NZ dollar falls from two-month high

THE New Zealand dollar has fallen from a two-month high amid speculation the European Central Bank will keep interest rates low for an extended period.

THE kiwi rose as high as 87.48 US cents overnight and was trading at 87.19 cents at 5pm in Wellington, from 87.12 cents at 8am and 87.32 cents at 5pm on Monday. The trade-weighted index was little changed at 81.08 from 81.16 yesterday.

ECB president Mario Draghi told Dutch newspaper Telegraaf the central bank will continue to stimulate the regional economy until at least the end of 2016.The prospect of low European rates for longer than previously anticipated sapped demand for currencies such as the kiwi, which had been fuelled by upbeat Chinese manufacturing data on Monday."Yesterday we had a China PMI report which was quite strong and that caused the Aussie and the kiwi to rise against the US, and that rise for New Zealand lasted until about 6pm yesterday and then it stopped as you had some negative news out of Europe," Imre Speizer, senior market strategist at Westpac Banking Corp said."The kiwi still looks quite strong in the near-term, so I'd be picking it to break above 87.50."The New Zealand dollar was little changed at 92.48 Australian cents at 5pm from 92.50 cents on Monday and at 64.14 euro cents from 64.17 cents, but slipped to 88.89 yen from 89.01 yen.

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Abbott vows to keep intervening for Greste

Tony Abbott (pic) says he is bewildered by an Egyptian court's decision to jail Peter Greste. Source: AAP

PRIME Minister Tony Abbott has vowed to keep lobbying Egypt's government to free jailed Australian journalist Peter Greste.

THE federal government on Tuesday summoned a senior Egyptian diplomat to express outrage over the seven-year sentence handed to the Al Jazeera reporter in Cairo.

It was the latest diplomatic overture from the government to Egyptian authorities about the case, including from Mr Abbott who twice contacted the country's leadership to lobby for Mr Greste."The Australian government will continue to make intercessions at every level with the Egyptian government and elsewhere to try and ensure that Peter Greste and his colleagues are swiftly released," the prime minister told parliament on Tuesday.He said the government understood and supported the Egyptian government's crackdown on extremist groups, including the Muslim Brotherhood, but couldn't comprehend why those reporting on the group were jailed.Opposition Leader Bill Shorten said Mr Greste's harsh treatment as a journalist stirred "something elemental in the spirit of all free people".But he supported the prime minister's call for cool heads to prevail."These are the times when passions run high but the best interests of Peter and his two colleagues will not be served by inflammatory rhetoric," Mr Shorten told parliament.The government sought to summon Egypt's ambassador to the meeting at the Department of Foreign Affairs and Trade, but discovered Hassan El-Laithy is in Cairo.Egyptian Charge d'Affaires Sherif Bedeir Hussein was called instead, and he refused to speak to journalists after leaving the half-hour meeting in Canberra.Attorney-General George Brandis said the government would make a formal request to President Abdel Fattah al-Sisi seeking his intervention.

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Jodhi Meares charged with DUI

Jodhi Meares is heading to court after allegedly being caught drink driving in Sydney's east. Source: AAP

JAMES Packer's ex-wife Jodhi Meares will face court in August on drink driving charges after crashing into three parked cars in Sydney's eastern suburbs.

THE 43-year-old had to be rescued from her Range Rover, which rolled after the smash in upmarket Bellevue Hill on Saturday night.

The fashion designer, who is engaged to rocker Jon Stevens, was given a roadside breath test before being taken to the local police station.Police say she recorded a 0.181 blood alcohol reading, almost four times the legal limit.She was charged with drink driving and driving while suspended and is due to appear at Waverley Local Court on August 5.It's reported Meares could face the possibility of 18 months in jail and a fine of $3300.After a long engagement, Meares and Stevens were reportedly planning to tie the knot in September.

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Vic firies will be paid for mine fire: MFB

Victorian firefighters have begun legal action to recover wages owed since the Hazelwood mine fire. Source: AAP

FIREFIGHTERS involved in battling Victoria's mine fire will be paid outstanding entitlements for their efforts this week, the Metropolitan Fire Brigade (MFB) says.

THE United Firefighters Union (UFU) has started Federal Court action against the brigade to recover wages owing since the 45-day fire at the Hazelwood coal mine began on February 9.

The legal action concerns 240 MFB firefighters, who are each owed an average $4000 out of a total overtime bill of more than $6 million.The MFB says all outstanding payments it is aware of will be paid this week."We have provided assurances to staff that everyone will be paid all of their entitlements," acting deputy chief officer David Bruce said in a statement on Monday.The UFU says firefighters worked up to 20-hour days on their days off during the Hazelwood coal mine fire but that the MFB is unable to account for who was there.However, Mr Bruce said it had taken considerable time and effort to recognise and verify attendance records, given the size and nature of the incident.The summer's fire season involved the largest deployment of firefighters outside the MFB's immediate area of responsibility, he said."Understandably, the MFB's focus at that time was to provide assistance to the community through efficient and effective deployment of resources across the state," he said.The UFU's Peter Marshall said the legal action for firefighters' entitlements would continue despite the MFB's assurances they would be paid this week."They've been saying that every week. Show me the money is the response to that," he said."If in the interim period they pay, that's good. but to date we ain't see the money despite many assurances."Firefighters shouldn't have to wait that long and the MFB should meet their legal requirements."

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Man charged over NSW south coast death

FURTHER charges could be laid against a man accused of assaulting another man who was found dead in a NSW south coast home a day after he was attacked.

THE 41-year-old's body was on Thursday found in a Moruya unit and "officers were told the deceased man had been assaulted at the location the previous day," police said.

The man accused of assaulting the dead man and his 60-year-old male housemate was on Friday arrested and charged with two counts of assault occasioning actual bodily harm.But more serious charges could be laid against him."We're waiting on the results of the post mortem," a police spokeswoman told AAP.Police wouldn't say if the death was suspicious, whether the men were known to officers or if they were related.The accused was denied bail in Batemans Bay Local Court on Saturday and is due to reappear on Monday.Forensic officers are continuing their investigation and a report is being prepared for the coroner.

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Man bashed at Sydney motel

A man has serious head injuries after being assaulted at a motel west of Sydney. Source: AAP

A MAN has serious head injuries after being assaulted at a NSW motel.

POLICE found the 28-year-old man at a motel reception at Warwick Farm, west of Sydney, on Friday night.

The man had serious head and limb injuries and was taken to hospital.Police say the man was assaulted but officers have not yet been able to speak to him.A crime scene has been established in one of the motel rooms.

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Stocks to watch at close on Friday

STOCKS to watch on the Australian stock exchange at the close on Friday:

IAG - INSURANCE AUSTRALIA GROUP - down seven cents, or 1.2 per cent, at $5.81

WES - WESFARMERS - down 54 cents, or 1.3 per cent, at $41.25Insurance Australia Group's (IAG) $1.85 billion purchase of Wesfarmers' insurance underwriting business will go ahead after the sale cleared its final regulatory hurdle.MTR - MANTRA GROUP - down two cents, or 1.1 per cent, at $1.78Shares in Australia's second largest hotel and resort operator have fallen since it listed on the Australian Securities Exchange on Friday.STO - SANTOS - down 34 cents, or 2.4 per cent, at $14.15Australia's Santos and French partner GDF Suez have scrapped plans to build a multibillion dollar floating gas plant off Darwin's coast.WDC - WESTFIELD GROUP - up one cent, or 0.01 per cent, at $10.82WRT - WESTFIELD RETAIL TRUST - steady at $3.21Westfield's $70 billion restructure will go ahead after the shopping centre giant secured enough shareholder support to get the controversial move over the line.

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Two Qld cops in trouble with the law

A CENTRAL Queensland police officer has been suspended from duty on misconduct charges.

THE 31-year-old constable will be required to appear in the Mackay Magistrates Court for a "misconduct in relation to public office" offence.

Police have not specified any more details about the charge.It comes after a Brisbane senior constable, 29, resigned on Friday after being accused of an unspecified drug-related charge.He will have to front Brisbane Magistrates Court."This does not mean that the allegations against the officer have been substantiated," a police statement read.

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House prices tipped to continue to rise

ONE of the country's largest property developers believes house prices will continue to rise for years to come, with the Sydney market set for a "golden decade".

STOCKLAND chief executive Mark Steinert expects nationwide house prices to rise by four to five per cent on average for the foreseeable future, with Sydney leading the charge.

Despite a sharp rise in house prices in the past 12 months, an undersupply of property and improving confidence meant the growth was set to continue, he said."At the moment it is fair to say there is at least three years of undersupply in every major capital city," Mr Steinert said."Because of this demand-supply fundamental, we anticipate at least four to five per cent compound growth in new house prices for the foreseeable future."Mr Steinert said the NSW government's efforts to increase housing supply and infrastructure plans would boost Sydney's new property market."We are particularly bullish on Sydney," he said."I think it's fair to say that we are going to see Sydney and to a certain extent NSW have a golden decade."Mr Steinert's optimism contrasts with warnings from economists and analysts that house prices are likely to flatten or slide over the next few years.Credit Suisse analyst James Ellis has said a collapse in prices was unlikely, but he expects prices to remain flat for several years, which would amount to a decrease in prices in real terms, relative to incomes."Our base case scenario is one of real erosion of house prices," he said.Recent figures from the bureau of statistics suggest the housing market boom is cooling, with no growth in home loan approvals in April.Meanwhile, house prices suffered their biggest monthly fall in five years in May, dropping 3.6 per cent across capital cities, according to research from RP Data.But prices remain substantially higher than a year ago, especially in Sydney, were prices have risen 16.6 per cent in the past 12 months.

