Planning minister welcomes overseas buyers

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

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

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

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

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

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

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

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Australians on board missing plane

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

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

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

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

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

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

Malaysia Airlines said the passengers were from 14 different nationalities.

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

A total of 153 passnegers were Chinese nationals.

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

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

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

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

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

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

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

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

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

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

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

MORE: PLANE CRASHES THAT CHANGED AVIATION HISTORY

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

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

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

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

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

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

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

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

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

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

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

Follow Malaysia Airlines on the incident on Facebook

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

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

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

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

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

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

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

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Qld ex top cop in claims over wife's grant

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

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

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

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

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

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

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

The couple deny any wrongdoing.

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

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

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

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

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

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

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Voters will decide IR changes: Abetz

The employment minister has refused to spell out the scope of a government review of workplace laws. Source: AAP

THE Abbott government insists voters will decide the extent of changes it wants to make to Australia's workplace laws.

The government won't reveal yet how far it wants the Productivity Commission to go in its planned review of the Fair Work Act, although in a move that will disappoint some business groups, penalty rates are off the review's agenda.

"That's up to the Fair Work Commission," Employment Minister Eric Abetz told reporters in Hobart on Friday, while urging employers to make their own submissions to the independent industrial umpire.

A leaked draft of the review's terms of reference indicates the commission will examine the Act's impact on unemployment and under-employment, productivity, business investment and the ability of the labour market to respond to changing economic conditions.

Industrial action, bargaining flexibility, pressures on small business and the impact of regulation will also be considered.

Labor and the unions believe that's code for a return to elements of Work Choices, the controversial industrial relations regime introduced by the Howard government after the 2005 election.

"They have a plan, a secret plan to change conditions of employment for people in this country," opposition workplace relations spokesman Brendan O'Connor told reporters in Melbourne on Friday.

The government is keen to play down the Productivity Commission's reputation for economic rationalism, reminding voters it was responsible for devising a framework for the national disability insurance scheme.

Senator Abetz described the commission as both economically robust and socially sensitive.

"We are not doing anything more, we're not doing anything less other than undertaking a comprehensive and broad review of the laws," he said.

In any event, any recommendations the government wants to adopt from the review will be taken to the next election, likely to be in 2016.

The commission has been asked to report back to government by April 2015.

Senator Abetz refused to pre-empt the final terms of reference for the review, indicating there would be a phone hook-up of commonwealth and state bureaucracies next week to discuss the draft.

But he did say the ACTU had been part of the consultation process.

ACTU president Ged Kearney said the draft terms indicated the government appeared to be putting the entire workplace relations system on trial.

"Everything is up for grabs: awards, penalty rates, enterprise bargaining, protection from unfair dismissal," she said.

Labor accused the government of deliberately trying to conceal the review's terms of reference until after the West Australian Senate re-run and state elections in South Australia and Tasmania.

The Australian Greens used Tony Abbott's "dead, buried and cremated" reference to Work Choices to accuse the prime minister of using the Productivity Commission as his Dr Frankenstein.

But business is backing the government.

The Australian Chamber of Commerce and Industry argues there are major flaws in the Fair Work Act that were driving up unemployment, harming productivity and undermining growth.

It cited penalty rates as one issue it wants reviewed by the commission.

"It just doesn't make sense that many businesses can't open their doors on weekends, evenings or public holidays," chief operating officer John Osborn said.

The Australian Industry Group wants the review to look at more tightly defining the issues which can be subject to bargaining claims.

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Garrett to front insulation scheme inquiry

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

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

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

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

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

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

But they are not listed as witnesses.

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

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

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

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

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

The inquiry report is expected by the end of June.

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Retail trade strong but maybe not for long

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

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

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

That's quite a turnaround.

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

It's appealing, but not necessarily correct.

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

But it had begun to sink again by December.

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

And so it should.

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

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

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

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

There are two other explanations that should be considered seriously.

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

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

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

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

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

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

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

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

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

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

What retailing needs is a pickup in employment and wages.

