at Beijing International Airport at 6.30am local Beijing time (9.30am AEST).

Subang Air Traffic Control reported that it lost contact at 2.40am (local Malaysia time) today.

Flight MH370 was operated on a Boeing B777-200 aircraft," he said.

"The flight was carrying a total number of 239 passengers and crew — comprising 227 passengers (including 2 infants), 12 crew members. The passengers were of 13 different nationalities."

The pilot was 53 year old captain Zahari Ahmad Shah, who joined the airline in 1981 and had over 18,000 flying hours.

An interesting Tweet from The Daily Telegraph's Beijing correspondent shows Beijing Airport full of police but no one waiting for the plane to arrive.

"Malaysia Airlines is currently working with the authorities who have activated their Search and Rescue team to locate the aircraft," Mr Yahya said..

"We deeply regret that we have lost all contacts with flight MH370 which departed Kuala Lumpur at 12.41am earlier this morning bound for Beijing.

"Our team is currently calling the next-of-kin of passengers and crew.

"Focus of the airline is to work with the emergency responders and authorities and mobilise its full support.

"Our thoughts and prayers are with all affected passengers and crew and their family members."

Follow Malaysia Airlines on the incident on Facebook

The Department of Foreign Affairs and Trade released a statement saying: "Malaysia Airlines has advised that seven Australians were on board the missing flight MH370. Australian consular officials are in urgent and ongoing contact with Malaysia Airlines. Malaysia Airlines has advised that it is contacting relatives of the passengers on the flight.

The airline has established a call centre – telephone +60 37884 1234 – for those seeking more information.

The Department of Foreign Affairs and Trade's 24 hour Consular Emergency Centre is contactable on 1 300 555 135, or +61 2 6261 3305 (if calling from overseas).

commercial flight missing ... The image from @flightaware shows the last known track of flight MH370 over southern Asia. Picture: Flightaware.com Source: Supplied

Malaysia Airlines is the national carrier of Malaysia and one of Asia's largest, flying nearly 37,000 passengers daily to some 80 destinations worldwide.

Malaysia Airlines has 15 777 planes in the fleet and is an experienced operator of this type of aircraft. This aircraft is believed to be 11.8-years-old, delivered to the Malaysian Airlines fleet in 2002, so it's not a particularly old aircraft.

Anyone wanting more information on the flight should call the airline on +60-378841234.

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O'Farrell backs Cootes ban threat

TRUCKING company Cootes Transport is considering taking legal action over a NSW government threat to ban it from the state's roads.

Roads Minister Duncan Gay has given the company 14 days to explain why its trucks shouldn't be suspended or banned after 179 of about 320 vehicles checked received a formal warning or defect notice.

The focus on Cootes followed two people being killed when a Cootes tanker rolled on its side, burst into flames and collided with several cars in Sydney's north in October last year.

The government in February called for Cootes' 400-strong NSW fleet to be re-inspected after problems were found in a number of trucks during routine checks.

Cootes' parent company McAleese Group says it is disappointed with the decision.

"Cootes Transport strongly rejects any suggestion that it is demonstrating a blatant disregard for community safety," McAleese said in a statement on Friday.

Cootes believes it will be show why it should continue to operate on NSW roads.

The company says it is now considering "all options", including legal action.

NSW Premier Barry O'Farrell said his government had no choice but to act, as lives were at risk.

"The state government cannot ignore repeated infringements by any businesses but particularly those businesses involved in haulage on roads," he told reporters in Sydney.

"Dangerous trucks, dangerous trucking practices can cost lives."

The premier was speaking in Bungarribee, in Sydney's west, after launching an Arnott's Foods warehouse run by transport company Linfox.

Linfox is expected to sign a fuel transport contract with BP after the energy group decided not to renew its deal with Cootes.