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JB Hi-Fi weathers the retail storm

Entertainment retail chain JB Hi-Fi expects its sales will be up by 5.3% for the year. Source: AAP

JB Hi-Fi is proving more resilient to slumping consumer confidence than other retailers.

THE electronics retailer remains on track to lift annual profit by about 10 per cent, despite winding back its sales expectations since the end of March.

Analysts say JB Hi-Fi is performing better than other retailers as it is not exposed to seasonal factors such as unusually warm weather, and due to its expansion into new product areas.The company said on Thursday it expects a 5.3 per cent rise in annual sales for 2013/14, weaker than its previous forecast of six to eight per cent growth.But it is sticking to its previous forecast of a $126-$129 million net profit for the year, a rise of between 8.3 and 10.8 per cent.That is in contrast to several other major retailers, who in recent weeks have warned of a sales slump amid consumer worries about spending cuts announced in May's federal budget.Shares in JB Hi-Fi soared in early trade, but fell back during afternoon trade, and closed 22 cents higher, up 1.2 per cent, at $18.95.CBA retail analyst Andrew McLennan said JB Hi-Fi was performing well during a period of disastrous consumer sentiment, continuing with store expansions and branching out into new categories such as coffee machines and other household appliances."For them to have held to a positive sales growth number in the fourth quarter is actually a good outcome," Mr McLennan said."More recently JB Hi-Fi have expanded into their JB Home category of household electronics products, including whitegoods and small appliances, and that appears to be enhancing their underlying sales growth off a relatively small base."This strategy had differentiated JB Hi-Fi from some of its competitors as CD and DVD sales continued to slide, Mr McLennan said.JB Hi-Fi was also not as exposed to seasonal factors as apparel retailers, who were experiencing difficult sales conditions due to warm weather in the lead-up to winter, he said.Meanwhile, JB Hi-Fi chief executive Terry Smart has confirmed he will retire on June 30.Mr Smart announced his plans to step down in April, and will hand over the reins to chief financial officer Richard Murray.

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Vic Nats upset by Liberal bid for Euroa

THE Liberals' decision to run against the Nationals in the Victorian seat of Euroa is "most unfortunate", state Nationals leader Peter Ryan says.

THE Nationals asked the Liberal Party not to field a candidate in the new seat, created after a redrawing of the Benalla electorate being vacated by retiring Nationals MP Bill Sykes, Mr Ryan said.

"The Liberal Party has apparently chosen to stand, although they have not spoken formally to me about it. We think that is a most unfortunate decision," Mr Ryan told reporters in Ballarat on Wednesday.The deputy premier said the Nationals believe the Liberal move is a breach of their coalition agreement."The very basis and foundation for having a coalition agreement is to ensure we don't see this sort of waste of resources occur," he said."We saw this all happen in the recent federal election in the seat of Mallee and here we go again."The Liberals ran a candidate in Mallee at last year's federal election, which was being vacated by National John Forrest.The Nationals' Andrew Broad won the seat.Stephanie Ryan will run as a Nationals candidate for Euroa at the November 29 state election."We are very confident of being able to win the seat," Mr Ryan said."We have not asked the Liberal Party to stand, indeed we have asked the Liberal Party not to stand."Premier Denis Napthine says decisions about running candidates are up to the party's administrative wing, which is in regular contact with the National Party administration."Peter Ryan and I work well professionally, we're also personally good friends. The coalition is a great working team," he told reporters.Dr Napthine said running Liberal and National candidates in the same seat gives voters a choice, but also maximises the Liberal-National vote."With regard to this seat, I think the National Party has selected a very, very good candidate and I'm sure Stephanie Ryan will do very well."

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Carbon policy pits Aus against US: Garnaut

AUSTRALIA is setting itself against the US and will become a drag on global climate change efforts with the repeal of the carbon tax, prominent economist Ross Garnaut says.

THE former government adviser says China, Europe and the US are gearing up for another big effort to address climate change and by scrapping its detailed and sophisticated carbon laws, Australia is going against this.

"With our existing policies, we're not ahead of any game yet but we're part of the game. We will be doing our fair share," Professor Garnaut said on Wednesday."With the repeal of the carbon laws, and in the absence of anything in their place, then we won't be doing our fair share."We will be a drag on the international system."He said the move was particularly puzzling when the world's two big emitters, China and the US, whose inaction had previously been a problem, were committing themselves to very strong action."We have set ourselves against our ally the United States on a major question of policy in a way that we haven't done since the Ottawa conference in 1931," Prof Garnaut said.The comments came at the release of a report by the Committee for Economic Development of Australia (CEDA) into the economic trouble Australia could face without an appropriate response to climate change.The report says Australia faces the risk of growing repair bills from extreme weather and barriers to major project investment.CEDA chief executive Stephen Martin said policy makers need to recognise climate change is an economic issue, not just an environmental issue."Statistics show that the number of catastrophic weather events is increasing and the economic losses associated with these events are also trending up," Prof Martin said.He said Cyclone Yasi, Black Saturday, the Queensland floods and other weather events have had a direct impact on industry and on most Australians' hip pocket.Professor Martin said the federal government needs to introduce a national risk register that includes strategies to manage risks of extreme weather."Australia is reliant on foreign capital to fund major projects and new developments in international climate change policy are likely to impact international capital flow and investment decision making," Prof Martin said.

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Kiwi gains against weak Aussie dollar

THE New Zealand dollar has climbed against its trans-Tasman counterpart after the Reserve Bank of Australia minutes for its last meeting showed an expectation of slower growth as the country's mining boom winds down.

THE kiwi climbed as high as 92.54 Australian cents shortly after the release of the central bank's minutes and was trading at 92.48 cents at 5pm in Wellington, up from 92.25 at 8am and 92.31 cents at 5pm on Monday.

The kiwi fell to 86.58 US cents at 5pm, from 86.78 cents at 8am and 86.85 cents on Monday."The RBA released its minutes this afternoon. They didn't say much different about the currency, but there were some hints that they were slightly less positive on the economy," said Raiko Shareef, a currency strategist at Bank of New Zealand."The kiwi/Aussie has had a bit of a move, and that's largely driven off the weakness of the Aussie dollar."In contrast, the Reserve Bank of New Zealand is hiking interest rates to curb inflationary pressures, while Thursday's gross domestic product figures are expected to show the economy growing at a 3.1 annual pace in the first quarter."From a global investors perspective New Zealand has pretty good appeal from the interest rate side and also combined with the fact the New Zealand dollar currency volatility is at an all time low," Mr Shareef said.The kiwi slipped to 63.84 euro cents from 64.12 cents on Monday and to 88.26 yen from 88.34.The trade-weighted index fell to 80.70 from 80.85.

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Shell to sell most of Woodside stake

Woodside, Australia's largest oil and gas company, has placed its shares in a trading halt. Source: AAP

AUSTRALIA'S largest oil and gas company Woodside Petroleum will spend nearly $3 billion to get Royal Dutch Shell off its share register.

WOODSIDE'S largest shareholder, petroleum giant Shell announced plans on Tuesday to sell 19 per cent of its $6.3 billion stake.

The desire to split is mutual, with Woodside keen to remove the overhang that has capped its share price for years and Shell in the middle of a $15 billion global asset sale, including Australian refineries and service stations.Former treasurer Peter Costello blocked Shell's attempted $10 billion takeover of Woodside in 2001 on national interest grounds - one of only two such rejections in Australian history.Woodside will buy back 78.3 million of its shares - or 9.5 per cent of the company - from Shell for $US2.68 billion ($A2.90 billion) or $A36.49 a share, if shareholders back the deal.Another 78.3 million shares will be sold to institutional investors at $A41.35 per share.Shell will be left with a 4.5 per cent stake.Its chief executive Ben van Beurden said it would net $US5 billion ($A5.41 billion) from the deal.Woodside, which operates six of Australia's seven LNG processing plants predominantly in WA, described it as a new chapter.It was a natural transition in the evolution of the company, Woodside chief executive Peter Coleman told an investor briefing."It is the first time in many, many years we have not had a substantial shareholder on the register," he said."We now look very much like most of our peers in the marketplace."I think that it is a really good thing, the market will be able to fully value us, we will get full value on our ASX listing with respect to our weighting on the index as well."Shell had increasingly flagged its desire to sell over the years, reducing the incentive for other institutional investors to buy in until that happened, Royal Bank of Canada analyst Andrew Williams said."Who knows if the stock may have been at current share price levels earlier if that overhang had been removed," he told AAP.Shell reduced its stake by 10 per cent for $A42.23 a share in 2010, well above Tuesday's sale prices.Woodside's shares are in a halt and last traded at $42.85.Woodside will cancel the 9.5 stake it is buying back, delivering real value to shareholders through enhanced earnings per share, cash flow and dividends, Mr Coleman said.It can afford to do that, he said, through existing cash and debt, low gearing and last month's collapse of its planned $US2.6 billion ($A2.81 billion) share in the Israeli Leviathan gas project, freeing up capital.Woodside could now be vulnerable to a takeover, although Mr Coleman said that was not part of the company's plans.Mr Williams said the market remained concerned about Woodside's growth prospects, given the uncertainty around what new proposed projects would emerge to replace their North West Shelf and Pluto projects that would eventually decline.