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

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Market share war will continue, says Joyce

QANTAS chief executive Alan Joyce says he will maintain his strategy of holding 65 per cent of Australia's domestic air travel market despite criticism the capacity war is damaging the airline.

Mr Joyce blamed rival Virgin Australia for the glut of cheap seats in Australia, saying that in absolute seat terms Virgin had added more and that it was wrong to simplify his strategy as adding two aircraft for every one added by his competitor.

"The reality that we've had is that our competitor has added, in the last two and a half years, 18 percent capacity growth and Qantas has added half that," Mr Joyce said at an Australia-Israel Chamber of Commerce lunch in Sydney.

"And they are losing money. Proportionally they are losing more money than Qantas is."

Analysts have pointed to the damaging capacity war, which has forced airfares down, as a reason for Qantas's financial woes.

Mr Joyce said he would not change his strategy because premium business customers wanted the regularity of flights now on offer and could switch airlines if any aspect of Qantas's offering was beaten.

"We have to make sure that we are competitive in every single space," he said.

"If we pulled back 10 per cent do you think our competitor, seeing that, wouldn't add 10 percent in?" Mr Joyce, who was questioned by journalist Ross Greenwood during the lunchtime interview, also said he had the full support of the Qantas board and that he enjoyed a good relationship with the federal government.

He insisted he was not surprised by the federal government's decision to refuse a debt guarantee for Qantas.

Mr Joyce also said Qantas staff understood the tough decisions he had to make to make Qantas viable, including plans to sack 5,000 workers.

"I've been getting lots of emails from staff saying they understand this is not easy, it's tough, they understand that 5,000 jobs is a lot and it's hard to do," he said.

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WA cops help rangers with unruly smokers

POLICE will help council rangers enforce Perth's smoking ban if smokers become belligerent when handed a fine.

But police won't be directly involved in enforcing the City of Perth by-law.

A police spokesman says their job is to target crime and anti-social behaviour.

"There is no intention for police officers to be on patrol looking for people smoking in banned areas, or for us to issue infringements," he said.

"However, we will be assisting the City of Perth where appropriate."

The City of Perth became the first council in WA to ban smoking in major pedestrian areas when its malls went smoke-free in December.

Changes to the local law mean it is an offence to smoke in Perth's Hay St Mall, Murray St Mall and Forrest Place.

An awareness campaign was launched so that offenders in the first six months would be cautioned, but fines will start to be issued from June 1.

Police said the council rangers would be responsible for enforcing the ban, but police would assist if offenders became antagonistic while being issued a fine.

"Should City of Perth rangers require assistance when dealing with offenders, our officers will respond to provide assistance where appropriate, as we would to assist local government officers execute other responsibilities they have," the spokesman said.

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Mining still driving company profits up

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Bill to scrap climate authority fails

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

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

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

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

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

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

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

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

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

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

Greens leader Christine Milne said this meant Australia could continue to receive high quality independent advice on global warming and a rigorous review of the renewable energy target.

"I am delighted that today the Senate has defeated Tony Abbott's push to try and tear apart a science-based recommendation and go with his anti-science obsession," she told reporters.

Senator Milne said the government could bring this legislation back before the Senate in three months.

"It will depend on the makeup of the Senate," she said.

If West Australians at the upcoming Senate election reduce the number of coalition senators, the Senate would then have the numbers to reject government efforts to remove Labor's climate change legislation, she said.

Environment Minister Greg Hunt said the Senate was snubbing voters with the Climate Change Authority a clear coalition commitment in the election campaign.

"The Senate has snubbed the Australian people by voting against the abolition of the Climate Change Authority," he said in a statement.

"The government has a very clear mandate. The Australian people voted but Labor and the Greens think the election never happened."

Mr Hunt told the lower house Labor was blocking a tax on basic state services with hospitals, schools and police all impacted by the carbon tax.

"If the leader of the opposition wants action not talk, go to your senators, get them off strike and get out of the way."

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Cyclist killed on Victorian highway

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

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

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

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

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Police release image over Vic kidnap bid

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

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

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

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

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

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

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

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

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

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