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Qld ex top cop in claims over wife's grant

Queensland's former police commissioner is under scrutiny over allegations surrounding a grant. Source: AAP

QUEENSLAND'S former police commissioner is under scrutiny over allegations he helped his wife secure a research grant without declaring a conflict of interest.

Police Minister Jack Dempsey urged anyone to come forward if they had any evidence to back up the allegations.

"These matters occurred nearly 10 years ago and I do encourage past and present officers, or any other members of the community, who have any evidence of any impropriety to please report any matters to the CMC," he said.

Seven News on Thursday night showed Mr Atkinson backed the $366,000 grant involving his wife Glenda Adkins, and found no evidence he declared a conflict of interest.

The federally-funded National Drug Law Enforcement Research Fund approved the project in 2004 which promised to identify an approach which was most likely to substantially erode criminal industry profits from the drug trade.

Dr Adkins' business address was listed as "c/o Commissioner Bob Atkinson" at Queensland Police Headquarters, and he signed his agency's support of the project, which was needed to secure the funding.

The couple deny any wrongdoing.

Despite promising to deliver the report after three years, Dr Adkins didn't produce a publishable report and the NDLERF has since written off its investment.

A police spokeswoman told AAP former Commissioner Atkinson did not have a role in any approval of, the conduct of, or funding of the project.

She said the project was to be conducted by the Queensland University of Technology and Dr Adkins applied for the grant with two others.

The research benefited the community and the Queensland Police Service, the spokeswoman said.

"The Queensland Police Service routinely supports and participates in research matters where there is no direct financial input from the service," a spokeswoman said.

"Perceived conflicts of interest regarding this matter are for consideration by other parties."

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Medium-term outlook a worry: Stevens

RESERVE Bank boss Glenn Stevens has urged Australia's political leaders to start a "serious conversation" about government debt before it becomes a real problem.

The central bank governor's appearance before federal politicians of the House Economics Committee in Sydney on Friday stuck very much to the theme of the RBA's recent statements, and one that will likely see the cash rate held steady for a period.

"I think if it's possible for there to be a period of stability, then that in itself at the margins is probably helpful to people," Mr Stevens said in the first of his twice-yearly public hearings before the committee.

The RBA left the cash rate unchanged at an all-time low of 2.5 per cent at this week's monthly board meeting, and where it has stood since August.

National Australia Bank senior economist David de Garis said that with that decision only a few days old, any about turn by Mr Stevens "would have been a complete surprise".

As usual, Mr Stevens' comments on federal budget policy were guarded during three hours of quizzing by the committee. He also took several questions from local school children.

But he did warn Australia faces problems in the future because some initiatives have not been fully funded.

He insisted the nation does not have an imminent budget problem, but rather a medium-term one.

"There are some social programs that we all think are very good, that we are committed to do, and they are not fully funded," he said.

Australia has low government debt compared to most advanced countries, he said.

But that shouldn't stop political leaders having a serious discussion with each other and the community before its becomes a problem.

"We have issues and problems that need to be dealt with but we're not in the same camp than say many countries in Europe," he said.

Treasurer Joe Hockey was unavailable for immediate comment.

The government's mid-year budget review in December warned of deficits stretching out for the next decade and debt ballooning to nearly $670 billion if remedial action is not taken.

More broadly, Mr Stevens said unemployment, which currently stands at a 10-year high of six per cent, has yet to peak.

"Unemployment will rise further; I would hope not too much further," he said.

While new data had shown economic growth strengthening, it probably took one or two quarters for the the labour market to catch up, he said.

The drivers of growth were shifting and the decline in mining investment would accelerate over the coming year.

"Business investment spending outside mining, which has been very low indeed, is bound to pick up at some stage," he said.

In particular, he expected dwelling investment activity would rise strongly.

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Ai Group seeks less haste to fix budget

The Australian Industry Group group's Innes Willox (R) is seeking less haste to balance the budget. Source: AAP

A KEY industry group is concerned that in a rush to get the budget back in order, the federal government will cut measures and programs that support innovation and skills development at a time when extra effort is needed.

