Newman postpones Cooktown visit

Queensland Premier Campbell Newman is planning to visit cyclone-hit Cooktown. Source: AAP

THE Queensland premier is postponing a planned visit to cyclone-hit Cooktown as a major road is cut off and strong winds make helicopter travel unsafe.

Campbell Newman had earlier promised to travel from Cairns on Saturday afternoon to see how Cyclone Ita had uprooted trees and destroyed a pub in the coastal community north of the Daintree National Park.

But a spokesman for the premier told AAP that Mr Newman would postpone his visit until Sunday.

"We're now not planning on doing it until it's safe," he said.

About 700 homes in Cooktown are still without power but mobile phone services are working.

The roof was also ripped off the West Coast Hotel, along with some homes, after Ita made landfall north of the town on Friday night as a category four system.

The Mulligan Highway into the town of about 2300 people remains closed because of flooding at the Annan River.

Earlier, Mr Newman said he had hoped to visit Cook Shire mayor Peter Scott.

"This afternoon, if it is safe and practical, I intend to go to Cooktown," he told reporters.

"That will depend, of course, on weather conditions."

Winds of up to 120km/h could hit areas from Cooktown south to Port Douglas on Saturday afternoon, the Bureau of Meteorology said in a 3pm update.

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Ita weakening quickly, BoM says

The weather bureau says tropical cyclone Ita is weakening quickly as it moves across Queensland. Source: AAP

TROPICAL cyclone Ita is weakening quickly as it tracks across Queensland's far north, the Bureau of Meteorology (BoM) says.

Ita was a category four cyclone as it crossed the coast near Cape Flattery about 9pm on Friday, but has been downgraded to a category one as it moves south across the state.

The weather bureau's Ken Kato said Ita was about 85 kilometres south of Cooktown and was moving south about nine kilometres per hour.

He said the cyclone was weakening and was likely to be downgraded to a tropical low later on Saturday.

"We've always anticipated that. Once it starts moving over that rugged terrain a bit inland of the coast it'll weaken fairly quickly - that's what's happening," Mr Kato told AAP.

"It should continue weakening as it moves south over that type of terrain."

He said the cyclone would head out into the Coral Sea somewhere off the north tropical coast in the next few days.

Cyclone warnings are current for coastal areas from Cape Melville to Cardwell, including Cooktown, Port Douglas and Cairns, and extending inland to areas including Mareeba and Chillagoe.

Damaging winds with gusts to 120km/h are possible south of Cooktown to Port Douglas for a brief period on Saturday afternoon, BoM also advises.

Coastal residents south of Cooktown to Cairns, including Port Douglas, are also being warned of a storm tide on Saturday.

Heavy rain, which BoM warns may lead to flash flooding, is buffeting parts of the North Tropical Coast and Tablelands districts.

BoM says the rain should gradually contract southwards with the system over the weekend.

Authorities had been warning Ita could be the worst cyclone to hit Queensland since Yasi three years ago, but damage appears to be less serious than expected.

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Police pluck three from Tasmanian cliff

THREE people including a six-year-old boy have been winched unharmed from cliffs in Tasmania after their fishing boat was smashed on rocks.

Tasmania Police search and rescue helicopter pilot Senior Constable Josh Peach said the boat, a six-metre fibreglass vessel, struck rocks and sank at Coal Point on Bruny Island, south of Hobart, about 10am (AEST) on Saturday.

Police responded to a feint mayday signal from the boat, followed by two frantic mobile phone calls from the fishing party, a 53-year-old man, his six-year-old son and a male relative, 26, all from Geeveston.

"They had difficulty retrieving a net off Coal Point in Adventure Bay," Const Peach told AAP.

"There was a one-metre easterly swell in Adventure Bay, which is reasonably choppy, and they had laid the net close to the cliffs.

"The rope and netting wrapped around the propellers and they were unable to free them in the minute or two it took for the boat to hit the rocks."

The three scrambled on to the cliff but the boy was swept back into the sea and was rescued by the 26-year-old relative.

Police in a boat and another officer on top of the 20 to 30 metre high sandstone cliff were unable to reach the group so the Westpac rescue helicopter was called.

An Ambulance Tasmania paramedic was winched down to rescue the three.

Const Peach said they suffered nothing but a scare from the ordeal.

"They were all fine, there were no injuries," he said.

"They just had a bad day of fishing."