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Stocks to watch on Monday

STOCKS to watch on the Australian stock exchange at the close on Monday:

DLS - DRILLSEARCH - down 4.5 cents, or 2.89 per cent, at $1.51

AQO - AMBASSADOR OIL AND GAS - up 0.5 cents, or 1.54 per cent, at 33 centsDrillsearch has sweetened its takeover offer for Ambassador Oil and Gas to combat a rival offer.DJS - DAVID JONES - down five cents, or 1.28 per cent, at $3.86Retailer David Jones' shares were the most heavily traded on Monday, amid reports Solomon Lew was trying to increase his stake in the company ahead of its planned takeover by South Africa's Woolworths.EGP - ECHO ENTERTAINMENT - up 21 cents, or 7.58 per cent, at $2.98Shares in casino operator Echo Entertainment have soared after the company flagged a rise in full year profit.GXL - GREENCROSS - steady at $9.12The company behind Petbarn stores and Greencross vets is expanding into Western Australia with a $205 million takeover of petcare retailer City Farmers.ROC - ROC OIL - steady at 55 centsHZN - HORIZION OIL - steady at 38 centsThe board of Roc Oil has urged shareholders not to hamper an $800 million merger with fellow energy player Horizon Oil.SUL - SUPER RETAIL GROUP - up 27 cents, or 3.35 per cent, at $8.32Super Retail Group has trimmed its full year profit forecast, blaming the federal budget for hurting sales across its businesses.UGL - UGL - up four cents, or 0.58 per cent, at $6.98TPM - TPG TELECOM LIMITED - up nine cents, or 1.62 per cent, at $5.66Engineering and property services group UGL has sold its real estate business DTZ for $1.2 billion.

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Super Retail blames budget for sales dip

The owner of Rebel Sports and Supercheap Auto has blamed the federal budget for hurting sales. Source: AAP

WIDESPREAD belt-tightening in the wake of the federal budget has claimed another retail scalp.

SUPER Retail Group, which owns Supercheap Auto and Rebel Sports, is the latest to trim its profit forecasts after suffering weaker-than-expected sales since the May 13 budget.

Managing director Peter Birtles says annual net profit is expected to rise by just five per cent to between $107 million and $109 million.He said it was disappointing to further moderate profit expectations, but believed it was the result of external factors.The group's sales have been lower than expected for the past six weeks, and the company fears the trend will continue for the rest of the financial year."This reflects the significant downturn in consumer confidence since the federal budget, particularly across the lower to mid-income families who represent the group's core customers," the company said in a statement on Monday.Super Retail said the warmer-than-usual temperatures during autumn and early winter had also hurt apparel sales for its leisure and sports businesses.Its auto and sports stores also only managed modest rises of 2.2 per cent and 0.1 per cent, respectively.Clothing maker Pacific Brands, discount retailer The Reject Shop and women's apparel chain Noni B have all issued profit downgrades in the past month due to a fall in consumer confidence and warm weather.CommSec market analyst Tom Piotrowski said there was a lot of concern consumers would rein in spending because of the planned tough budget cuts."What we are now seeing is the rubber hitting the road with companies warning of difficult conditions," he said."The Super Retail Group is another example of what the market will continue to do in the weeks ahead."However, one prominent forecaster does not expect the budget to prevent another strong year of consumer spending.Deloitte Access Economics partner David Rumbens estimates households will have about $10 billion less to spend by 2017/18 due to budget measures but describes this as only a modest detraction from retail and other types of consumer spending.Consumers are currently spending around $23 billion a month at the shops."On the view that consumers will respond to actual influences on their ability to spend rather than perceived ones, the budget shouldn't stop 2014/15 from being a strong year for retail," Mr Rumbens said.Super Retail shares closed at 27 cents higher at $8.32.

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Afghan voters defy Taliban threat

Afghans have braved threats of violence and searing heat to vote in the presidential elections. Source: AAP

THE United States praised millions of Afghan voters who defied Taliban threats and attacks to vote in a presidential run-off election securing the country's first democratic transfer of power, with counting set to begin.

WITH turnout higher than expected after a largely peaceful day of voting, Washington hailed the polls as a "significant step" for the country's democracy, commending "the voters, electoral bodies and security forces for their commitment to the democratic process".

"These elections are a significant step forward on Afghanistan's democratic path, and the courage and resolve of the Afghan people to make their voices heard is a testament to the importance of these elections to securing Afghanistan's future," the White House said.Ahead of the ballot, which decides the next president of the country ahead of the withdrawal of NATO troops later this year, the Taliban had threatened to kill voters and officials, saying the election was an American plot "to impose their stooges".Polling day saw no major attacks in cities, but there were at least 150 minor attacks - including a Taliban rocket that hit a house near a polling station, killing five members of the same family.Eleven voters in the western province of Herat had their fingers - which were dipped in ink to register their ballot - cut off by insurgents, Deputy Interior Minister Ayoub Salangi said on his Twitter account.The polls result, due out next month, will confirm whether former foreign minister Abdullah Abdullah or ex-World Bank economist Ashraf Ghani will lead Afghanistan into a new era of declining international military and civilian assistance.The two candidates came top of an eight-man field in the April first-round election, triggering the run-off as neither reached the 50 per cent threshold needed for outright victory.Abdullah secured 45 per cent of the vote with Ghani on 31.6 per cent.Counting the ballot will take weeks. The preliminary result is due on July 2 and a final result on July 22.The United Nations also praised the elections, congratulating the "courageous" Afghans who set out to cast their ballots in the face of Taliban threats."With the same determination, resilience and courage the world saw in the first round of elections, the people of Afghanistan today once again decided to take their destiny in their own hands and demonstrate their desire for a peaceful, prosperous, and united Afghanistan," the UN Secretary-General's Special Representative for Afghanistan, Jan Kubis, said.While high turnout may lend legitimacy to the winner if the gap between the two candidates is clear, a close count could mean a contested outcome.Both candidates swiftly alleged fraud after the closure of the polls Saturday."We know there has been fraud, you have seen it, we have seen it," Abdullah said.Ghani called for a full investigation into vote-rigging, saying "unfortunately there were cases of security forces involved in fraud, we have the evidence".A smooth handover in Afghanistan's first democratic transfer of power would be a major achievement for the 13-year US-led effort to establish a functioning state after the depredations of the Taliban era.President Hamid Karzai, who has ruled Afghanistan since 2001 and was re-elected in a 2009 vote marred by ballot-box stuffing, is constitutionally barred from a third term in office.

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Nicole Kidman for top Shanghai honour

NICOLE Kidman is to be honoured with an outstanding contribution award at the Shanghai International Film Festival in China.

HUGH Grant and John Woo will present the Australian actress with her latest accolade at the opening ceremony on Saturday, while artist Qin Yi will honour actor and director Jiang Wen with the Outstanding Contribution to Chinese Film Award.

Kidman will be hoping the festival will be a better experience than her visit to Cannes last month, when her new film Grace of Monaco was savaged by critics.Kirsten Dunst, John Cusack, Hayden Christensen, Jackie Chan, Tony Leung, Li Bingbing and Korean superstar Rain are expected to attend the opening gala, according to The Hollywood Reporter.The film festival will open with a restored version of 1964 movie Two Stage Sisters and close with Transformers: Age of Extinction.A jury led by actress Gong Li will decide the winner of the Golden Goblet from the 15 films in competition.

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Qld A-G had private dinner with Carmody

Queensland's controversial next chief justice had a private dinner with the state attorney-general. Source: AAP

QUEENSLAND'S attorney-general had a private dinner at an upmarket Brisbane restaurant with Tim Carmody a week before he officially took over as chief magistrate.

MR Carmody, who this week was controversially appointed as the state's next chief justice, is being criticised for being too close to the government.

He was announced as Queensland's new chief magistrate on September 5 last year, and four days later he had a private dinner with Attorney-General Jarrod Bleijie at Urbane Restaurant, documents obtained by AAP show.The personal dinner between Mr Bleijie and Mr Carmody between 7pm and 8.30pm on September 9, which took place a week before he officially took over as chief magistrate, does not feature on the public diary of ministerial meetings.But Mr Bleijie told AAP through a spokesman that personal diary events were usually exempt from public reporting rules, adding the dinner with Mr Carmody was social."I do see various members of the judiciary socially from time to time," he said."That particular dinner was a congratulatory catch-up following his honour's appointment as chief magistrate."Premier Campbell Newman announced in November 2012 a policy whereby he and his cabinet would publicly release their diaries every month.Meanwhile, former solicitor-general Walter Sofronoff QC said Mr Carmody needed to reconsider his Supreme Court chief justice appointment."He shouldn't be chief justice. He should do the gracious thing and realise that all of this has been a horrible mistake and say that he wouldn't accept the appointment," he told ABC television."Judge Carmody is somebody who has, by his own actions, identified himself too closely with the government."As chief magistrate in late 2013, he angered the legal profession by issuing a directive that only he would deal with disputed bail applications made by alleged bikies.Mr Bleijie resisted calls at the time for Mr Carmody to step down as chief magistrate, while the Queensland Law Society and civil libertarians slammed Queensland's anti-bikie laws.The attorney-general's spokesman clarified that Mr Carmody's directive last year stipulated that bikie bail matters be heard in one court room.

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Abbott lays wreath at war cemetery

Prime Minister Tony Abbott (C) has laid a wreath at the Tomb of the Unknown Soldier in Washington. Source: AAP

PRIME Minister Tony Abbott has laid a wreath at the Tomb of the Unknown Soldier in Washington, as his government drops the idea of creating a national war cemetery in Canberra to commemorate the Anzac centenary in 2015.

THE tomb is in the Arlington National Cemetery.