The Australian Industry Group (Ai Group) warns that manufacturing in particular has been "squeezed and sapped" by high costs, the high Australian dollar and low productivity.

"The situation is urgent. Revenues, reserves and margins have been hit for six," the group's chief executive Innes Willox said in a statement on Thursday.

Ai Group has presented a 10-point plan to the government to overcome barriers to growth across all industries.

It includes both the federal and state governments getting their budgets back on a secure footing but not until the end of the decade.

It also calls for a lift in infrastructure investment, the removal of blockages to flexible workplace relations and a reduction in costs by putting in place the right policies for energy markets, renewables and emissions.

Mr Willox said the economy needs to rebalance to replace the waning mining investment boom with new drivers of growth, while managing Australia's heightened exposure to commodity prices, global capital markets and its increased concentration of export markets.

"Successful management of the situation facing our economy requires action across a number of fronts, including repositioning the manufacturing sector for growth," he said.

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Garrett to front insulation scheme inquiry

Former Labor minister Peter Garrett will appear at the royal commission into the insulation scheme. Source: AAP

FORMER Labor government minister Peter Garrett has been granted leave to appear at the royal commission into the botched insulation scheme.

Mr Garrett, a former environment minister who retired from politics in 2013, played a key role in rolling out the economic stimulus scheme.

The inquiry, under commissioner Ian Hanger QC, is seeking new light on the deaths of four workers involved in the insulation scheme and what warnings were given to the Rudd government.

The commission confirmed on its website that Mr Garrett had been granted leave to appear and have legal representation, along with the federal and Queensland governments and family members of the dead men.

In February, former prime ministers Julia Gillard and Kevin Rudd were ordered to hand over documents relating to the scheme.

But they are not listed as witnesses.

It is understood other former ministers Lindsay Tanner, Penny Wong, Greg Combet, Mark Arbib and Wayne Swan have been contacted by the commission and shadow attorney-general Mark Dreyfus is providing advice.

Prime Minister Tony Abbott has also approved the release of former Labor cabinet documents to the royal commission but reserved the right to exercise public interest immunity over the papers.

A second public hearing is expected to be held this month, following the inaugural hearing on December 23 last year.

Matthew Fuller, Rueben Barnes, Mitchell Sweeney and Marcus Wilson all died while working on the $2.8 billion "pink batts" program established by the Rudd government in early 2009.

The men's families have blamed the rushed rollout of the program and lax standards for the deaths.

The inquiry report is expected by the end of June.

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Retail trade strong but maybe not for long

IT'S clear that growth in consumer spending has picked up, but there's a risk the surge may be short-lived.

The value of retail turnover rose by 1.2 per cent in January.

It meant an increase of 4.8 per cent over the six months to January - more than the rise over the preceding 21 months.

That's quite a turnaround.

The most appealing explanation is that the economy is recovering from its bout of below-trend growth, boosting consumer confidence.

It's appealing, but not necessarily correct.

Consumer confidence did rise in the latter months of 2013, thanks mainly to a buoyant mood among conservative voters in response to the coalition's federal election victory in September.

But it had begun to sink again by December.

By January it was well below what would reasonably be expected during normal, non-recessionary economic times, and it fell further in February.

And so it should.

Stagnating employment growth and, thanks to that, very slow growth in wages meant growth in household disposable income was unusually weak in 2013.

In the December quarter, that measure of income was only 3.9 per cent higher than a year before.

Average annual growth in the preceding decade was 7.1 per cent.

After adjusting for the change in consumer prices, the latest year's growth rate came in at just 1.1 per cent, versus the prior decade's average of 4.4 per cent.

There are two other explanations that should be considered seriously.

One is the rise in lending for housing, which can flow into consumer spending in a variety of ways.

Higher home prices can make homeowners more willing and able to borrow to fund more spending.