The helicopter flew the group to Hobart Airport and police escorted them into Hobart to be reunited with loved ones.

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Global equities sell-off spills into NZ

NEW Zealand stocks have joined a global sell-off amid concerns high-growth companies may struggle to convert sales into profits.

Led lower by biotech firm Pacific Edge and software developer Xero, the NZX 50 Index fell 24.058 points, or 0.5 per cent, to 5091.431 on Friday.

Within the index, 28 stocks fell, 11 rose and 11 were unchanged. Turnover was $101.8 million.

Equities across Asia followed Wall Street lower, after the biggest daily decline on the tech-heavy Nasdaq Composite Index since November 2011.

Pacific Edge was the biggest decliner on the local market, closing 9.8 per cent loweer at $1.10 after an intraday decline of 15 per cent to $1.04.

Xero fell 5.3 per cent to $31.35, while milk marketer A2 Milk slipped 3.5 per cent to 84 cents.

"Dragging the index lower today are Pacific Edge, Xero, A2 Milk - so all the companies that don't make any money," said Bryon Burke, head of equities at Craigs Investment Partners.

"Stocks that have moved higher today are high yield stocks, so New Zealand is reflecting what's happening in the rest of the world."

Fletcher Building, New Zealand's largest listed company, rose 0.6 per cent to $9.70 and Sky Network Television advanced 0.5 per cent to $6.48.

Friday was the last day investors could buy Genesis Energy shares before the government lists 49 per cent of the state-owned energy provider and retailer on April 17.

Mighty River Power rose 0.2 per cent to $2.16, Meridian Energy advanced 0.4 per cent to $1.15 and Contact Energy slipped 0.4 per cent to $5.31.

Shares in Chorus fell two per cent to $1.73 after it sought leave to appeal a High Court judgment upholding the Commerce Commission's determination setting the regulated prices on the telecommunications network operator's copper lines.

The company also suspended its dividend reinvestment plan.

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$A rallied but gains will be limited

THE Australian dollar could get to 95 US cents after rising almost two US cents this week but don't expect the rally to last too long.

The Australian dollar got a boost at the beginning of the week when the US dollar fell after US employment growth for March was weaker than expected.

The US dollar weakness continued over the following days, helped by the minutes of the most recent US Federal Reserve meeting that showed the Fed will keep its interest rate at its near zero per cent level for "a considerable time".

The Aussie passed 94 US cents on Thursday for the first time in five months after the local unemployment rate for March had a surprise fall of 0.3 percentage points to 5.8 per cent.

The Aussie started the week at 92.90 US cents and peaked at 94.63 US cents during European trade on Thursday night.

The four-month low in the unemployment rate was seen by analysts as a sign of an improving economy and that the chances of another interest rate cut by the Reserve Bank have all but disappeared.

AMP chief economist Shane Oliver expects the currency to move up towards 95 US cents, which would be a concern to the RBA.

"The broad trend in the Australian dollar is likely to remain down though, reflecting softer commodity prices," he said.

"Renewed RBA jawboning in the months ahead is also likely to weigh on the Australian dollar."

Dr Oliver also said that a stronger recovery in economic growth in the US relative to that in Australia will also limit any gains by the Australian dollar.

RBC senior currency strategist Sue Trinh said doesn't expect the currency's strength to continue and is doubtful about the strength of the Australian economy.

"We are particularly mindful that the RBA has suggested that savers have responded to the fall in the cash rate," she said.

"Yet, the extent to which the data at the household level back this assertion is more debatable.

"The only clear signs that households appetite for risk has picked up are in demand for dwellings.

"RBC's base case is that households remain broadly cautious."

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Boys 'assaulted' with gas soldering torch

A MAN and woman have been charged with assaulting two young children with a soldering torch, a hammer, rope and sticks.

Family and Community Services (FACS) staff removed three boys aged five-months-old, eight and 10 from a home in the St George area, in Sydney's south on Tuesday.

Police raided the home on Thursday and seized a rope, sticks, a gas-powered soldering torch and a hammer; all of which were allegedly used on a number of occasions to assault the eight-year-old and 10-year-old boys.

A 33-year-old man and a 30-year-old woman who were caring for the children were arrested and faced Sutherland Local Court on Friday.

The man was charged with four counts of assault occasioning actual bodily harm, while the woman was charged with one count of assault occasioning actual bodily harm.