Mr Abbott on Friday viewed the elaborate changing of the Army soldier guard ceremony at the tomb, before laying the wreath."It's fitting that I should lay a wreath at the Tomb of the Unknown Soldier here," Mr Abbott told reporters."I should pay tribute to the Americans who have fought for their country because many of them have been fighting for our country."He said Americans, Australians, Canadians, New Zealanders and Britons had all made sacrifices over the past century.The cemetery is the final resting place of more than 400,000 active-duty service members, veterans and their families.Mr Abbott raised the idea of creating a similar cemetery in Australia in 2013 at Legacy's national conference in Brisbane, describing it as "Australians' Arlington".The concept would involve interring significant ex-soldiers.But it is understood the concept has now been ditched after feedback from the veterans' community.The prime minister, who will host the G20 summit in November, also on Friday discussed financial and economic issues with US Treasury Secretary Jacob Lew and Federal Reserve chairwoman Janet Yellen.Mr Abbott will receive a military welcome when he visits the Pentagon for talks with Defence Secretary Chuck Hagel and the Chairman of the Joint Chiefs of Staff, General Martin Dempsey.He will then head to Houston, where he will deliver a speech to the Asia Society. Liquefied natural gas is also likely to be discussed during Mr Abbott's visit, with the biggest project occupying the minds of LNG industry figures being the Panama Canal expansion.It will allow massive Post-Panamax ships to take American LNG to the booming markets of Asia to compete against the Australian product.

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Qld legal head quits over chief judge row

QUEENSLAND'S Bar Association president has resigned over the appointment of Chief Magistrate Tim Carmody to chief justice.

PETER Davis sent a resignation letter on Friday to members citing concerns about the process that resulted in Mr Carmody's appointment.

Mr Davis criticised the leaking of confidential discussions between him, Attorney-General Jarrod Bleijie and one of Mr Bleijie's senior staff about Mr Carmody's possible selection.He also said the president of the Bar Association ought to be involved in the process of appointing judges and he had "no faith in the integrity of the process".

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Sam Ibrahim jailed over death threats

FORMER Nomads bikie boss Hassan "Sam" Ibrahim has been sentenced to at least 16 months in prison for making death threats to a businessman and for intimidating NSW police officers.

THE older brother of Kings Cross identity John Ibrahim was charged after he made a number of threats over the phone to a businessman after a lucrative drilling and mining deal went sour in March last year.

While he was on bail for that matter, the former bikie boss was also charged with threatening to break two police officers' jaws after they pulled his son over outside a rival bikie clubhouse.At Parramatta Local Court on Friday, Magistrate Georgia Knight sentenced him to a maximum of two years for two counts of using a carriage service to threaten to kill and for one count of intimidating a police officer.The 45-year-old is eligible for parole in October next year.It is understood he plans to appeal the sentence.

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Sydney girlfriend stomper jailed

A SYDNEY man who stomped on his girlfriend's head and attacked her with a pot plant has been sentenced to at least five years in prison.

TRENT Wainwright, 32, from Mortdale in southern Sydney, was handed a maximum sentence of eight years and one month at Downing Centre District Court on Thursday.

Wainwright had pleaded guilty to causing grievous bodily harm with intent for throwing his girlfriend onto a concrete driveway and stomping repeatedly on her head during a domestic dispute on January 16, 2010.The then 27-year-old then threw a terracotta pot at her.The 19-year-old was left with fractured jaw bone and eye sockets, loose teeth and lacerations to her face.MORE TO COME

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EX-SA treasurer returns to opposition role

FORMER South Australian treasurer Rob Lucas and five new faces, including an ex-TV sport presenter, are part of the Liberal's expanded and revamped shadow cabinet.

MR Lucas, a veteran member of the upper house, will become opposition treasury spokesman, just a week before new Treasurer Tom Koutsantonis delivers his first budget.

The reshuffle by Opposition Leader Steven Marshall was prompted by the defection of Martin Hamilton-Smith to a government ministry and the upcoming retirement of former treasury spokesman Iain Evans."My renewed shadow cabinet strikes a balance between experience and regeneration," Mr Marshall said on Thursday as he expanded his frontbench from 12 to 14 to match the number of ministers.Mr Lucas, state treasurer between 1997 and 2002, said he was committed to serving a full eight-year term.He told reporters he hoped to be judged on the basis of merit."I've had experience of a bit over four years of being state treasurer and probably close to a decade shadowing treasurers or finance minister."If the Liberals won the 2018 election, Mr Lucas would be the only member to have experience in government.Mr Marshall will take on treasury in the lower house.Former Network Ten sport presenter and parliamentary newcomer Corey Wingard will take on transport and road safety.The opposition has been critical of the transport portfolio going to another newcomer, Labor's Stephen Mullighan, who they describe as an "L-plate minister".But Mr Marshall said being a shadow minister came nowhere near the amount of responsibility faced by Mr Mullighan.Rachel Sanderson will become the third woman in the frontbench and her responsibilities will include higher education and families and child protection.The other new faces are John Gardner, who takes on police, correctional services and justice; regional MP Tim Whetstone, with investment and trade, recreation and sport, and racing; and Peter Treloar will became shadow cabinet secretary.Deputy Liberal leader Vickie Chapman will shadow the attorney-general, while Stephen Wade will take on health."This is an important time for renewal within the state Liberal team and I'm looking forward to the contributions they will each make over the coming years," Mr Marshall said.

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Harbour crossing may start in three years

Labor is ramping up its attacks on NSW's planned power sale, branding the premier's proposals a con. Source: AAP

WORK on Sydney's second harbour rail crossing could start in two or three years if the NSW government wins the next election.

But the government has stopped short of saying how much the Sydney Rapid Transit project will cost.

Premier Mike Baird says he is confident $20 billion raised from selling off the state's electricity network poles and wires will be enough to contribute to the rail extension and other infrastructure across NSW.

"The difference between this plan and previous plans is we have announced the funding to go with it," he said of the rail project on Wednesday.

Forty nine per cent of the state's poles and wires will be sold on 99-year leases under a policy approved by Liberal and Nationals MPs following heated party room meetings on Tuesday.

The coalition will take the sale to the March 2015 election and if it wins approval, Mr Baird said he anticipates the transaction being completed by the end of 2016.

A second harbour rail crossing would be created with proceeds from the sale, extending the North West Rail Link through the CBD and on to Bankstown.

There will be new stations in the CBD, including at Pitt Street, and the government is also looking at a station at Barangaroo.

Mr Baird said the cost of the rail project was close to being finalised, with some money also drawn from government transport funds.

"We will also be inviting the private sector to participate, just as they are in the North West Rail Link," the Premier told reporters at Bankstown train station.

Transport Minister Gladys Berejiklian said before the asset sale announcement, the rail extension would not have been able to go ahead until the North West Rail Link project was finished.

"Because of yesterday's announcement and if we get a mandate at the next election I am hoping we are able to start construction on the next two to three years on this project," she said.

Meanwhile, the NSW opposition is ramping up its attacks on the state's planned power sell-off and accused Premier Mike Baird of trying to "con" the public.

"Mike Baird has simply put forward an infrastructure mirage that will come at the cost of every family across NSW through their electricity bills," opposition leader John Robertson added.

The mud slinging continued with Treasurer Andrew Constance calling Mr Robertson fiscally illiterate and accusing him of deliberately seeking to confuse debate.

He pointed to an Ernst & Young report commissioned by the NSW treasury department showing network costs had declined in states where power was privatised.

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Post-budget confidence slump still lingers

AUSTRALIANS are having a tough time swallowing Joe Hockey's budget medicine, and it doesn't look like they'll acquire the taste for it anytime soon.

Two separate surveys show that consumer confidence remains in the doldrums, with households worrying about the impact of the May budget's spending cuts on their finances.

Despite the government's repeated attempts to convince people of the need for widespread cuts, consumers aren't happy about them.

"The consumer response to the federal budget is quite clear - they don't like it and confidence around family finances has fallen as a result," Commonwealth Bank economist Gareth Aird said.

The monthly Westpac-Melbourne Institute Index of Consumer Sentiment rose by just 0.2 per cent in June, but remains stuck around two-year lows.

The index plunged seven per cent in May after the budget.

Meanwhile, the latest ANZ-Roy Morgan consumer confidence index was steady for a second week, but it too is down 14 points from mid-April.

Mr Aird said if it wasn't for the harsh budget measures, the small fall in the unemployment rate at the beginning of 2014 would normally have lifted consumer sentiment.

With consumers feeling gloomy, retailers are braced for a drop in sales.

The dive in consumer confidence combined with the warmer-than-usual autumn temperatures could spell trouble for those selling clothes and household goods.

Discount chain The Reject Shop and the company behind Bonds clothing, Pacific Brands, issued profit warnings this week, largely blaming the budget and warm weather for hurting sales.

The Westpac index revealed the number of people feeling positive about their family finances fell 5.4 per cent in June.

And while there was a five per cent rise in how many felt upbeat about their household finances in the year ahead, the result was off a 23 per cent slump in May and was the second lowest reading since Australia's last recession in 1991.

One thing people did feel good about was buying property, with the result bouncing back from substantial declines in the previous three months.

Westpac senior economist Matthew Hassan said the responses about the time to buy were more about market conditions rather than actual purchase intentions.

"Whether interest rates are low or affordability is good or bad and what expectations they have about price gains," he said.

"You can have positive assessments on the time to buy that don't necessarily translate in a pickup in activity if people are worried about their finances or job losses."

Mr Hassan said it could take a while for consumers to recover from their current gloom.

Initial responses to a budget can sometimes be an overreaction, one which reverses in following months, he said.

In the meantime, many economists believe there is little chance of the Reserve Bank lifting interest rates this year.

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Budgets weigh on WA consumer confidence

A FALL in consumer confidence in Western Australia is further evidence that federal and state budgets have hit taxpayer sentiment hard, member for Perth Alannah MacTiernan says.

The latest WA Chamber of Commerce and Industry-Curtin Business School survey of consumer confidence shows sentiment remains at record lows.

Almost 90 per cent of respondents said they expected the economy would remain the same or deteriorate over the next three months.

