Undercover asylum seeker account published

Two journalists who went undercover on an asylum seeker boat have published details of their voyage. Source: AAP

TWO journalists who went undercover on an asylum seeker boat bound for Australia have published details of their harrowing voyage.

In an extensive report accompanied by images and footage, published by The New York Times Magazine on Saturday, US writer Luke Mogelson recounted the cramped three-day, 320km-plus September trip aboard a nine-metre "sad" timber boat that was "clearly not designed for passengers".

Posing as Georgians who fled their home country with sensitive information about the government, Mogelson and Dutch photographer colleague Joel van Houdt paid $US4000 ($A4300) each to be taken from Indonesia to Christmas Island.

The Afghanistan-based reporters arranged the transfer before arriving in Jakarta.

"It's surprisingly simple, from Kabul, to enlist the services of the smugglers Australian authorities are so keen to apprehend," Mogelson wrote.

They shared the boat with two Indonesian crew, an Afghan man, plus 54 Iranians including nine children and more than a dozen women, one of whom was seven-months pregnant.

"The Indonesians distributed life vests: ridiculous things, made from thin fabric and a bit of foam," Mogelson wrote.

Within hours of setting off, most aboard were vomiting.

Would-be travellers had not been put off by Australia's deterrence measures, including billboard advertisements in their home countries that Australia was not settling asylum seekers.

"It's a lie to scare people so that they don't come," one man told Mogelson.

"How can they turn you away?" asked another of the Australian policy. "You put yourself in danger, you take your life in your hand? They can't."

The boat travelled no faster than five knots.

"At times we seemed to make no headway whatsoever against the strong southeasterly trade winds, which whipped up white caps on the waves and kept us all alert with stinging gusts of spray."

Conditions on board were sickening.

"There was no toilet, and absent any railing to hold on to, going over the side was too risky. The men urinated on the hull, the women in their pants," Mogelson wrote.

Upon nearing Christmas Island a crew member used a satellite phone to call Australian authorities for help, before passengers destroyed passports and identity documents and threw mobile phones overboard.

Fresh-faced Australian sailors subsequently arrived, distributing new life vests, fresh water, bags of frozen tortillas, jars of honey and a tub of strawberry jam.

They instructed the crew to restart the boat's engines and continue the voyage under escort.

Arriving one day after Tony Abbott's election as prime minister, Mogelson said he and Van Houdt revealed themselves as journalists and were treated well by Australian authorities who said they had been lucky with the weather.

"If we had left a few days earlier, the boat would have capsized."

As the two men were taken to "a surprisingly luxurious hotel" their travel companions were interned and the boat was towed out to sea to be destroyed.

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Sri Lanka confirms people-smuggling deal

PM Tony Abbott is expected to unveil a new deal with Sri Lanka on stopping asylum seeker boats. Source: AAP

THE Sri Lankan government has confirmed an arrangement is being negotiated with Australia to tackle people-smuggling.

Sri Lankan Minister for Media, Keheliya Rambukwella, told journalists in Colombo on Saturday the deal was a memorandum of understanding between the two navies.

"There is an arrangement, an MOU to be signed between the two naval forces," the minister said.

"All the details have been discussed and once it is signed it will be made a public document."

Prime Minister Tony Abbott, in Colombo for the Commonwealth Heads of Government Meeting, will meet with Sri Lankan President Mahinda Rajapaksa later on Saturday with people-smuggling set to be on the agenda.

Foreign Minister Julie Bishop is understood to have discussed the new strategy with her Sri Lankan counterpart when she was attending a meeting of Commonwealth foreign ministers in Colombo this week.

The coalition took to the federal election a policy of intercepting all identified asylum seeker vessels travelling from Sri Lanka outside the Australian sea border and arranging for the immediate return of all passengers.

The key to the policy is ensuring what have been described as "safe transfer arrangements" involving the Sri Lankan government.

Mr Abbott told reporters in Colombo on Friday that Australia had "good and close co-operation" with the Sri Lankan government and navy.

"I'll be thanking the Sri Lankans for the co-operation which they have extended to us on this important issue and I will have more to say about this in the next day or so," Mr Abbott said.

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Large hailstones pummel southeast Qld

HAILSTONES the size of tennis balls have pelted parts of southeast Queensland as severe thunderstorms sweep through the area.

A Bureau of Meteorology severe weather warning is in place for Redland, North Stradbroke Island, parts of the Gold Coast, Logan, Gympie and the Sunshine Coast.

The storms, which battered other parts of the region earlier on Saturday, are moving in a east-northeast direction.

The bureau says "very dangerous" thunderstorms are expected to hit Double Island Point, Rainbow Beach, the Wide Bay, Mount Cotton, Macleay Island and Victoria Point by 3pm on Saturday.