The buoyant market can funnel cash to sellers trading down to more modest homes, as often happens on retirement.

And it can boost demand for new housing, with all the employment and income effects that come with increase building activity.

Once the homes are built, they need to be furnished, decorated and maintained, so demand for household goods and services also rises.

But the increased retail spending may be in large part just the effect of rising prices as the lower Australian dollar percolates through the economy.

The price of the goods and services covered by the retail trade survey rose by 1.2 per cent in the December quarter, five times more than they had risen over the preceding year.

There are no monthly price estimates so just how much of rise recorded in January was down to price increases is anybody's guess.

But if the recent surge in the retail spending is the result of the exchange rate's fall and the pickup in the housing market, it may prove short-lived.

History suggests consumer spending will dip once housing goes off the boil, any exchange rate effects on prices will soon dissipate.

What retailing needs is a pickup in employment and wages.

Until that happens, any apparent strength should be seen as temporary.

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Buyers will come after Qantas, experts say

WHO in the world would want to buy Qantas?

Quite a few people, it seems, who could look past the $252 million loss, the $2 billion cost overhang and the hemorrhaging international operations to see a lucrative domestic operation.

The federal government has announced its intention to repeal part of the Qantas Sale Act in order to remove caps on foreign ownership.

Labor and the Greens will oppose the move but if successful it will enable majority foreign ownership of Qantas' domestic business.

Despite the airline's high-profile problems, including plans to sack 5,000 workers, aviation analyst Peter Harbison said there would be plenty of interest from overseas airline operators.

"We've seen several players are interested in buying into Virgin, if you explore the reasons for that it's basically because we have a very attractive domestic market and they want to be a part of it," Mr Harbison, executive director of the CAPA Centre for Aviation, said.

While Qantas' alliance partner, Emirates, has so far resisted investing in the Australian airline, the Dubai-based operator would likely feel forced to buy in if other airlines started doing the same, Mr Harbison said.

Cashed-up Chinese airlines are likely to be among those seeking to invest in Qantas.

"Australia is going to be an important market," said Mr Harbison.

"There's another carrier which is making acquisitions internationally called Hainan Airlines, which is a big, amorphous group in China. I have no doubt they would be interested in acquiring in Australia but there are plenty of other carriers too."

Despite the attention on foreign ownership, Mr Harbison said the mooted changes were "a sideshow" distracting from much deeper structural problems Qantas faces as an international operator.

"Getting out of international and having something which is much more virtual, like Virgin, is, like it or not, the only way to go for the long term because we just aren't competitive - we cannot be competitive even by reducing costs."

Qantas is disadvantaged by being an end-of-the-line operator rather than based in a hub like its competitors, Mr Harbison said, meaning that on any stopover there are 40 competing airlines offering a better product.

"That's why Virgin has developed pretty much the ideal model: it's a virtual international carrier and a good domestic carrier.

"That's what Qantas should be focusing on but it can't."

Another aviation analyst, who asked not to be named, said the best outcome would the removal of the Qantas Sales Act in its entirety to allow Qantas to attract capital and cut costs.

"There are restrictions around having to retain a certain amount of maintenance in Australia," the analyst said.

"That's not to say (Qantas) would definitely look to move some of those facilities but a lot of carriers do have their maintenance done elsewhere in Asia and other regions - it gives them a cost base advantage."

Regardless of the legislative environment, however, the airline's future would be determined by operational factors, in particular the glut of cheap seats, the analyst said.

"Demand-supply is out of whack. Earnings of both Virgin and Qantas will only turn around once that fixes itself."

Qantas shares have fallen only slightly since it announced its massive cost saving measures last week, and were worth $1.135 at 1500 AEDT on Tuesday.

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Don't assume we're Asia's food bowl: Joyce

Barnaby Joyce has warned that being Asia's food basket won't be handed to Australia on a plate. Source: AAP

AGRICULTURE Minister Barnaby Joyce has warned Australia must produce quality products and should not assume it will be the food basket of Asia just because it's located in the region.