While high living costs was the most significant issue on 53 per cent of consumers' minds, 49 per cent of respondents rated the political environment as a major concern, up from 40 per cent in March.

Ms MacTiernan pounced on the figures, saying the survey was taken at a time where pre-budget speculation dominated, so consumer confidence might have fallen even lower, given households would have since digested the numbers.

"The Abbott government promised to 'turbo charge' consumer confidence and what we have seen in the lead up and with the May budget is the exact reverse, with the treasurer making it clear that the budget was about hitting household consumption," Ms MacTiernan said.

"That inevitably meant pensioners, students and families relying on basic services and payments to get ahead would suffer."

In the state budget, which was handed down five days before the federal budget, WA households were slugged on average an extra $324.18 a year for electricity, water, public transport and car registration.

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Vic teen 'forced into sex work': police

A 17-YEAR-OLD girl may have been forced into sex work for three months, Victorian police say.

A 33-year-old Warrnambool North man was arrested over the claims, but was released pending further inquiries.

He was interviewed on Monday over charges of procuring and inducing a child to take part in sex work, allowing a child to take part in sex work and living on the earnings of a sex worker.

Police on Tuesday said they had reports a girl had been forced into sex work, and appealed for anyone else in the same situation to come forward.

Detectives want to speak to anyone who has information about the girl or illegal sex work in Victoria's southwest.

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Global rally helps NZX edge higher

NEW Zealand stocks edged higher in a global rally as data showed signs of economic growth.

The NZX 50 Index rose 4.912 points, or 0.1 per cent, to 5187.349. Within the index, 25 stocks gained, among them NZ Oil & Gas, Nuplex, Pacific Edge and A2 Milk Company, while 11 fell and 14 were unchanged. Turnover was $112 million.

The rise follows benchmark indexes closing at a record high on Wall Street on Friday as US unemployment remained steady at 6.3 per cent and the country added more than 200,000 workers for the fourth straight month. Stocks across Asia were also boosted.

NZ Oil & Gas rose 2.5 per cent to 81.5 cents, leading the market higher. Pacific Edge gained 2.4 per cent to 86 cents. Nuplex, the specialty chemical maker, rose 1.5 per cent to $3.36 and A2 Milk advanced 1.3 per cent to 78 cents.

A Reuters' survey of economists showed 16 of 17 predicting central bank governor Graeme Wheeler will lift the OCR by a quarter point to 3.25 per cent on Thursday.

The governor's commentary surrounding the pace of future hikes will be studied closely as inflation has accelerated at a lower-than-expected 0.3 per cent in the first quarter, while there are signs heat in the housing market is dissipating.

"It's really a double edged sword because interest rates going up is showing there is good growth in the economy, therefore companies' earnings should be improving," Hamilton Hindin Greene director Grant Williamson said.

"But on the other side investors will start to favour leaving money in the banks, rather than put it into the share market because the banks are offering better rates to them.

Fletcher Building, New Zealand's largest listed company, slipped 0.4 per cent to $9.15. Xero, the cloud-based accounting software firm, rose 0.03 per cent to a near two-month low at $29.42.

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Vic Labor to stall legislation over Shaw

VICTORIA'S parliament is set for a showdown, with Labor insisting independent MP Geoff Shaw be dealt with before any legislation is examined.

Labor is calling for the balance of power MP to be expelled for contempt of parliament and wants the lower house to debate the issue as soon as parliament is recalled on Tuesday.

Shadow Treasurer Tim Pallas said it was the most important issue facing the house.

"When a member is the subject of a contempt consideration, that matter should be resolved as quickly as possible," he told reporters on Sunday.

A parliamentary privileges committee last month found Mr Shaw breached the MP code of conduct by misusing his parliamentary car for his private hardware business.

The committee, which was dominated by government members, recommended Mr Shaw repay the money but face no further sanction.

Premier Denis Napthine has since fallen out with Mr Shaw, after the former Liberal MP declared he no longer had confidence in the government.

Dr Napthine responded by accusing Mr Shaw of making demands for a judicial appointment.

The government now says it is carefully considering legal advice about the parliament's powers to expel an elected member.

Labor says it has obtained advice from constitutional expert George Williams saying the state parliament could do precisely that.

"There is no doubt that a properly structured resolution to either expel or suspend Mr Shaw can be put," Mr Pallas said.

Mr Pallas said Mr Shaw had blackened the name of all politicians.

He said any other Victorian would expect to lose their job if they had been found to have misused a work credit card.

Treasurer Michael O'Brien last week said passing the budget was a "million times more important" than Mr Shaw.

Mr Pallas said Labor would pass the budget, and that it could be dealt with before the end of the sitting week.

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NSW govt to extend home owner grant

Next week's NSW budget will extend eligibility criteria for a first home owner grant. Source: AAP

THE NSW government has freed land for 6600 new homes in Sydney's northwest and will extend the first home owner grant in this month's budget.

Land at Marsden Park North, Richmond and Blacktown has been released or rezoned for housing, Premier Mike Baird announced on Saturday.

The Marsden Park land has space for 4000 new homes and is close to where the North West Rail Link is being built, while the land at Blacktown is on an old golf course.

"In western Sydney, there is a massive housing boom occurring and the unlocking of up to 6600 new housing lots at three sites will boost housing supply and make homes more affordable," Mr Baird said in a statement.

The government claims 100,000 new homes have been built across NSW since the March 2011 election.

Treasurer Andrew Constance also announced that the June 17 state budget will extend eligibility criteria for the first home owner grant by $100,000.

It means first-time buyers who purchase new properties worth up to $750,000 will qualify for the $15,000 payment. The previous threshold was $650,000.

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New report spells out phone tap powers

Government tapping of people's phones is widespread around the world, a new UK report shows. Source: AAP

GOVERNMENT tapping of people's phones is widespread around the world with Australia among a long list of countries permitting access to phone networks.

But Australia rates better than some, a report compiled by one of the world's largest phone companies says.

The detailed report by UK mobile carrier Vodafone examines legislative frameworks for telecommunications interception in 29 countries where it operates.

It says this is its contribution to the global debate on telecommunications interception.

The report says Australian carriers have legislative obligations to assist law enforcement and national security agencies, including an obligation to disclose information where authorised.

Interception is authorised by warrants issued to law enforcement and security agencies - though it may occur without a warrant in specified urgent circumstances.

Of substantial concern is the revelation in Vodafone's report that in six countries, authorities can bypass all legal requirements such as warrants to directly access an operator's network.

"In those countries, Vodafone will not receive any form of demand for lawful interception access as the relevant agencies and authorities already have permanent access to customer communications via their own direct link," the report said.

Vodafone doesn't specifically say which countries.

But in a detailed appendix compiled by an international law firm, it says Albania, Egypt, Hungary, Ireland, Qatar and Turkey all have provisions allowing authorities to request unfettered access.

In two other countries, India and the UK, legal provisions are unclear.

The report doesn't spell out the extent of telecommunications interception in Australia.

But the 2012-13 annual report, required under the Telecommunications (Interception and Access) Act 1979, says a total of 3330 interception warrants were issued, more than half to NSW police and the NSW Crime Commission.

Around two-thirds were for drug trafficking and organised crime.

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Senior SA Liberal to retire within a year

FORMER Liberal leader Iain Evans will quit the South Australian parliament within 12 months, which will spark a by-election.

The opposition treasury spokesman made the announcement on Friday after meeting state Liberal leader Steven Marshall.

He said he would not seek a shadow cabinet position in Mr Marshall's coming reshuffle.

"After 21 years representing the electorate of Davenport and my 46-year involvement in politics, I have made the decision to leave the SA parliament in the next 12 months and seek a new career in the private sector," he said.

Mr Evans, 55, has served as a minister, as SA Liberal leader and as deputy leader.

His announcement comes less than two weeks after former fellow frontbencher Martin Hamilton-Smith defected to become a minister in the minority Labor government.

Ten other MPS are on the Liberal front bench.

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NSW maintains AAA credit rating

CREDIT ratings agency Moody's has reaffirmed NSW's long-term AAA rating.

The agency says the rating reflects the state's diverse economic base, budget flexibility and secure and predictable grants from the Commonwealth.

"To obviously receive this endorsement in terms of the credit rating from Moody's a week or so out from the state budget is incredibly pleasing," NSW Treasurer Andrew Constance said on Friday.

NSW also holds a AAA credit rating with Standards & Poor, although the state is on negative watch.

The NSW budget will be handed down on June 17.

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Vic police investigate baby's injuries

A SIX-WEEK-OLD baby girl has recovered from serious injuries that Victorian police are treating as suspicious.

The six-week-old girl was taken to Sale Hospital with serious injuries on March 6.

The baby has since recovered, but detectives are treating the injuries as non-accidental and suspicious, a police statement on Thursday said.

Detectives from the Sexual Offences and Child Abuse Investigation Team in Sale have appealed for more information about what happened to her.

Police asked a person who had previously provided information to call back on (03) 5143 5022.

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NZ dollar climbs from three-month low

THE New Zealand dollar has climbed from a three-month low as traders recovered lost confidence in the local economy, and lowered their expectations for a downgrade to the Reserve Bank's interest rate track.

The kiwi rose to 84.41 US cents at 5pm in Wellington from 84.15 cents at 8am and 84.13 cents on Wednesday. The trade-weighted index advanced to 78.90 from 78.67 on Wednesday.

The New Zealand dollar arrested its slide this month as traders pared back expectations Reserve Bank governor Graeme Wheeler will lower his forecast track for interest rate hikes this year at next Thursday's monetary policy review.

Traders started anticipating a slower pace of interest rate increases as dairy prices steadily declined this year, and local inflation stayed in check.

Traders are betting Mr Wheeler will hike the official cash rate 80 basis points over the coming 12 months, according to the Overnight Index Swap curve.