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Transurban collects 12.9% more tolls

Transurban collected $273.8m more proportional revenue on its toll roads during the March quarter. Source: AAP

THE upgrade of Sydney's major Hills M2 toll road contributed to a near 13 per cent jump in Transurban's quarterly revenue.

The toll road operator and owner increased toll revenue by 12.9 per cent to $221.7 million for the March quarter compared to the prior corresponding period.

Proportional toll revenue, which measures revenues relative to its ownership stakes, increased 12.7 per cent to $273.8 million compared to the same period last year.

But it was below the December quarter's $281.3 million.

Toll revenue from the Hills M2 road jumped 40.3 per cent to $48.4 million.

Transurban said its Sydney network had continued its strong performance.

That reflected continued growth in the northwest corridor from the M2 upgrade, completed last August, with average traffic growth in Sydney up 10.9 per cent for the quarter.

"It has been eight months since the M2 upgrade was officially completed and we are continuing to observe strong growth in that corridor, which reflects the travel time savings that project delivered to motorists," chief executive Scott Charlton said in a statement on Thursday.

Toll revenue from Transurban's biggest asset, Melbourne's CityLink, increased 6.3 per cent to $130.5 million.

Transurban is part of a consortium also bidding for Brisbane's toll road portfolio Queensland Motorways.

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NAB severs ties with Bitcoin vendors

NATIONAL Australia Bank is severing ties to digital currencies, saying they're too risky.

NAB has sent letters to business customers who primarily trade in Bitcoin and similar cryptocurrencies, informing them that their accounts will be closed on May 2.

The letters say an internal review concluded that ties with digital currency providers pose an unacceptable level of risk to NAB's business and reputation.

NAB has never banked or traded in digital currencies, but has provided banking services to companies who do.

Confirming the move, a spokesman said: "NAB continually reviews its risk profile and the businesses we bank, ensuring NAB's activities are in the best interest of our customers and our shareholders."

The decision follows recent moves by the Bank of Ireland and the Bank of Montreal to distance themselves from customers who trade in digital currencies.

It also comes a month after Japanese bank Mizhuo was named in US and Canadian lawsuits brought against the bankrupt Mt Gox exchange, to whom it provided banking services.

Mt Gox, the world's biggest exchange, announced in February it had been robbed of all its Bitcoins in a massive cyber attack.

One of Australia's largest Bitcoin traders, CoinJar, which uses NAB to take deposits from clients, said in a blog post it was disappointed with the decision, adding it would affect many other companies.

But co-founder Asher Tan praised the bank for providing notice, saying CoinJar had been dumped by the Commonwealth Bank last year in a much shorter timeframe.

Australian banks are generally uneasy with digital currencies and regularly shut off banking services, said Robert Masters, CEO of digital currency trader Krypto Currency Solutions.

Professor David Glance, a bitcoin expert and the director of software practice at the University of Western Australia, said NAB's move smacked of an overreaction.

"Unless they had evidence that the companies they were dealing with were actually doing something in particular, it's an odd reaction."

He said local Australian digital currency providers were far smaller than massive exchanges such as Mt. Gox and therefore posed far less risk.

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WA union call for Labor senator to resign

A KEY union affiliated with the Labor party has called for West Australian senator-elect Joe Bullock to step down.

Mr Bullock was first on Labor's senate election ticket in Saturday's WA Senate election re-run.

His preselection was mired in controversy after he knocked off sitting Labor senator Louise Pratt for the top spot on the ticket in a factional deal.

Senator Pratt is likely to lose her seat once counting is concluded in the next fortnight, with the Liberals taking three of the six seats.

Mr Bullock issued an apology last week over a speech he made in 2013 in which he described Senator Pratt as a "poster child" for gay marriage, said Labor members were "mad" and saw himself as a bulwark against "every weird lefty trend".

United Voice WA secretary Carolyn Smith said Mr Bullock's comments were "inexcusable".

"In light of his recent comments we no longer believe he is fit to represent the ALP in the Australian senate," Ms Smith said in a statement on Thursday.

"He should seriously consider resigning his position."

United Voice was part of the factional deal that led to Mr Bullock being in the top spot on the Labor ticket.

The deal delivered the Left's Sue Lines, a former assistant national secretary of United Voice, the WA Senate seat made vacant by the retirement of former minister Chris Evans in 2013.

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More relocatable units for Vic prisons

MORE shipping container-style "relocatable units" are being rolled out to boost the capacity of Victoria's prison system.