He cited Australia's standing as a big wheat producer, but still trailing India, China, the US and France.

"It's not right that we think because we are here we are going to prevail," Mr Joyce told the Australian Bureau of Agriculture and Resource Economics and Sciences (ABARES) conference in Canberra on Tuesday.

"We have to be here with the best product, the right prices, it has got to be quality or it won't sell."

Making a fair return at the farm gate would be a key driver of an agricultural white paper, the minister said, adding it must be a document with a long time frame. "It can't just change with every government, there has to be a consistency."

Mr Joyce likened the timing of ABARES' premier annual event, coinciding with the crisis in Ukraine and the debate about Qantas, to the performance of The Grateful Dead at Woodstock .

"We are going to be the most unwatched thing ... coming between The Who and Jimi Hendrix."

ABARES executive director Karen Schneider told the conference Asia provides a "powerful opportunity" for Australian agriculture, but agreed with Mr Joyce that it comes with serious global competition.

Modelling by the federal government's commodity forecaster anticipates a 75 per cent increase in global food demand by 2050.

Almost three-quarters will come from Asia and just under half from China alone.

But faced with intense competition from other countries for both grains and beef, she said Australia must increase productivity growth.

"That will define the future success of Australian agriculture," she said.

In the five decades to 2000, productivity growth in Australian agriculture averaged 2.5 per cent a year but in the most recent decade it declined to average around 0.8 per cent a year.

Ms Schneider said future productivity growth must come from a reduced regulatory burden across the sector, while investing in infrastructure to support production and exports, and targeting R&D investment to improve innovation "behind the farm gate".

"We need to think carefully about the costs and benefits of regulation and how we might do it better."

Mr Joyce said making a fair return at the farm gate would be a key driver of an agricultural white paper, adding it must be a document with a long life.

"It can't just change with every government, there has to be a consistency."

ABARES expects farm exports to fall by 2.9 per cent in 2014/15 to around $38.5 billion after a forecast rise of 3.7 per cent to $39.4 billion in 2013/14.

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RBA's rate unchanged as economy improves

THE Reserve Bank of Australia has kept the cash rate at 2.5 per cent, amid signs that the local economy is starting to improve.

The decision was expected, after RBA governor Glenn Stevens said a month ago that the board would not be changing the rate anytime soon, which he reiterated after the March meeting.

"On present indications, the most prudent course is likely to be a period of stability in interest rates," he said on Tuesday.

Mr Stevens said that consumer demand is getting slightly better and is there are signs that the housing construction sector is improving.

"Some indicators of business conditions and confidence have shown improvement and exports are rising," he said in a statement.

"At the same time, resources sector investment spending is set to decline significantly and, at this stage, signs of improvement in investment intentions in other sectors are only tentative."

The RBA governor expects the unemployment rate to rise, but the overall economic picture looks encouraging.

"Over time, growth is expected to strengthen, helped by continued low interest rates and the lower exchange rate," Mr Stevens said.

HSBC Australia chief economist Paul Bloxham said Mr Stevens' statement showed the RBA planned to keep the cash rate on hold for some time.

"There are no hints here that the RBA is considering cutting interest rates further and we think the RBA's easing phase is done," he said.

He said the RBA had also toned down its rhetoric on the Australian dollar, which it regularly described as "uncomfortably high" during 2013.

That suggested the central bank was no longer trying to push the currency lower.

"We think their concerted campaign to jawbone the Aussie dollar lower is over," Mr Bloxham said.

The Australian dollar fell more than a quarter of a US cent after the RBA's announcement.

That may be because it looks like the bank will embark on another round of talking down the currency, Westpac chief currency strategist Robert Rennie said.

"The RBA used the words the currency 'remains high by historical standards'" he said.