Destructive winds and large hailstones are likely.

Tennis ball-sized hail has been reported at Buderim on the Sunshine Coast and there have been reports of large hail battering Mooloolah Valley, Maroochydore and Greenbank.

Ian Masterman, who runs The Attic Cafe on the Sunshine Coast, says hailstones the size of golf balls hit the area early Saturday afternoon.

"I've never seen anything like this before," the 51-year-old, who has lived on the Sunshine Coast since 2000, told AAP.

"They were bouncing off the ground and we were worried they were going to smash the windows.

"You could hear windows on the cars smashing outside."

Mr Masterman says the hailstones fell for about 15 minutes and he's preparing for another battering.

"We've brought the garden pots inside," he said. "I don't think it has ever hailed the whole time we've been here."

A Department of Community Safety spokeswoman told AAP about 100 storm-related calls had been made to the State Emergency Service by 3pm on Saturday.

Most of the calls related to damage to homes from hail or heavy rain.

Emergency Management Queensland is advising residents to move cars under cover and secure loose outdoor items.

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Analysts doubt Dick Smith value

Electronics retailer Dick Smith is set to hit the share market but analysts question its potential. Source: AAP

DICK Smith's astonishing turnaround from Woolworths' $20 million discard to a listed company valued at more than $500 million has failed to convince some analysts.

The electronics retailer is set to go public in December, as its private equity owners Anchorage list it on the Australian share market.

"I wouldn't touch it," Invast chief market analyst Peter Esho said.

"There's nothing compelling in it as an investment at all."

Anchorage is selling 66 per cent of the company's shares at $2.20 each, which values the company at $520 million.

The float is expected to raise $345 million for Anchorage, which will retain a 20 per cent stake in the company, while Dick Smith management will collectively hold another 11.5 per cent.

It comes just over a year Woolworths offloaded the electronics retailer to Anchorage for $20 million to remove what had been a drain on its balance sheet.

Woolworths received a further payment of more than $70 million earlier this year in exchange for its rights to a portion of the proceeds of the float.

Dick Smith boss Nick Abboud says the company has undergone a significant transformation under Anchorage, and is well placed to benefit from an improvement in consumer spending.

Mr Esho said the retailer had lifted its earnings through cost cutting, but it needed to spend a lot of money upgrading its stores.

"There is going to have to be some significant reinvestment, it doesn't really matter what the earnings base is," he said.

"In terms of free cash flow over the next five years I don't think there will be much going to shareholders."

CMC chief market analyst Ric Spooner said Dick Smith was a "solid and easily recognisable brand", but the consumer electronics sector was unlikely to be a strong performer, even if consumer spending picks up next year.

"It's a space that would only interest me at the right price," he said.

"Given the growth outlook and risk profile I'd be looking for an attractive entry price for these sorts of stocks."

Dick Smith expects to list on the share market on December 12.

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Semi-auto rifle seized by Sydney police

A MODIFIED semi-automatic rifle similar to those used in mass shootings has been seized from a southwest Sydney home believed to be linked to the Brothers 4 Life gang.

The SKS assault rifle, which can't be legally purchased in Australia, was found hidden in bushes in the backyard of a Liverpool home raided on Friday by police investigating the notorious street gang.

The military-grade weapon's grip had been cut down to make concealment easier, while a 30-round magazine and cash were also seized.

"It's a pistol grip, you can shoot from the waist," Detective Inspector Steve Patton said.

NSW police Deputy Commissioner Nick Kaldas said the rifle was "very dangerous."

"You don't have to stop and reload," he said.

"When we have seen mass-shooting incidents in the US and other places, usually this type of weapon is involved."

A 29-year-old man thought to be connected to the gang was at the home during the search.

Police say inquiries into his activities are continuing.

The rifle will "be subject to fairly vigorous forensic examination" to determine if it's been used in any crimes, Mr Kaldas told reporters.

Police arrested 11 members of the Brothers 4 Life in the past week and all are in custody, but Mr Kaldas said police weren't finished.

"Brothers 4 Life were and continue to be a strong focus for us and until such time as we feel that we have broken the back of them we will continue doing what we are doing," he said.

A Brothers 4 Life member wanted over a shooting at Bankstown on November 7 was arrested on Thursday night at a home in Ermington.

The 27-year-old man was taken to Parramatta Police Station and charged with a string of offences, including three counts of attempted murder. He was refused bail and will appear before Burwood Local Court in January.

Four gang members were previously arrested a few hours after the shooting, in which police allege at least two people were shot, and a loaded weapon recovered.

Police used new powers on Thursday to raid the homes of four men allegedly associated with Assyrian street gangs DLAST HR and True Kings, and one bikie associate.

Ammunition for a 9mm calibre gun and three extendable batons were taken from the Casula home of a 23-year-old gang member.