The Victorian government has announced another 27 units will be installed by August at two correctional facilities near Geelong, a gain of 81 medium-security beds.

"Relocatable units are already providing an important, immediate boost to capacity in Victoria's corrections system, and today's announcement will build on this," Corrections Minister Edward O'Donohue said on Wednesday.

"The security and design of the units will be consistent with the standard security accommodation already at Fulham and Marngoneet prisons."

The government has previously likened the units - which each house three inmates - to mining camp accommodation and has also pointed to their use in prisons in Western Australia, South Australia and New Zealand.

Expansion plans for Victoria's Loddon Prison, announced in March, include 15 of the units.

The government says it has added 1000 prison beds since 2011 with another 2500 in the pipeline, including the 1000-bed prison under construction at Ravenhall in Melbourne's west.

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Investors boost home finance commitments

Official figures show the number of home loans approved in February rose 2.3 per cent. Source: AAP

THE housing construction sector is continuing to strengthen, helped by a surge in investment housing.

The number of home loans approved in February rose 2.3 per cent, official figures show, better than the two per cent rise market economists had been expecting.

JP Morgan economist Ben Jarman said the housing sector is clearly in recovery mode, with the number of loans to investors for construction doubling in the month.

"Building approvals are in a clear upswing, while prices, average loan sizes, and loans to investors are rising very swiftly," he said.

"The Reserve Bank has been hoping activity in housing would transform into more home building and if you've got loans for investor construction jumping a lot that's obviously a positive," he said.

But first home buyers continued to drop out of the market, with their share of new loans falling 12.5 per cent, Mr Jarman said.

Total housing finance by value rose by 2.9 per cent in February, seasonally adjusted, to $27.644 billion, the Australian Bureau of Statistics said on Wednesday.

Investment housing by value rose 4.4 per cent in the month and housing for owner occupiers rose 1.9 per cent.

Commonwealth Bank senior economist John Peters said the figures are further confirmation that the recovery in housing construction is well underway.

"Low interest rates, the expectations of capital gains and only a moderate lift in the dwelling stock have lured investors to the market," he said.

"There is further evidence self-managed superannuation funds are certainly gearing into property at the moment.

"It also tells us something about first home buyers, they're finding it difficult to get into the market.

"There's a lot of caution, households are saving a lot more and they are very reticent about taking out new loans."

Mr Peters said the housing sector looks like it will take over from mining investment as the main driver of growth for the Australian economy.

"The evidence is there that the housing market is picking up and we expect it to continue to do so," he said.

Housing Industry Association economist Diwa Hopkins is encouraged by the continuing strength of the home building sector, but the rise in construction of new homes needs to continue.

"Today's housing finance results auger well for much needed further growth in new home building," she said.

"A sustained increase in new home building activity which provides Australia with an appropriate supply of housing is a necessary condition for addressing the persistent problems around housing affordability."

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'I never said sack the bitch': Obeid

Former Labor powerbroker Eddie Obeid is due to give evidence to the NSW corruption watchdog again. Source: AAP

CROOKED former MP Eddie Obeid has denied demanding a NSW minister "sack the bitch" running Sydney Water, Kerry Schott, when she began asking questions of Australian Water Holdings (AWH).

The Independent Commission Against Corruption (ICAC) is probing allegations the Obeid family had a secret stake in AWH - and stood to make up to $100m if a $1 billion public-private partnership with the NSW government got up.

It has been alleged AWH corruptly charged Sydney Water for luxury hotel stays and limousine rides and that Dr Schott demanded justification for the company's "ballooning" expenses.

Mr Obeid appeared in the witness box on Wednesday to echo the testimony of his sons Paul and Moses, who have each claimed a 2010 agreement recorded a $3 million loan to AWH chief executive Nick Di Girolamo, not a share purchase.

He denied Mr Di Girolamo, a family friend, told him he had a problem with Dr Schott.

"He made it plain to you that she was an obstruction, someone who stood in the way of Australian Water Holdings' success," counsel assisting Geoffrey Watson SC put to Mr Obeid.

"No," Mr Obeid replied.

"I believe he had a problem with Sydney Water and Kerry Schott was the managing director."

Former water minister Phil Costa's evidence to the ICAC that Mr Obeid asked him to "sack the bitch" had been "taken out of context", the fallen powerbroker said.

He said the conversation came after he attended a budget estimates meeting where Dr Schott failed to back up Mr Costa, who was new to the portfolio.