"So the foreign exchange market, I assume, is thinking that is potentially the beginning on the part of the RBA to encourage a weaker currency and therefore improve the rebalancing of growth in Australia."

Mr Rennie said the RBA looks fairly confident about the local economy.

"The use of the words 'appropriately configured' when you're talking about monetary policy makes it very obvious that is the case," he said.

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Mining sector still driving growth

COMPANY profits have risen for the fourth consecutive quarter, with mining and resources still playing a big part in driving economic growth, but other sectors are still dragging their feet.

Company gross operating profits rose 1.7 per cent in the December quarter, official figures show, mostly in line with market forecasts of a two per cent rise.

JP Morgan economist Tom Kennedy said the result means that Wednesday's December quarter gross domestic product (GDP) figures will be quite solid.

"When you look at the profits data it is still quite reliant on the resource sector," he said.

"The rebalancing of growth to the other sectors is still playing out very slowly and we're not quite there yet."

Mr Kennedy said even as mining and resources investment peaks and then falls, exports from those new project that have been built are becoming the big driver for economic growth.

"You've got other sectors out which aren't turning a profit and losing money," he said.

In the year to December, gross operating profits in current prices and seasonally adjusted terms were up 10.7 per cent, the Australian Bureau of Statistics (ABS) said on Monday.

St George senior economist Jo Horton said Australia is starting to reap the rewards of a decade surge in spending on the mining and resources sector.

"The mining investment boom has laid the foundations for increased production capacity and we are seeing the results in higher production volumes and increased mining profits," she said.

"Mining profits accounted for 34.3 per cent of total company profits in the December quarter and 32.2 per cent of profits over the year to the December quarter."

Ms Horton said other sectors, in particular manufacturing, continue to weaken.

"The largest detractor from the growth in company profits was the manufacturing sector, where profits fell 14.6 per cent in the December quarter," she said.

"This reflects anecdotal evidence and other data which suggests manufacturers margins are being squeezed by rising costs, despite the weaker Aussie dollar over 2013."

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Praise for Indon film despite Oscar snub

A DOCUMENTARY about a bloody and troubling chapter of Indonesian history has been overlooked for an Oscar but is still being lauded as a milestone on the long path to reconciliation.

The Act of Killing, by US filmmaker Joshua Oppenheimer, won a BAFTA and had been critics' favourite for the Oscars.

The documentary invited Indonesian perpetrators of the 1965 state-sponsored anti-communist purge to re-enact their killings in chilling detail.

It's estimated that between 500,000 and one million people were killed in the surge of violence against supposed communists and sympathisers.

As the film shows, the unpunished killers have scant remorse, because as one of them points out, for now, he is on the right side of history.

Indonesian historian Asvi Warman Adam says the documentary is a watershed for throwing light on perpetrators, where others had only focused on victims.

Dr Asvi hopes the Oscar attention will finally stir the government into action.

"All other elements but the government have done more than enough to embrace this history and cope with it," he said.

Efforts towards redress began before the film, he says.

The national human rights commission did a four-year study, but despite evidence from hundreds of witnesses, the report was buried last year.

Calls for a formal apology were stifled by groups implicated in the killings, including the children of military veterans.

The University of Melbourne's Dr Katharine McGregor says Indonesia is at a stalemate on the issue.

With the end of his term fast approaching, President Susilo Bambang Yudhoyono is unlikely to prioritise an apology.

And even as The Act of Killing scoops up awards across the globe, Indonesia has seen a resurgence in anti-communist crack downs.

"The pendulum on this issue is constantly swinging," Dr McGregor said.

"A key obstacle to a significant state effort to address this is the absence of a strong lobby group within the government or the population that would support an apology to former political prisoners, or further legal investigation."

Australian National University Professor Robert Cribb agrees the prospects for healing in the short-term aren't good.

"Two things may have to happen," he said.

"The original antagonisms have to disappear ... and society has to change enough so that the past really does seem to be a different country."