Under the new laws, which passed parliament on November 1, anyone served with a firearm prohibition order is banned from acquiring, possessing or using a firearm or ammunition.

Police can also search the person, home and vehicle of anyone served such an order without a warrant.

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WA teacher charged with child abuse

A TEACHER from a West Australian school has been charged with indecently assaulting five students as part of a police crackdown on a international child abuse ring.

The 30-year-old teacher, who was working at a school in the Goldfields region, was arrested after his details came to light through Operation Thunderer, the Australian arm of the Canadian-led crackdown.

WA Police revealed on Friday the man had been sacked from teaching and faced more than 100 charges of indecently dealing with and indecently recording the five primary school children.

MORE TO COME

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Harry ready for South Pole charity race

A group of injured trekkers set to race to Antarctica have met the Queen at Buckingham Palace. Source: AAP

BRITAIN'S Prince Harry is to set off for a charity race to the South Pole next week, after months of preparation which included spending a night in a giant freezer.

The three seven-man teams, including from Australia, are to fly to Cape Town on Sunday, Kensington Palace said.

On Tuesday, the teams will fly on to Novolazarevskaya Station, Antarctica, where they will spend a few days acclimatising before setting off for the pole on November 30.

The teams, who hope to reach their destination by December 16, are raising money for military charities from their home countries - Australia, Britain, the US and Canada.

Most of those taking part have been injured in battle. Several have had legs amputated, while others have suffered blindness, burns and post-traumatic stress disorder.

Aussies Corporal Seamus Donaghue and Private Heath Jamieson, both wounded in combat in Afghanistan, are taking part in the 335km-journey to the South Pole.

Hollywood actor Alexander Skarsgard, star of HBO series True Blood, is part of the US team. English actor Dominic West, from The Wire, is racing with the Australian and Canadian team.

The teams will complete the race in stages of 15km-20km a day, the palace said. They will face temperatures as low as -45C.

Prince Harry, 29, who is patron of the Walking With The Wounded charity, took part in a five-day trek to the North Pole in 2011.

On Wednesday, they were introduced to the Queen and Duke of Edinburgh by Harry at Buckingham Palace, and the Prince took the opportunity to show his grandparents some of the kit they will be taking with them.

West asked the Queen if she had been to Antarctica, to which she replied: "Of course not! I can't think of any reason why I'd want to!"

The actor, who starred in the hit US TV show The Wire, revealed afterwards: "I thought 'Neither can I'."

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James Hardie shares hit record high

JAMES Hardie shares have hit a record high, adding $691 million to the company's value, after it more than doubled its first half profit.

The building products maker made a net profit of $US194 million ($A208.52 million) in the six months to September 30, up from $US84 million in the same period in 2012.

Much of that was attributable to a 25 per cent sales revenue increase in the US and Europe during the second quarter of 2013/14.

James Hardie's Asia Pacific business also increased sales, but a weaker Australian dollar, compared to its US counterpart, muted earnings growth.

Its shares gained as much as 15.6 per cent on Thursday, hitting an all time high of $12.07.

They closed at $12.00, valuing the company at $5.3 billion.

IG markets strategist Stan Shamu said James Hardie beat market expectations on all measures, including an increased interim dividend of eight US cents per share.

Chief executive Louis Gries said construction of new homes in Australia had improved, but was still weaker than the company would like.

"Detached homes, where we make most of our money, is up but not up near as much as medium density," he told analysts.

The renovation market was not as strong, but Mr Gries said he was not worried.

"That's kind of unexplainable to me. I'm not concerned about the Australian market," he said.

"It looks to me like it's going to be a good market."

An 11 per cent decline in the Australian dollar between late March and the end of September also reduced the value of the company's asbestos liabilities by $US90.4 million ($A97.17 million).

Chief financial officer Russell Chenu said the asbestos fund had paid $A72.8 million worth of claims during the half year, and the number of claims were above expectations.

"We have seen some concerning trends in mesothelioma claims," he told analysts.

"We don't fully understand exactly the causes of the increases in claims as of yet."

The company's net operating profit in the six months to September, which excludes items such as asbestos and legal liabilities, was $US108 million ($A116.09 million), up from $US83 million in the previous corresponding period.

James Hardie expects to make a full year operating profit, excluding asbestos liabilities, legal costs and tax adjustments, of between $US180 and $US195 million, up from $US141 million in the previous year.

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ABC chopper crash prompts new rules

A HELICOPTER crash in the South Australian outback which claimed three lives has prompted tougher regulations for night-time flying.

The Civil Aviation Safety Authority (CASA) will require all helicopters flying after dark to be equipped with an autopilot or to use two-pilot crews following the crash which killed journalist Paul Lockyer, cameraman John Bean and pilot Gary Ticehurst.