"I believe she hung him out to dry. I was very offended and I told Phil what I thought of her behaviour," Mr Obeid said.

"I don't recall the exact words ... I'd say heads of departments would be sacked over this behaviour."

Mr Obeid smiled before adding: "I don't think Mr Costa's got the guts to sack a tea lady."

During a long afternoon of testimony, Mr Obeid was repeatedly accused of lying and "tailoring" evidence.

"You were motivated by nothing more than just personal greed to try and secure an improper outcome," Mr Watson said as his examination drew to a close.

"That's your version and it's rubbish," Mr Obeid spat back.

He denied attending a meeting at his son Moses's Elizabeth Bay home with former Lehman Brothers banker Gardner Brook and fellow former NSW Labor MP Joe Tripodi at which AWH and the mooted public-private partnership was discussed.

Mr Obeid said he only once met Mr Brook at his son's home, and he was "absolutely intoxicated - full to the boot".

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Effect of Japan trade deal will come later

Economists it's too early to say how consumers will benefit from Australia's trade deal with Japan. Source: AAP

AUSTRALIA'S new trade agreement with Japan is good news for the economy but it's too early to say how consumers will benefit, economists say.

The agreement with Australia's second largest trading partner will be good for consumers, jobs and prosperity, Prime Minister Tony Abbott has said.

Japanese whitegoods, electronics and cars would become cheaper in Australia, according to the government, with about $1500 expected to be shaved off the price of an average vehicle.

CommSec chief economist Craig James said it was unlikely car dealers would drop the price of their cars, but they may provide consumers with better value for their money.

"Car dealers don't like to cut the price of a car because if you reduce the price of a new car by $1,500 it affects the resale value of all cars," Mr James said.

"But you might get a better stereo system or air conditioning system or reversing cameras - you might get the extras."

Mr James said it was too early to know what effect the agreement would have on the economy, because the gains would be staggered over time.

"Anything that reduces the barriers to trade between two countries has got to be positive," he said.

HSBC Australia chief executive Tony Cripps said the deal further secured Australia's economic growth, paving the way for stronger trade links between the two countries.

"Japan is already Australia's second largest two-way trade partner, receiving 19 per cent of Australia's goods exports and eight per cent of imports, and our fourth largest investor accounting for 11 per cent of our foreign direct investment," Mr Cripps said.

"It will provide both countries the opportunity to further develop their comparative strengths and market share in either market in areas such as beef and liquefied natural gas exports for Australia and high-end manufacturing exports for Japan."

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Kiwi gains on lure of higher interest

THE New Zealand dollar has gained with the prospect of higher interest rates.

The kiwi rose to 86.30 US cents at 5pm in Wellington from 86.03 cents at 8am and 85.92 cents on Monday.

The trade-weighted index advanced to 80.52 from 80.31.

Traders are pricing in a 96 per cent chance of a rate hike at the Reserve Bank's April 24 meeting, according to the Overnight Index Swap curve.

New Zealand's central bank began tightening monetary policy last month as a means to head off the threat of future inflation, putting the country at the front of the cycle compared to its global peers.

That makes New Zealand rates attractive, with the yield on the 10-year government bond, at 4.63 per cent, more than half a percentage point higher than its Australian equivalent.

"We're going to get another rate hike in the next two weeks" which is still attracting investors, said Tim Kelleher, head of institutional FX sales NZ at ASB Institutional in Auckland.

"The kiwi's still got a bias to the topside."

New Zealand business confidence remained upbeat in the first quarter, according to the New Zealand Institute of Economic Research's quarterly survey of business opinion, with a net 52 per cent of firms positive on the outlook for general business.

The kiwi gained to 92.87 Australian cents from 92.63 cents on Monday after the National Australia Bank monthly business survey showed weaker sentiment among firms.

The kiwi also rose to 88.83 yen from 88.57 yen and to 62.78 euro cents from 62.71 cents.

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Tech stock tumble lowers NZX 50

A SELL-OFF of tech and growth stocks has pushed the New Zealand sharemarket lower.

The NZX 50 Index declined 44.284 points, or about 0.9 per cent, to 5031.56 on Tuesday. Within the index, 29 stocks fell, 10 rose and 11 were unchanged. Turnover was $126.9 million.

On Wall Street, the tech-heavy Nasdaq Composite fell for a third day as investors reduced exposure to companies such as Google, Apple and Yahoo.