"The market is coming to their senses and realised they have overdone how much they think the Reserve Bank will downgrade the interest rate track next week," said Imre Speizer, market strategist at Westpac Banking Corp in Auckland.

"There was a very large gap that opened up between the Reserve Bank's latest forecast from March and where the market has priced it."

Investors will be watching the European Central Bank policy meeting on Thursday in Brussels, where president Mario Draghi is expected to announce new measures to stimulate the European economy.

The kiwi gained to 62.04 euro cents at 5pm from 61.79 cents on Wednesday.

It also increased to 90.90 Australian cents from 90.73 cents and to 86.56 yen from 86.35 yen.

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Shipyards warned projects may go overseas

THE federal government has warned local shipbuilders it could look overseas for new frigates if they don't lift their game in constructing three new air warfare destroyers.

The $8.5 billion AWD project is now running almost two years late and costing $360 million more than planned, with shipbuilders performing well below international standards.

Finance Minister Mathias Cormann says the project is in serious trouble and getting worse.

A remediation plan - the third for AWD - aims to get it back on track, starting with "the urgent insertion" of an experienced shipbuilding management team into prime contractor, the government-owned ASC.

Construction of ship modules will then be re-allocated among three firms doing this work .

"This is a final opportunity to get this right - there's no two ways about it," Senator Cormann told reporters in Canberra on Wednesday.

Defence Minister David Johnston warned there might not be local capacity for future projects if Australian firms couldn't achieve acceptable productivity.

"I don't believe the government will support an enterprise that cannot deliver productively," he said.

That includes eight new vessels to replace the Navy's Australian-made Anzac frigates.

Under the AWD project, launched in 2007, the Navy will field three high-tech warships able to defend vast areas of ocean against aircraft and missile attack.

But costs are over target and first ship, HMAS Hobart, will be delivered in March 2016 rather than December 2014.

A review conducted by former US Navy secretary Don Winter found a range of problems including inadequate management and contractor performance - in line with an audit office report and regular reviews by UK consultant First Marine International.

World benchmark for warship production is 60 man hours per tonne. Hobart is coming in at 150 man hours per tonne.

In its review of ASC and sub-contractors BAE Systems in Melbourne and Forgacs in Newcastle, FMI found in all but a few measures they were outside performance benchmark standards.

Under contract arrangements, cost over-runs are met half from Defence and half from final success fees to contractors.

Senator Cormann confirmed the commonwealth and taxpayers would face some costs.

"We will seek to minimise whatever exposure there is for the government and for the taxpayers," he said.

The Australian Manufacturing Workers Union says maintaining an experienced shipbuilding workforce cannot happen unless there is ongoing work.

That depends on government investment and support.

"We need them now to give the workforce the chance to build skills and experience," assistant national secretary Glenn Thompson said in a statement.

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Singapore predator joins Australand battle

A PREDATOR from Singapore has joined the takeover battle for property group Australand and won the endorsement of the takeover target's board.

Frasers Centrepoint has proposed an offer of $2.59 billion in cash for Australand, at $4.48 per Australand security.

It trumps Australian property developer Stockland's sweetened share-swap proposal put to the takeover target last week.

Australand, the owner of $2.4 billion in residential and commercial developments, has granted Frasers four weeks to exclusively complete due diligence, at the expense of Stockland.

Australand's board will recommend the Singaporean proposal to its investors if no superior offer eventuates.

"The board concluded that the conditional proposal would deliver a compelling value outcome for Australand securityholders and is superior to the final and conditional proposal received from Stockland," chairman Paul Isherwood said.

Frasers is an international real estate firm, with core markets in Singapore, China and Australia.

Frasers said the acquisition of Australand, if successful, would help achieve its aim of generating profit outside of Singapore.

Frasers already has a presence in Australia, but it wants to be bigger and accelerate its growth here because it believes that Australia has good long-term prospects.

"The proposal will catapult Frasers to being one of Australia's leading real estate companies with a portfolio of scale and quality," group chief executive Lim Ee Seng said.

Stockland said its board members would consider the company's options in relation to Australand.

Australand securities jumped 24 cents, or 5.6 per cent, to $4.55, while Stockland added seven cents to $4.01.

IG market strategist Evan Lucas said Australand's actions and comments suggested the proposal from Frasers was a "stellar" bid.

"They have suspended due diligence for Stockland and opened their books to Frasers, so that would suggest that they believe that it is a really good bid," Mr Lucas said.

He suggested the rise in Stockland's securities flagged that some of its investors believed the play for Australand was too expensive and they would be glad to be out of it.

Stockland launched its move to take over Australand in April, with a proposed all-scrip offer of 1.111 Stockland securities for each Australand security.

The proposal valued each Australand security at $4.20.

Australand rejected the proposal as inadequate.

In May, Stockland lifted its proposed offer to 1.124 Stockland securities for every Australand security, at an implied price of $4.35 per Australand security.

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RBA's stance confirmed by data

THE Reserve Bank has confirmed it plans to keep interest rates steady, and the latest economic figures give no reason to suspect that plan will change in the near future.

In announcing the cash rate would be kept at its multi-decade low of 2.5 per cent, the central bank said the safest approach, the way the economy stands at the moment, "is likely to be a period of stability in interest rates".

That was much the same as the wording from every monthly announcement so far this year.

So was the rest of the statement, for that matter.

And economic figures released on Tuesday illustrate the reason for the RBA's fence-sitting.

One was the little-watched estimate of government spending.

It shows the government's direct contribution to economic activity - including investment in infrastructure and the cost of providing government services, which is mainly the cost of labour employed in the process.

Although public sector spending amounts to nearly one quarter of gross domestic product, it will add only 0.1 percentage points to GDP growth in the year to March.

And it will actually cut growth by 0.2 in the March quarter itself.

The rest of the economy will have to do the heavy lifting if economic growth is to be strong enough to stop unemployment from rising.

A lot of the nation's hopes rest on the shoulders of the mining sector.

There was goods news on this front from foreign trade figures from the ABS on Tuesday.

There was faster export growth, driven by minerals, which means a boost to GDP.

And there was a fall in imports, meaning a bigger slice of spending goes into local production rather than production offshore.

Those trends in trade will add 1.4 percentage points to economic growth in the March quarter.

That's a lot considering the long-run average for quarterly GDP growth is about 0.8 per cent.

But it's not as positive as it seems.

For a start, a good chunk export growth was achieved by running down stocks of minerals - a negative fro growth - rather than increasing production.

And the mining sector is heading into the mining phase, which requires fewer workers, and out of the more labour-intensive investment phase.

On the other side of the trade account, declining imports is generally a sign of a weak economy, not a strong one.

In this case the fall in imports was the result of an ongoing slump in imports of capital goods, which are now down by 27 per cent from their peak just under two years ago.

There's no sign in the imports figures of a growth surge outside of mining.

And this is what the RBA has been faced with all year.

Economic growth, yes, but just not quite strong enough and no real sign that things are about to change.

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Laid-off staff fear for entitlements

SIX hundred workers across Australia axed by a major electrical contractor have been left fearing their entitlements will not be paid.

Employees at PSG Elecraft offices in NSW, Victoria, Tasmania, South Australia and Queensland were told the news shortly after arriving at work on Tuesday morning.

The biggest number of job losses are in Victoria where about 200 staff, including many apprentices, were told to go home and not come back.

About 180 jobs were also expected to go in Tasmania.

The company, also known as Pacific Services Group, was placed in the hands of receivers KordaMentha at 6pm on Monday night.

It is understood the administrator is "endeavouring" to secure the entitlements owed to staff but has given no guarantee.

Secretary of the Victorian branch of the Electrical Trades Union, Troy Gray, called on the federal government to step in to head off a 40 week wait for entitlements, if they even get paid.

"These entitlements are what would be used to put food on the table for the families of these workers," Mr Gray told AAP.

"This is not just one or two workers. This is 600 across Australia. [The federal government] should intervene and make sure they get these entitlements in the next six weeks or so.

Federal Employment Minister Eric Abetz said workers could apply to the Fair Entitlements Guarantee to claim unpaid wages or entitlements.

"The government is deeply concerned about any job losses," Tasmanian Senator Abetz said in a statement to AAP.

"Job losses in Tasmania are particularly concerning, given that the state has the highest level of unemployment in the country."

The Tasmanian government said it had been in contact with the company and would "seek to assist affected staff".

Mr Gray said Victorian employees were told there had been "poor management at an upper level in PSG" and "some bad decisions made on major projects in Queensland", which racked up debts of $10 million.

Other major projects include the National Broadband Network rollout in Tasmania, the new Adelaide Hospital and the Adelaide Convention Centre.

Mr Gray said most Victorian staff would not find new jobs as construction continued to struggle.

"There's not a lot of work out there," he said.

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Asaleo gears up for market debut

PERSONAL hygiene products maker Asaleo is hoping to raise up to $690 million ahead of its stock market debut in July.

The maker of Sorbent toilet paper and Libra feminine hygiene products is pricing its offer at up to $1.80 a share, which could see the new entrant valued about $1 billion.

Chief executive Peter Diplaris said Asaleo's float followed two years of working to transform the company to improve its capacity and profits.

"We have been focused on reorganising the business functions to ensure better alignment with each product category and increased investment in brands and innovation to improve product category performance," he said.

"At the same time, the business has implemented a major capital investment program totalling more than $100 million to improve product quality and innovation and improve efficiencies."

Asaleo employs more than 1,000 workers in Australia, New Zealand and Fiji.

According to its prospectus, which was unveiled on Monday, Asaleo will issue between 383.8 million and 408.9 million shares.