Their ABC chopper came down in a area of the Cooper Creek, about 145km north of Marree in August, 2011. It burst into flames, leaving a 60-metre debris trail.

A report from the Australian Transport Safety Bureau (ATSB) on Thursday said pilot Ticehurst had become "spatially disoriented" soon after takeoff probably as he tried to reprogram an on-board GPS.

Spacial disorientation occurs when a pilot does not correctly sense the position, motion and attitude of an aircraft.

"It is often simply described as the inability to determine which way is up," the ATSB said.

It said in the dark conditions at the time the horizon may have been faintly visible but would have been difficult to detect from within the chopper.

As a result of the crash, CASA will also impose tougher pilot licensing rules including extra competency checks and a requirement for pilots carrying passengers to have conducted three takeoffs and landings at night in the previous 90 days.

ABC managing director Mark Scott told staff the organisation would read, absorb and respond to the ATSB findings with an overriding concern for staff welfare.

"The ABC will act on these recommendations by ensuring there is no night (helicopter) flying until the corporation updates its systems in response," he said.

Mr Scott said the thoughts of all at the ABC were once again with the families, friends and colleagues of those killed.

"While the ATSB report is a necessary part of the follow-up process it does serve as a tragic reminder of their painful loss in the desert sands near Lake Eyre," he said.

Pip Courtney, wife of John Bean, said investigators had initially indicated that because of the severity of the crash and the fire they might never be able to tell the families what happened.

But she said they never gave up and their efforts included sending feathers to the Smithsonian Institute in Washington and the remains of the GPS to the American military for examination.

"I would like to thank the investigation team for its efforts," Ms Courtney said in a statement.

"I can only hope their discoveries and recommendations will be acted on by the aviation community."

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Haiyan survivors hit by lack of meds, food

THOUSANDS of people jostled and begged for seats on scarce flights out of the Philippine city demolished by super typhoon Haiyan, while anger at the slow pace of aid reaching the disaster zone turned deadly.

Five days after Haiyan ripped apart entire coastal communities, the situation in Tacloban is becoming ever more dire, with essential supplies low and survivors becoming increasingly desperate.

"Everyone is panicking," Captain Emily Chang, a navy doctor, told AFP.

"They say there is no food, no water. They want to get of here."

She said doctors at the airport had run out of medicine, including antibiotics.

"We are examining everyone but there's little we can do until more medical supplies arrive," she said.

It emerged that eight people were crushed to death on Tuesday when a huge crowd of survivors from one of the strongest storms ever recorded rushed a government rice warehouse in Alangalang, 17 kilometres from Tacloban.

"One wall of our warehouses collapsed and eight people were crushed and killed instantly," said Rex Estoperez, spokesman for the National Food Authority.

The United Nations estimates 10,000 people may have died in Tacloban, the provincial capital of Leyte province where five-metre waves flattened nearly everything in their path.

However, Philippine President Benigno Aquino said late Tuesday he believed that toll was "too much", adding that 2500 "is the figure we're working on".

At Tacloban airport, AFP journalists witnessed exhausted and famished survivors pushing and shoving each other to get on one of the few flights out of the city, where festering bodies still littered many streets.

Health Secretary Enrique Ona admitted authorities were struggling to deal with the sheer numbers of dead.

He told radio station DZMM they had "delayed" the retrieval of bodies "because we ran out of body bags".

"We hope to speed it up when we get more body bags."

Things look grim for survivors.

"We have been here for three days and we still cannot get to fly out," said a frail Angeline Conchas, who was waiting for space on a plane with her seven-year-old daughter Rogiel Ann.

Her family were trapped on the second floor of their building as flood waters rose around them.

They made their way to safety by clinging on to an electricity cable to move to a higher structure where they stayed until the waters subsided.

"It is a good thing the electricity had already been cut off or we would have died," Conchas said.

"We made it out, but now we may die from hunger."

The UN estimates more than 11.3 million people have been affected, with 673,000 made homeless, since Haiyan smashed into the nation's central islands on Friday.

Overwhelmed and under-resourced rescue workers have been unable to provide food, water, medicines, shelter and other relief supplies to many survivors, and desperation has been building across the disaster zones.

On Tuesday, UN humanitarian chief Valerie Amos praised the international community's reaction but said much more needed to be done in a disaster of such magnitude.

The international relief effort is building momentum with many countries pledging help. The United States and Britain are sending warships carrying thousands of sailors to the Philippines.

The aircraft carrier USS George Washington, which has 5,000 sailors and more than 80 aircraft aboard, is heading from Hong Kong with five other US warships, while three amphibious vessels are also being deployed.

The carrier group is expected to reach the Philippines later this week, the Pentagon said, bringing much needed supplies. But for a shattered population already in dire straits, any delay is too long.