Local tech and growth stocks which had made gains at the start of the year fell as investors questioned whether their sales growth could deliver profits.

Xero plunged 12 per cent to $31.50. The Wellington-based software company surged over 200 per cent last year but has declined 30 per cent in the past month.

Diligent, the governance app maker, fell 1.2 per cent to $4.25.

"The main stocks to get sold off here are in the IT sector, which is very similar to what happened in the States last night but the real big mover has been Xero which has come under some pretty aggressive selling for a number of days now," said Grant Williamson, director at Hamilton Hindin Greene.

"There was certainly a little bit too much hype in those stocks and everybody wanted to jump on board."

Pacific Edge, the bio-tech company which surged 109 per cent in the past year, dropped 5.4 per cent to $1.22.

A2 Corp, the milk marketer which has gained 47 per cent in the past 12 months, fell 1.2 per cent to 84 cents.

Ryman Healthcare, which rose 63 per cent in the past year, slipped 0.7 per cent to $8.33.

"Good news has really pushed those share prices above where they should have gone, probably driven by a little bit of investor hype," Mr Williamson said.

Chorus fell 1.4 per cent to $1.765. The telecommunications network provider lost its appeal to the High Court over the Commerce Commission's decision to slash pricing for access to its copper lines.

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High costs weigh on Gorgon expansion

HIGH labour costs could affect Chevron's decision to push ahead with expansion plans for Gorgon, Australia's largest gas project.

The US energy giant, which is leading the massive Gorgon and Wheatstone liquefied natural gas (LNG) projects in north Western Australia, says Gorgon is roughly 40 per cent more expensive than comparable projects in the Gulf of Mexico.

Chevron Australia managing director Roy Krzywosinski said the cost of locally supplied goods and services had risen dramatically in recent years, while the cost of overseas supplied goods had been relatively stable.

"This weighs heavily on Chevron and its partners as we consider a fourth train expansion of Gorgon," Mr Krzywosinski told the APPEA conference in Perth on Monday.

He said the company was focused on constructing the original "foundation project" and would support an expansion of Gorgon if the cost settings were "corrected".

"To enable these projects to move forward it will require industry, government, buyers, sellers and unions to come together," he said.

It follows a series of delays and cost blowouts to the massive $US54 billion ($A60.02 billion) project.

Joint venture partner Shell recently differed with Chevron on the expected start-up date for the massive 450 million ton project.

Chevron is sticking to its mid-2015 timeline for first gas while Shell predicts it will occur between 2016 and 2018.

"We're going to be commissioning two mega projects in the next year and a half or so and we need to have a very capable and able-bodied workforce," Mr Krzywosinski said.

He said around 1000 employees had been training over the past two years to start up the Gorgon and Wheatstone plants and said there were opportunities for contractors to offer more training.

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Firefighter dies after car crash in NSW

A SMALL NSW town is reeling after a firefighter was killed in a car crash and his father and twin brother, also firefighters, were among the first emergency service personnel on the scene.

Ambrose Crittenden, 23, died in hospital after his car hit a tree near Jerilderie, in southern NSW, on Sunday.

He was a firefighter at the town's NSW Fire and Rescue station, alongside his twin Ignatius and father John, who is the station's deputy captain.

John and Ignatius Crittenden responded to the crash on Sunday morning.

Ambrose died from his injuries in Albury Hospital several hours later.

NSW Emergency Services Minister Michael Gallacher says the Jerilderie fire station crew has been stood down to come to terms with the death.

"Ambrose's tragic death is a significant and sad loss for the firefighting family and the wider community," he said in a statement.

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Tas opposition leader fined over car crash

TASMANIAN Opposition Leader Bryan Green has been fined $140 for causing a car crash in Hobart.

Mr Green's four-wheel drive collided with another car last Wednesday, just two days after he was elected state Labor leader.

He was on Monday issued with a $140 fine and docked three demerit points for failing to stop at a red light, an opposition spokesman told AAP.

The former deputy premier has admitted responsibility for the crash.

"I think it is fair to say I would have been in the wrong under the circumstances," he told reporters on Friday.

No-one was injured in the collision.

In 2011, Mr Green had his licence suspended for three months and was fined $260 after he was caught drink driving.

He has also walked away from two light plane crashes, in 2006 and 2010.