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Bill to scrap climate authority fails

THE first of the Abbott government bills to scrap the carbon tax has been defeated in the Senate.

Legislation to dismantle the Climate Change Authority was knocked back in the upper house on Monday by Labor and the Australian Greens.

It is the first bill in a package designed to unwind the Gillard government's clean energy laws, and has been the subject of protracted debate in the Senate.

The bill was amended by Labor senator Louise Pratt, who wanted to include the Senate's concerns about what impact scrapping the authority could have on independent climate science.

But a government effort to pass the amended bill at its second reading stage was defeated 38 votes to 32.

It will be three months before the bill can be reintroduced to the Senate, and a second rejection would be a trigger for a double dissolution.

The move will frustrate the government, which has slammed Labor and the Greens for their "industrial go slow" in the Senate over the repeal bills.

The Greens are already claiming victory, while environment groups are praising senators for keeping the authority temporarily alive.

The Australian Conservation Foundation said the authority would now be able to continue its work until the new Senate takes over in July.

"The Climate Change Authority is such an important body because it takes the politics out of setting climate policies," spokeswoman Victoria McKenzie-McHarg said in a statement.

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Scottish power station emissions drop

GREENHOUSE gas emissions from Scotland's power stations have fallen by more than a third in five years.

Environment minister Paul Wheelhouse says emissions dropped from the equivalent of 18.484 million tonnes of carbon dioxide in 2006 to the equivalent of 12.147 million tones in 2011.

The fall was revealed in an answer to parliamentary question from SNP MSP Rob Gibson, the convener of Holyrood's Rural Affairs, Climate Change and Environment Committee.

Mr Gibson said the figures provided "welcome confirmation of the important role our renewable energy sector is playing in reducing greenhouse gas emissions and creating a greener Scotland".

A report last month showed there were 11,695 people in Scotland working full-time in the renewables industry, with the sector providing 40.3 per cent of gross electricity consumption in 2012.

Mr Gibson added: "As well as its crucial role in reducing greenhouse gas emissions, Scotland's renewables industry also employs more than 11,000 people and is producing record levels of electricity output - contributing to economic growth while keeping the lights on across the UK."

Environmental campaigners at WWF Scotland also welcomed the reduction in emissions.

Director Lang Banks said: "These figures clearly show that renewable energy is making a massive contribution to reducing Scotland's climate change emissions. This contribution will only continue to grow as we move ever closer to securing all of our electricity from pollution-free sources.

"To put it simply - renewables work, cut emissions, and are creating jobs."

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Cyclist killed on Victorian highway

A man has died after being hit while cycling along the Murray Valley Highway in Victoria. Source: AAP

A 47-YEAR-OLD man has been struck and killed while cycling home from a party in the Victorian border town of Yarrawonga in the state's north.

He was riding along the Murray Valley Highway near the middle of the road when he was struck from behind by a vehicle travelling in the same direction about 11.45pm on Saturday, police say.

His death takes the state's road toll for 2014 to 47, compared to 38 at the same time last year.

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Police release image over Vic kidnap bid

AN image has been released of a man police want to speak to about an attempted abduction of a boy from a Melbourne playground.

The six-year-old boy was in the playground on Dempster Way in Narre Warren when he was approached by an unknown man about 5pm on Saturday.

The man grabbed the boy by the arm and dragged him almost 80 metres towards Melzak Way, police said.

He let go of the child when a woman challenged him and then left the area with a young girl, believed to be known to him, police say.

The man is described as being of Indian sub-continental appearance and about 177cm tall, well presented and clean cut.

He was wearing a black shirt, black shorts with a red strip down the sides and a white emblem, and glasses.

The girl who was with the man is described as being aged about four or five, with black hair in a ponytail, wearing a pink top with a butterfly on the front and a skirt.

The boy wasn't injured and police are treating it as an isolated incident.

Anyone with information is urged to contact Crime Stoppers on 1800 333 00.

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