President Aquino has declared a "state of national calamity", allowing the government to impose price controls and quickly release emergency funds.

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Dairy bidding war escalates

THE three-way bidding war for Warrnambool Cheese and Butter has escalated, with Murray Goulburn now offering $505 million to trump Canadian bidder Saputo.

Murray Goulburn is now offering $9 per Warrnambool share - twice what the company was worth when Bega Cheese made the first takeover move in September.

Murray's revised bid is significantly higher than its $7.50 previous offer, and trumps Saputo's $8.00.

Bega is offering 1.2 Bega shares and $2 cash for every Warrnambool share.

Warrnambool shares gained 56 cents, or 6.6 per cent, to $9.10 after Murray Goulburn's new offer.

The Warrnambool board, which has supported the Saputo offer in the absence of a superior bid, said it was considering Murray Goulburn's revised offer and advised shareholders to take no action.

Murray Goulburn managing director Gary Helou said he hoped the Warrnambool board would recommend his company's revised bid, given it was much higher than those of its competitors.

"We're confident that when they review the offer they will apply their fiduciary duties and deliver the unanimous recommendation to support us on the basis of the significant value it offers its shareholders," Mr Helou said.

A combined Murray Goulburn-Warrnambool company would deliver an Australian dairy food business that was export oriented, particularly towards Asia, and provide long term benefits to the local dairy sector, he said.

The improved offer reflected market outlook factors, including rampant growth in Asia's demand for dairy products and Australia's potential to increase its share in supplying that demand, he said.

Warrnambool has previously expressed concerns that Murray Goulburn may not gain competition regulator approval for its bid.

Murray Goulburn is seeking approval on the grounds a combined company would be of national public benefit.

"It'll be a tragic outcome for this industry if Australia's largest exporter can't be allowed to merge in a commercially meaningful manner with Australia's second largest dairy exporter to create a relevant, regional-scale, efficient business unit for the benefit of the dairy sector and the benefit of dairy farmers," Mr Helou said.

Bega Cheese's bid, at current prices, effectively offers $7.50 per Warrnambool share.

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Labor's data show ceiling inadequate: govt

The Australian Greens will side with Labor to stymie a plan to increase the debt ceiling by $200b. Source: AAP

FEDERAL Treasurer Joe Hockey insists Labor's own figures and advice show the government debt ceiling needs to be above $400 billion.

Mr Hockey is due to introduce the legislation into parliament on Wednesday to lift the government debt ceiling from $300 billion to $500 billion, and he wants it passed by the lower house by the end of the day.

But Labor says it will only agree to a limit of $400 billion because the coalition has yet to properly explain why there needs to be such a large increase.

Shadow treasurer Chris Bowen asked Mr Hockey during the first question time under the new parliament whether government debt would be higher or lower at the end of this term of government than it was at the September 7 election.

Mr Hockey said Mr Bowen's own economic statement, that he released as treasurer just before the election campaign, showed that the current $300 billion limit would be reached in December and peak at $370 billion in 2015/16.

Add to that, the former Labor treasurer Wayne Swan had previously been advised by the Australian Office of Financial Management that there needs to be a buffer of $40 billion to $60 billion above the expected peak.

"That does not equal 400 (billion), it is actually far more than 400," Mr Hockey said.

Prime Minister Tony Abbott has accused Labor of trying to bring on a US-style debt crisis.

"Labor has left us with a shocking legacy of debt," he told the Seven Network, warning there would be a breach of the $300 billion cap next month unless the ceiling was increased.

"Now it seems that Bill Shorten and his cohorts want to act like the Tea Party in Washington and bring on some kind of crisis for our country."

Opposition Leader Bill Shorten rejected Mr Abbott's Tea Party analogy, saying Labor was a party of compromise and negotiation.

"We're reasonable, but we're not patsies," he told ABC radio.

He said Hansard shows that on a number of occasions Mr Abbott's team did not support previous increases in the debt ceiling.

Not so, said Mr Abbott.

"While we always opposed the policy of debt and deficit, when I was the leader, we never voted against it in the parliament," Mr Abbott told parliament.

Australian Greens leader Christine Milne, who intends to back Labor's $400 billion limit, says when the coalition was in opposition it demanded Labor justify the case for increasing the cap.

"Now they are saying to the Australian people that they want to increase the debt ceiling by $200 billion and they haven't made the case," she told ABC radio.

Mr Abbott said the government was dealing with a mountain of debt which Labor "left as their legacy".

"We want to rule a line under this embarrassing period of fiscal history and get on with the job of paying back Labor's debt and eliminating Labor's deficit," he said.

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Aust first euthanasia clinic in Adelaide

Voluntary euthanasia campaigner Philip Nitschke will open an Exit International clinic in Adelaide. Source: AAP

PEOPLE will not attend Australia's first euthanasia clinic to die but to obtain information and drug test results, says Dr Philip Nitschke.