The shares will be priced between $1.55 and $1.80 each, with the final price to be determined after a bookbuild ahead of Asaleo's July 3 market debut.

Asaleo, formerly known as SCA Hygiene Australasia, plans to use money raised from its initial public offering to reduce its near $300 million debt pile.

The company is currently half owned by Sweden's Svenska Cellulosa Aktiebolaget SCA and local private equity outfit Pacific Equity Partners.

After Asaleo's market debut, SCA's stake will fall to about 33 per cent, while Pacific will pull out completely.

The company's earnings have improved in recent years, with pro forma net profit rising to $61.5 million in calendar 2013 from $47.6 million the previous year.

Asaleo has forecast a 14.7 per cent rise in pro forma net profit to $70.6 million in 2014, while sales are expected to lift 2.7 per cent to $642.2 million.

Its prospectus said Asaleo intends to pay investors an unfranked dividend of between 4.7 and 4.9 cents a share for the second half of 2014.

Asaleo's stable of products also includes the TENA incontinence range, Handee paper towels and Deeko tableware.

The company is chaired by Harry Boon, who also is chair of Tatts Group.

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Brown wooed as face of Tasmanian tourism

BOB Brown is being wooed as the face of Tasmanian wilderness tourism.

The former Greens leader has been sounded out by the state's tourism industry to promote Tasmania's World Heritage Area.

The idea builds on the recent Go Behind the Scenery campaign, which sought to make the state's environmental battles a point of interest for tourists.

Tourism Industry Council boss Luke Martin has said Dr Brown defines the state's recent history.

But the Greens' patriarch may not be easily wooed.

Tasmania's new Liberal state government wants to open up national parks to eco-tourism development, a move Dr Brown has called "stupid" and "greedy".

Premier Will Hodgman is also backing a federal government move to cut 74,000 hectares from the World Heritage Area.

Dr Brown says he already pushes destination Tasmania but there would be conditions to him fronting a tourism campaign.

"I'm very woo-able but not unless they get the (balance) right," he has told the Hobart Mercury.

"Private development should be outside World Heritage and outside national parks, and developments inside national parks should be public and they should be well funded."

The Hodgman government has called for potential investors to pitch "sensitive and appropriate" eco-tourism ideas.

Mr Martin says they are the norm in countries such as New Zealand and Canada, where green groups support them.

Greens leader Christine Milne said the tourism industry should oppose the federal government's World Heritage wind-back.

"It's a bit rich for the Tourism Industry Council to be appealing to Bob Brown to help it sell tourism in World Heritage Areas while the Abbott government is trying to destroy them," she said in a statement.

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Vic taxi driver bashed unconscious

A taxi driver has been attacked while filling his car at a Melbourne petrol station. Source: AAP

A TAXI driver has been kicked and bashed unconscious in an unprovoked attack in Melbourne.

The driver was filling his taxi at a Spotswood service station when a man began kicking the car and striking it with a windscreen cleaner. The incident happened early on Sunday, police said.

When the taxi driver challenging the man he knocked the driver to the ground, kicked him in the head and continued assaulting him until he was unconscious.

The offender continued to damage the taxi, then fled.

The victim was taken to the Western Hospital with serious injuries.

Police have described the man as Caucasian appearance, bald and aged in his 30s or 40s. He wore an Essendon AFL jumper with number 27 on the back, dark pants and white sneakers.

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NSW police reach stricken yacht

A YACHT stranded off the coast of Port Stephens, on the NSW mid north coast, is being towed back to Coffs Harbour after engine trouble.

The sole person on board - a 46-year-old man from Sydney - is not believed to have been injured, police said on Sunday.

The 16-metre single-masted sailing boat sent a distress radio beacon on Saturday night, 200 nautical miles offshore, reporting engine problems.

Water police left Port Stephens late on Saturday, reaching the stricken boat on Sunday afternoon.

The vessel, believed to have been sailing to New Zealand, is now under tow back to Coffs Harbour.

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Sydney teen critical as party gatecrashed

A teen is in a critical condition in hospital after being stabbed at a party in Sydney's inner west. Source: AAP

IT was meant to be a small gathering of friends for a 14-year-old girl's birthday.

But the get-together at a house in Five Dock, in Sydney's inner west, turned into a violent brawl after gatecrashers showed up.

Now a teenage boy is fighting for his life in hospital after being stabbed several times at the out-of-control party on Friday night.

Another is facing criminal charges.

Police were called to the home on Charles Street and found two injured teenagers in the backyard.

A 17-year-old boy was stabbed in the chest and in his side and is in hospital in a critical but stable condition.

On Saturday a 16-year-old, who also sustained minor head injuries during the brawl, was charged with assault and affray. He was released on bail and is expected to appear at a children's court on June 20.

Another teenager, 17, was allegedly hit in the head with a bottle and was also taken to hospital. He was discharged on Saturday.

It is understood a 14-year-old girl, who was staying at the dual-level brick home with her grandparents, was having friends over for her birthday.

Her grandmother told AAP she allowed the girl to have half a dozen people over but the gathering was gatecrashed.

She said she was coming home from the Blue Mountains when she received a call from her daughter telling her the party had escalated.

"I went straight to Burwood police station," she said on Saturday morning.

It is understood most of the party-goers were from Concord High School.

The granddaughter is now with her father and on her way to Canberra, the woman, who did not want to be named, said.

Burwood police Inspector Michael Penfold said officers faced chaotic scenes when they arrived on Friday night.

He said there was at least one adult home.

Surrounding residents of the usually quiet suburban street heard bottles smashing and people screaming.

Jay Nam looked out her window to see young people on the street yelling at each other.

"Some of the residents came out and tried to get them away from the street," she said.

Next-door neighbour Ed White said the party-goers were about 15 or 16 years old.

"They were really young," he said.

"There was just lights flashing, sirens and cops up and down the street."

Insp Penfold had a warning for parents planning a party for their children.

"One of the main issues is make sure only invited guests attend and adequate security provisions beforehand," he said.

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Ash grounds flights to Darwin, Bali

A massive ash cloud from an Indonesian volcano may disrupt aviation in parts of Australia. Source: AAP

DARWIN remains cut off to all air services until Sunday, and flights from Australia to Bali are now affected, as three separate ash plumes billow from an Indonesian volcano.

A meteorologist with the Bureau of Meteorology's Volcanic Ash Advisory Centre in Darwin, Tim Birch, said the Sangeang Api volcano off the Indonesian island of Sumbawa is now erupting continuously after an initial blast on Friday afternoon.

Darwin International Airport was closed to all inbound and outbound flights on Saturday, and Mr Birch said Bali's airspace is now also affected.

The major plume affecting Australian aviation is sweeping southeast over the west side of the Northern Territory as far south as Alice Springs, Mr Birch said.

The plume that is affecting Darwin will be around for the next 18 hours. We will see the plume here start to move east will start to move out of the Northern Territory and move steadily east in the location of Mount Isa (in Queensland) and it will start to dissipate," he told AAP.

This would affect Darwin flights on Sunday and is likely to dissipate, Mr Birch said.

A second, hovering north of Darwin between 9.5km and 16km in the air, may cause problems for flights between Australia and Malaysia and Singapore, he said.

A third, lower-level plume is drifting west from the volcano and is within 100km of Bali.

"The volcano is still erupting as it has done for most of the day, but not as violently as initially erupted but there is a steady plume," Mr Birch said.

Virgin Australia spokeswoman Jacqui Abbott confirmed two Saturday afternoon flights to Denpasar - one from Adelaide and on from Melbourne - have now been cancelled.

Qantas Group spokeswoman Kira Reed said Jetstar has cancelled an Adelaide-Denpasar flight that went via Darwin, and all its services to and from Darwin remain grounded.

Earlier, Deputy Prime Minister Warren Truss said it may be days before flights through northern Australia return to normal.

"Depending on wind and other weather conditions, the ash has the potential to affect flights to and from other airports, including Brisbane, during coming days. This is currently being fully assessed," he said.

"Passengers are advised to check with their airlines for further information."

Airservices Australia has begun diverting international flights around the ash cloud.

The Civil Aviation Safety Authority says volcanic ash can affect all aircraft with piston or jet engines at all flight levels.

Fine particles of pulverised rock consisting mainly of silica contained in volcanic ash clouds can be highly abrasive and damage aircraft engines, structures and windows.

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Qld nurse stabbed in face by patient

A NURSE has been reportedly stabbed in the face by an elderly male patient at a Queensland hospital.

The 88-year-old man is believed to have used a surgical instrument, possibly forceps or a clamp, to inflict the nasty injury.

Police say they're investigating the alleged attack against the 37-year-old nurse, which happened about 3am Monday and left her with cuts and bruises.

The incident, at the Redcliffe Hospital in Brisbane's bayside, has outraged the Queensland Nurses' Union (QNU).

It will ask director-general of Queensland Health on Friday to review hospital safety policies.

"It was a very, very nasty injury and was totally unexpected from what we've been advised," QNU secretary Beth Mohle told AAP.

"It is totally unacceptable.

"We will not allow it (violence against nurses) to become normalised, it's not part of the job."

Ms Mohle says while it is common for health staff to be verbally abused, physical attacks against them are rare.

"It highlights systematic issues and we need to be vigilant about violence towards health staff," Ms Mohle said.

Metro North Hospital and Health Service says the victim has been treated and discharged.

The elderly patient is being monitored and security has been bulked up to ensure patient and staff safety.

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Conditions now adequate on Nauru: Morrison

Immigration Minister Scott Morrison says children being held in detention in Nauru are in safe. Source: AAP

IMMIGRATION Minister Scott Morrison insists children being held in detention in Nauru are in safe conditions, despite serious health risks identified in a leaked report.