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Melbourne Shrine reveals hidden plaques

A $45 million upgrade of Melbourne's Shrine of Remembrance is three months ahead of schedule. Source: AAP

A DIGGER who helped build the Melbourne Shrine of Remembrance buried underneath it a plaque bearing his face and his name.

"Lewis" - no one knows if it was a first or last name - left the plaque with a rough sketch of his face on it under the Shrine.

Almost 100 years on from the Gallipoli campaign, a $45 million upgrade of the Shrine is three months ahead of schedule.

Alongside Lewis' plaque was another one in different handwriting, with a date - December 1928 - believed to be a progress marker of where construction was up to.

The Victorian government has trawled service records to find the "Lewis" who worked on the project, but have not been able to find him or his family.

The diggers' plaques were found when builders dug below the foundations to build the Galleries of Remembrance rooms.

Major Projects minister David Hodgett said the upgrade of the Shrine was three months ahead of schedule and would be open this year.

"One of the highlights of the exhibition space will be a lifeboat used during the Gallipoli landing from the troop and hospital ship SS Devanha, on long-term loan from the Australian War Memorial," Mr Hodgett told reporters on Sunday.

The original shrine was largely funded by public donation and built by returned servicemen during the Great Depression.

Next year marks the 100th anniversary of the Gallipoli campaign.

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Talks on Japan trade deal difficult: PM

PM Tony Abbott says he's optimistic but not certain about finalising a free trade deal with Japan. Source: AAP

TONY Abbott's push to resolve free trade talks with Japan appears on shaky ground, with the prime minister admitting he's not certain of striking a deal during his visit to Tokyo.

Mr Abbott had hoped to finalise a free trade deal with Japan, Australia's second-largest trading partner, as a matter of priority on his first official visit to north Asia.

He ambitiously pledged at the September election to end years of stalemate and strike free trade agreements with Japan, South Korea and China within 12 months.

But a resolution from fierce last-minute talks in Tokyo has eluded negotiators, who have struggled all week to gain ground on several final issues.

Mr Abbott said on Sunday he was "optimistic" a deal could be struck during his stay in Tokyo, but conceded the talks had been difficult.

"This government is determined to bring them to a swift and satisfactory conclusion," he told reporters in Tokyo.

"I'm hopeful but not certain."

Trade Minister Andrew Robb arrived in Tokyo ahead of the prime minister to try and break the impasse, but after hours with Japan's agriculture minister could only say talks had entered an advanced but difficult stage.

Mr Abbott said negotiations had "meandered" under Labor after former prime minister John Howard initiated talks in 2007.

Foreign Minister Julie Bishop also blamed the opposition for neglecting the task, saying the federal government had "six lost years" to regain.

She dismissed suggestions Australia's recent victory in the UN's top court over Japan's whaling program could have stalled talks, saying both nations would "move on".

"We are hopeful of signing, or at least getting an official confirmation about the state of the Japan Australia free trade agreement," she told ABC TV.

The deadlock could be on the agenda when Mr Abbott meets his Japanese counterpart Shinzo Abe on Sunday evening for a private dinner.

Mr Abbott's visit will be formally acknowledged in a state ceremony on Monday, but the prime minister said he'd been "thrilled" at the welcome so far.

He said there was more than trade behind his visit to Japan, with an announcement on defence co-operation with the conservative Abe government expected in coming days.

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Police shoot man in Brisbane

A man has been shot by police responding to a domestic disturbance on Brisbane's bayside. Source: AAP

A MAN is in a critical but stable condition after being shot by police during a domestic dispute on Brisbane's bayside.

Two police officers arrived at the Capalaba unit about 7.30pm (AEST) on Saturday.

When they tried to arrest the man, the male officer was allegedly thrown through a plate glass window and was severely cut.

It is understood a policewoman responded by shooting the offender twice in the stomach.

Police Union president Ian Leavers said the situation escalated quickly.

"She made an instant decision with the view of protecting her partner's life," Mr Leavers said.

"She is heroic. These are things where you don't get time to consider your decision, you have to make it immediately.

"We're very fortunate that we're not here at the murder of a police officer."

The injured officer is in a serious but stable condition and is expected to have surgery.

It is the second police shooting at the unit complex.

In March 2011, a policewoman shot a man in the groin who had threatened neighbours.

Mr Leavers said he was tired of violence against officers and renewed calls for mandatory sentencing for people who seriously assault police.

"If you threaten the life of a police officer you should go directly to jail," he said.

"There should be no other option."

The Ethical Standards Command is investigating.

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