The voluntary euthanasia campaigner and Exit International director said the clinic and research laboratory will open in Adelaide by the end of the week.

"It will not be a place where people come to die," he told AAP on Tuesday.

"I get calls every day from people wanting to know what end of life choices are available to them, and asking if they can have a consultation."

The clinic, which also will offer virtual internet consultations, will provide euthanasia advice and information, and distribute nitrogen kits.

"And I suppose there will be a degree of teaching," he said.

Other services will include testing euthanasia drugs people may have obtained through unreliable channels.

"Testing drugs to give people accurate information about what will happen if they are consumed is an important medical service and entirely consistent with the principals of harm minimisation."

Dr Nitschke said such a facility was long overdue and was particularly appropriate for South Australia because of the upcoming voluntary euthanasia parliamentary debate.

Independent MP Bob Such's Ending Life with Dignity bill has been revised recently following consultations with key groups, including the South Australian Law Society.

Debate and a vote is possible by Thursday.

The legislation seeks to give a limited number of competent adults, who are in the final phase of a terminal illness and who are suffering unbearable pain, the right to make informed choices about the time and manner of their death.

It also seeks to ensure that people who have requested euthanasia obtain humane medical assistance to hasten death and that the administration of euthanasia is subject to appropriate safeguards and supervision, including the need for two medical opinions.

Dr Nitschke said he had received recent communication from the Medical Board of Australia about two current investigations into his medical registration and suitability to practice medicine.

He said he was advised in a November 1 letter that the investigations, which have been running for two years, are still ongoing "because of the nature and complexity of the issues being investigated".

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Incitec Pivot profit falls 27 per cent

INCITEC Pivot expects its explosives business to drive earnings while it waits for India to buy more fertiliser.

Incitec Pivot on Tuesday reported a $139 million fall in its full year profit, after grappling with reduced demand for explosives in the resources sector, low fertiliser prices and a high Australian dollar.

Incitec Pivot made a net profit of $372 million for the 12 months to September 30, which was down 27 per cent from $510.7 million in the previous year.

Incitec chief executive James Fazzino said an 18 per cent fall in underlying profit was not as bad as market analysts had been expecting but was clearly not where the company wanted to be.

"There's no doubt that 2013 was a challenging year, and the result reflects that," he said.

Earnings before interest and tax (EBIT) in the fertiliser business fell by 37 per cent, and underlying earnings for explosives rose eight per cent.

Mr Fazzino said the fall in fertiliser earnings was primarily driven by the high Australian dollar and low global fertiliser prices.

But the long-term outlook for fertiliser was still good given that the world still needed to feed its growing population.

Mr Fazzino said fertiliser prices were "somewhere near the bottom of the cycle at the moment".

The major issue affecting the fertiliser industry globally was a combination of the decline in the Indian rupiah and India's "rather odd" fertiliser subsidy program.

"Both of those have combined to result in India buying around half the phosphate (fertiliser) that it normally buys," Mr Fazzino said.

But, if India wanted to feed its population, it would have to start buying more fertiliser.

In the meantime, Incitec would continue to try to improve productivity and cut costs.

Mr Fazzino said that in the immediate future Incitec's earnings would be increasingly driven by the explosives business.

In fiscal 2013, the explosives business was affected by difficult global market conditions for hard commodities and the downturn in the US coal sector.

But the explosives business in North America is expected to generate moderate earnings growth, with the mining and quarry and construction sectors picking up as the US economy strengthens.

Mr Fazzino said Incitec would benefit from increased production at its ammonium nitrate plant at Moranbah, in central Queensland, during 2014.

Construction of an $US850 million world-scale ammonia plant in Louisiana in the US was well underway.

Shares in Incitec Pivot were 19 cents, or 7.28 per cent, higher at $2.80 on Tuesday.

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Australia ranks 21st for organ donation

Spain, France, the US, Belgium and Norway have higher proportions of organ donors than Australia. Source: AAP

ORGAN donation in Australia is way behind the world leaders, according to international rankings that put the country in 21st place.

Spain is the world leader, and France, the US, UK, Belgium and Norway are among the countries with higher proportions of donors than Australia.

The figures compiled by Sharelife Australia draw on international donor data published by the Council of Europe.

The data shows hundreds of Australians are missing out on life-saving transplants every year.

This is because a $151 million, four-year package announced by the federal government in 2008 has failed to achieve its goal of establishing Australia as a world leader.

There has been an improvement, says ShareLife spokesperson Sara Irvine, but Australia's progress is slower than many other countries.

Australia's rate of organ donation is half that of the leading countries, and 1000 more transplants could be performed a year if it reaches the level of the top five countries.