The report, compiled by five clinical experts, found children were not being properly screened for diseases and there was a lack of a child protection framework.

Conditions in detention are "crowded, hot and humid", with high levels of mental illness and self-harm, the report published in the Guardian says.

But Mr Morrison said conditions in Nauru had dramatically improved since the coalition took office in 2013.

"That report was of some time ago," he told reporters in Melbourne on Friday.

"There's been significant investment put in place by the government to upgrade the facilities and services and conditions in Nauru."

Mr Morrison said Operation Sovereign Borders commander Angus Campbell recently visited the island and noticed the improvement.

"I received a very positive report from him," Mr Morrison said.

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ASPI warns of defence spending spree

DEFENCE has done so well from a tough budget that it has raised concerns the money might be wastefully splurged on expensive new equipment.

The latest Australian Strategic Policy Institute (ASPI) defence budget brief says the extra money has given the government a good start on its promise to lift defence funding to two per cent of gross domestic product in a decade.

Based on growth projections, that would be about $42 billion in today's money in 2023/24. The 2014/15 defence budget is $29.3 billion, an increase of $2.3 billion, which takes defence share of gross domestic product to 1.8 per cent.

The report's author, ASPI analyst Mark Thomson, said the budget established a credible base to reach the two per cent target, although it would still need 5.3 per cent annual growth from 2017/18.

But the risk was defence would splurge on new equipment and extra personnel.

Recent proposals exemplified the risk of generous funding leading to wasteful spending, he said.

They include suggestions to retire Anzac frigates early to give work to local shipyards or the "equally profligate proposal" for Australian construction of support ships that could be bought more cheaply overseas.

"By setting a generous financial target for defence, the government has effectively sent the military on a shopping expedition," he said.

Dr Thomson said the government's commitment to increased defence funding would be tested.

In the next three to five years, it will want to balance the books, giving it a choice between sustaining defence funding or delivering an early surplus at an opportune time in the electoral cycle.

Ability to spend up on defence will also depend on voters' willingness to cop higher taxes and forgo social services.

Australia's 10 million workers would each contribute about $5000 a year to sustain defence spending of two per cent of GDP, he said. However, polls show support for higher defence spending has fallen from 60 per cent in 2001 to less than 40 per cent now.

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Westfield restructure on shaky ground

Westfield chairman Frank Lowy has endured vocal criticism from shareholders over a restructure plan. Source: AAP

WESTFIELD'S $70 billion restructure plan looks like it will go down to the wire, with a significant number of investors voting against the move.

Westfield Group had wanted investors to approve a controversial plan to split its Australasian and offshore businesses.

The plan was to merge the Australasian businesses with Westfield Retail Trust (WRT), which was spun off by Westfield Group in 2010, to create a new company called Scentre.

The offshore businesses, which includes shopping malls in the UK and US, would then be known as Westfield Corporation.

While 98 per cent of Westfield Group investors gave the green light to the deal at a meeting Thursday morning in Sydney, WRT investors were not as keen during a separate vote in the afternoon.

Westfield needs the backing of 75 per cent of WRT investors to get its deal over the line.

But with only 74.1 per cent of WRT proxy votes cast in favour the planned merger of the Australasian businesses with WRT, the entire restructure plan appeared to be on shaky ground.

Investors at the WRT meeting are yet to cast their votes.

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Ramsay Health appoints new chairman

Michael Siddle has been made chairman of Ramsay Health Care after the death of Paul Ramsay (pic). Source: AAP

RAMSAY Health Care has appointed Michael Siddle as its new chairman following the death of the company's founder Paul Ramsay.

Mr Siddle served as Mr Ramsay's deputy chair for 17 years.

The private hospitals operator has appointed Peter Evans as its new deputy chairman.

Mr Ramsay, one of Australia's richest men, died in early May after suffering a heart attack while sailing in Spain.

He founded Ramsay Health Care in 1964 and left most of his fortune to charity.

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Hyundai-Kia gets greenest gong

Hyundai-Kia has overtaken Honda as the greenest automaker in the United States. Source: AAP

HYUNDAI-KIA is now the greenest automaker in the United States, unseating Honda for the first time since the rankings by a group of scientists began.

The Union of Concerned Scientists ranks the eight top-selling automakers based on carbon and smog-forming emissions of their fleets.

The group says that for the first time since the rankings began in 1998, all eight automakers reduced pollution. Honda had led the rankings since then.

Hyundai-Kia beat Honda by equipping many models with smaller turbo-charged engines. The scientists also say Hyundai-Kia introduced gas-electric hybrid versions of its two top-selling models, the Hyundai Sonata and Kia Optima.

Toyota, Nissan and Volkswagen tied for third. Detroit automakers, which sell more trucks, finished at the bottom, with Ford the highest-ranked of them.

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Baird sets up campaign donation panel

THE former head of Sydney Water who was the victim of a smear campaign will lead an expert panel to look at ways of reforming political donation rules in NSW.

Premier Mike Baird said on Tuesday the independent expert panel would be led by "respected businesswoman and senior public servant" Kerry Schott to consider whether full public funding of election campaigns should be introduced in NSW.

The panel will also look at what the appropriate cap on election campaigns should be.

The measure is part of the government's response to the Independent Commission Against Corruption's (ICAC) probes into political donations in NSW.

The corruption watchdog has heard allegations that illegal donations were funnelled back into the NSW Liberal Party.

"This is about the public's confidence in our democracy over the long term," Mr Baird told parliament during question time on Tuesday.

Mr Baird said the ICAC inquiries showed the current donation system in NSW was broken.

"We need to change the culture of hidden influence and misplaced expectations of access that appear to follow even modest political donations in this state," he said.

The ICAC has heard Dr Schott was the subject of a false and anonymous corruption complaint lodged by the brother of Eric Koelma, a former staffer for ex-NSW minister Chris Hartcher.

It has also heard that crooked former Labor MP Eddie Obeid demanded that a NSW minister "sack the bitch", referring to Dr Schott, when she began asking questions of Australian Water Holdings (AWH).

AWH allegedly corruptly charged Sydney Water for luxury hotel stays and limousine rides.

Dr Schott demanded justification for the company's "ballooning" expenses.

The three-member panel will also include former Labor deputy premier John Watkins and former Liberal shadow attorney-general Andrew Tink.

It will report back to the premier by December 31 with options for "long term" reform of political donations.

Baird's government will face a tight deadline to enact any reforms before the March election.

The panel will also look at whether penalties for breaching donations law were sufficient and whether tighter rules around disclosure should be introduced.

Meanwhile, the government has introduced legislation that ensures corporate donations are regulated in the same way as all other political donations.

Mr Baird says the proposal closes a loophole that arose out of a High Court ruling in 2013 in response to the O'Farrell government's donation reforms.

In 2012, parliament passed laws restricting political donations from corporations with the government saying the reforms stopped third-party groups from buying elections.

But last year, the High Court found the NSW laws invalid, after the peak union body, Unions NSW, launched a challenge as a test case on the concept of freedom of political expression.

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Palmer Rolls fails to proceed

Clive Palmer arrived in Canberra in a Rolls Royce - to do his job of representing the unrepresented. Source: AAP

OH dear. There was Clive Palmer peering beneath the bonnet of his chauffeured, but immobile, Rolls Royce.

In Rolls terminology, the vehicle had not broken down. It simply "failed to proceed".

Undeterred, the pinstripe-suited multi-millionaire businessman and MP, set about making it proceed again.

Wielding what appeared to be a ratchet-handle tool and making a few strategic taps, the vehicle returned to life.

Mr Palmer had been dining at the National Press Club with fellow independent MPs Andrew Wilkie and Cathy McGowan who he then whisked back to Parliament House for question time. Earlier, the MP arrived at parliament in the elegant grey chauffeur-driven Rolls, making a grand entrance to the media pack gathered to interview arriving parliamentarians, most delivered aboard much less salubrious commonwealth cars (Comcars).

Van Morrison blaring, the car enthusiast and collector of classic vehicles, fronted reporters, declaring this was his way of trying to pay his own way.

"Members of parliament really don't need Comcars that cost the taxpayer a lot of money," he told them.

Instead that money could be better spent giving it to pensioners.

And if they didn't own a Rolls, MPs could always catch a taxi.

When asked if arriving in such an ostentatious conveyance was appropriate, Mr Palmer said all Australians - regardless of race, nature and wealth - could be members of parliament.

He reminded them that two per cent of Australians were represented by lobbyists in Canberra.

As for the other 98 per cent?

"I am here to represent them," Mr Palmer said.

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ECB may hold clues for kiwi's direction

THE New Zealand dollar has held near the bottom of its recent band as the European Central Bank (ECB) forum may give investors clues to how the monetary authority will stave off threats to the regional economy.

Holidays in the US and UK are likely to keep trading volumes light, traders said.

The kiwi traded at 85.33 US cents 5pm in Wellington from 85.36 cents at 8am and 85.39 cents on Friday in New York. The trade-weighted index was 79.73 from 79.78 at the Friday close.

Traders are looking for any clues as to how the ECB will overcome low inflation and whether the bank will ease monetary policy further through a series of stimulus measures.

"The ECB speakers have started off fairly dovish" and "there's still more ECB rhetoric to come," said Alex Hill, head of trading at HiFX in Auckland.

"The euro is under pressure, which is keeping the US dollar bid firmly and commodity currencies down."

Mr Hill said the lack of liquidity in the market means traders could push the kiwi around in the northern hemisphere session.

The kiwi is trading about 20 basis points above a strong support level, he said.

It traded at 86.98 yen at 5pm in Wellington from 87.06 yen on Friday in New York, and was little changed at 92.37 Australian cents from 92.44 cents and at 62.66 euro cents from 62.63 cents.

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