"We are still not in the top 20 nations and have long way to go," says ShareLife director Professor Allan Glanville, medical director of lung transplantation at St Vincent's Hospital in Sydney.

"Organ donation saves lives, saves money and improves quality of life.

"You only need to talk to people who have been on kidney dialysis to see how well and productive they are after a kidney transplant.

"The Spanish model is very compassionate. It is supportive of families."

Family consent is needed, even if a person has opted in as a donor.

In Spain, skilled organ donation specialists speak to family members, which improves the chances of donation.

"They support families through what is an awful process."

Prof Glanville says there are good people doing good work in Australia.

"But we need to tweak the system so we are consistent from state to state."

He questions why South Australia and Victoria have 20 deceased organ donors per million of the population and NSW has 14.

"Australia needs to increase to 30 per million to be in line with the top four or five countries.

"Change takes time, but unless we improve we are failing in our duty of care to our patients.

"I have patients who are waiting for transplants and if they don't get a transplant they may well die."

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Man questioned after fatal Sydney stabbing

Police are investigating if a love triangle is at the centre of a fatal stabbing in Sydney's east. Source: AAP

POLICE are investigating whether a love triangle is at the centre of a fatal stabbing in Sydney's east.

Emergency services were called to a unit block at Darling Point about 11.10am (AEDT) on Monday.

A 30-year-old man was treated for stab wounds but died at the scene.

A woman, 28, who was also at the apartment was taken to hospital with minor injuries.

A 28-year-old man has handed himself into police and is being interviewed at St Mary's Police Station.

Rose Bay Police Acting Superintendent Damian Henry said it's believed the arrested man and the woman were in a relationship.

"There is a domestic relationship (between) the female and the man at St Mary's (police station)," he told reporters.

"The full extent of those arrangements, it's early in the investigation, is yet to be determined."

He did not know the details of the relationship between the dead man and the woman.

Supt Henry said neighbours reported a man trying to enter the Mona Road apartment on Monday morning.

"Exactly what happened at the scene is yet to be determined," he said.

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New buyers left behind in mortgage rush

FIRST home buyers have gone missing in the latest housing market upswing, despite low interest rates.

New figures show the proportion of first home buyers taking out a mortgage in any one month shrank to an all time low of 12.5 per cent in September.

"First home buyers are competing with cashed-up investors and upgraders who have significant equity in their property," director at mortgage provider Loan Market Mark de Martino said in a statement.

He says market entrants must build up a sizeable deposit to give them the best chance to compete and it is only a matter of time before they return in numbers.

Macquarie research economist Gabby Hajj says this will have implications for consumer spending because younger home buyers tend to undertake more spending setting up home than investors.

Overall, Monday's data showed a total 51,928 loans were granted to owner occupiers in September, the largest number since October 2009, and 4.4 per cent higher than a month earlier.

The value of these loans was $15.8 billon and 5.3 per cent higher than a month earlier.

Loans taken out by investors amounted to $9.4 billon, a 5.2 per cent rise.

ANZ Bank, taking into account this weekend's home auctions, said there was a further strengthening in house prices in the past week, rising by an average 0.3 per cent among capital cities to be 8.3 per cent up on the year.

Sydney prices are now more than 12 per cent higher annually, followed by Melbourne at just over eight per cent and Perth at just under seven.

Commonwealth Securities economist Savanth Sebastian believes the housing sector is fast becoming the shining light of the Australian economy.

"With interest rates low, population rising and housing affordability still attractive, housing is best placed to take over the leadership role from mining as the nation's key economic driver," Mr Savanth said in a note to clients.

"The lift in housing approvals, rising new home sales, higher house prices will support confidence and provide policymakers with a degree of encouragement moving into 2014."

The latest readings for consumer and business confidence are due over the next couple of days.

The Reserve Bank of Australia, releasing its quarterly monetary policy statement on Friday, said confidence has risen to above-average levels, although it was "too early to know whether this pick-up will be sustained".

It left the cash rate at an all-time low of 2.5 per cent at last week's board meeting, but hasn't ruled out the possibility of having to reduce further to support economic activity.

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Orica forecasts further profit growth

Chemicals company Orica has posted a full year profit of more than $600 million. Source: AAP

EXPLOSIVES and chemicals supplier Orica expects higher profits in 2014 as key North American coal markets improve, and the company sells more sophisticated explosives and blasting systems.

The North American coal sector - one of Orica's biggest markets for explosives - built up stockpiles of coal over 2012, but those stockpiles had since diminished, chief executive Ian Smith said.

"What we're seeing in North America is coal volumes starting to come back, and we'll see a progression, hopefully, over the 2014 year to normal levels," Mr Smith said.

Orica would benefit, should prices for thermal coal rise.

Mr Smith said it would be hard for Orica to maintain its sales volumes should the Australian dollar remain too high, and if prices of thermal coal were to drop.

But he said that by the end of 2014 Orica could be a position to return more cash to shareholders via capital management initiatives.

There were also signs of improvement in the quarrying and construction markets in Europe, Mr Smith said.

Orica expects net profit in 2013/14, before material items, to exceed the $602 million it made in the 12 months to September 30, 2013.

But it said market conditions were still volatile.

Shares in Orica hit their highest level since early June, gaining $2.27, or 11.6 per cent, to $21.81.

Orica's 2012/13 profit was up more than 49 per cent from the previous year's $403 million, which was skewed by $247 million in writedowns.

The 2012/13 profit was down $48 million on the prior year, if the writedowns are excluded.

Revenue grew by 3.4 per cent to $6.9 billion despite weakness in demand for Orica's ground support products and services, which provides specialist bolts, resins and powders.

Explosives generated more revenue in all regions as Orica provided more sophisticated and more profitable products, such as emulsion explosives, which could be used in a wider range of operational environments, such as wet weather and blastholes with water in them.

Orica said it was adding services to product sales - such as new blasting techniques - which was attracting new customers.

Mr Smith said ground support services experienced weaker demand as users chose cheaper, less sophisticated ground support systems.

But Orica had restructured the ground support services business - cutting jobs, closing plants, writing off stock and discontinuing unprofitable products - and the business was now set for improvement as the US coal market improves.

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Jetski rider dies after Gold Coast crash

A MAN has died after a jetski crash on a Gold Coast river.

Police say the 22-year-old was riding the jetski on the Coomera River at Paradise Point at about 5.45pm (AEST) on Saturday and initial reports suggest he collided with a small boat.

"The occupants of the boat immediately recovered the man from the river and provided medical assistance before emergency crews arrived," police said in a statement.

He was taken to Gold Coast University Hospital where he was later pronounced dead.

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Australian among Philippines storm dead

An Australian man, believed to be a former priest, has been killed by a typhoon in the Philippines. Source: AAP

AN Australian man is among the hundreds killed by a super typhoon in the Philippines.

The Department of Foreign Affairs and Trade has confirmed the death of a 50-year-old NSW man in Typhoon Haiyan.

"Consular officials are providing assistance to his family," a DFAT spokesperson said.

It's believed the man was former Australian priest Kevin Lee but DFAT has declined to confirm his identity.

Mr Lee, a whistleblower about child sex abuse in the Catholic church, has been living in the Philippines with his wife.

Officials fear the death toll in the Philippines could reach 10,000 people after Haiyan tore into the eastern islands of Leyte and Samar on Friday.

Sustained winds of around 315km/h made it the strongest typhoon in the world this year and one of the most intense ever to hit land.

The Abbott government has pledged nearly $400,000 worth of emergency aid to devastated communities and says it stands ready to do more.

DFAT says it is monitoring the situation closely.

"We are working with our partners, including in the Philippine government, to obtain more information on the extent of damage caused," the spokesperson said.

Two Australian disaster experts are already on the ground assisting the Philippine government and United Nations to assess needs.

DFAT says Australians concerned for the welfare of family and friends in the region should first attempt to contact them directly.

If unsuccessful, they should call DFAT's 24-hour Consular Emergency Centre on 1300 555 135 or +612 6261 3305.

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UK MP pledges stables energy bill payback

British MP Nadhim Zahawi (R) says he will pay back an expenses claim he made for his energy bills. Source: AAP

A CONSERVATIVE MP has apologised and promised to repay part of a STG5822.27 ($A9,970) expenses claim for his energy bills - after it emerged taxpayers were paying for the electricity supply to his stables.

Nadhim Zahawi, a founder of market research firm YouGov, said he was "mortified" to discover the error which came to light after he was among politicians criticised over subsidised energy bills.

The Stratford on Avon MP claimed the most, with a bill totalling STG5822.27 to cover electricity and heating oil for his estate in Warwickshire.

In a statement posted on his website, he said: "Since last week's coverage of my energy bills I have been looking into them further and can confirm that all claims for heating fuel relate purely to my second home.

"However I have made a mistake with my electricity claims.

On investigation I have discovered that the electricity supply for a mobile home located in the stable yard and for the stables themselves was linked to my house.

"Whilst a meter was installed in the stable yard I have only been receiving one bill, it was wrong to assume I was receiving two and to have not checked this sooner.

"I am mortified by this mistake and apologise unreservedly for it.

"I will obviously be paying back any money that was wrongly claimed immediately and have already contacted IPSA (Independent Parliamentary Standards Authority) regarding the correct procedure."

Some 340 MPs, including government ministers, have used the parliamentary expenses system to recoup the cost of heating their second homes, it was reported.

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