Belgian town ponders fate of missing money

ON a Saturday evening two weeks ago in Zedelgem, townsfolk were disturbed by the wail of a siren and the shriek of tyres, the din of a high-speed car chase that broke the tranquillity of their sleepy city.

Suddenly, cash was flying through the air like confetti at carnival.

Dozens of people rushed out of homes or cars to grab a share of the accidental bounty: about a million euros ($A1.28 million) in all. The small fortune had flown from a safe that cracked open when the fleeing robbers panicked and threw it out the window.

"It was," recalled Mayor Patrick Arnou, "a rainstorm of money." Everyone from kids to the elderly ran out to take part in the free-for-all.

Now, the cops want the money back, and the townspeople face a thorny dilemma: play things badly, and you could face two years in jail. Keep a poker face, and the money could be yours to keep.

A veil of suspicion has fallen over the town: Neighbours watch neighbours as police go door to door, questioning townsfolk about what they did - and what they saw others do.

"People talk about nothing else any more in this town," said Arnou. "In the street itself, there is an atmosphere of bitterness."

Some Zedelgem inhabitants who missed the windfall said they understood the actions of their fellow townsfolk, but insisted the size of the cash pile should have made them think twice. "If it were a 20-euro note," said 77-year-old pensioner Hector Clarysse, "I'd pick it up, too, and join in."

But he added: "If you pick up so much money, you know it's not normal."

It all started when the robbers broke into a home in a neighbouring town, and made off with the safe. The getaway car was soon identified; by chance a motorcycle police officer spotted it and gave chase.

When the cop and robbers hit Zedelgem's Ruddervoordsestraat, a street lined by simple red-brick row houses, the thieves tried to shake off the officer by throwing the safe in his way. As it careened down the asphalt, the box shot open: A cloud of bills - some worth as much as 500 euros - swirled through the air and drifted down.

Dozens of wide-eyed people flooded the street, grabbing handfuls of cash. Drivers got out of their cars, snatched money and sped away. One lady even came out of her house with a broom, Arnou said, and swept the money inside.

Police quickly returned and literally plucked cash from the hands of people who were too slow in stashing it away.

Arnou says authorities have secured nearly half of the million euros that were originally in the safe. But the rest of the cash has disappeared into the hands of those who happened to be on that street in Zedelgem. As for the robbers, they have still not been caught - as police attention was diverted by trying to retrieve the money.

A disheartened Arnou says his citizens should have known better. After all, he points out, the money belongs to innocent people who are now out of 1 million euros.

"What we have seen is beyond decency," said the mayor.

Once the adrenalin rush subsided, some people reached the same conclusion and handed back what they found. Late on Wednesday, a couple drove from Antwerp, some 100 kilometres away, to hand over 16,200 euros they had picked up driving through town.

Arnou designated the mailbox outside city hall as a spot for people to hand over money - no questions asked. One contrite individual wrapped a big wad of money in an envelope and deposited it there.

Not a good idea.

Once word got out, thieves tried to unhinge the heavy stone letterbox over the weekend and make off with its contents. It didn't work and, the postbox stood there half-cracked for days - a sad testament to human greed. On Thursday, Arnou watched as workmen repaired the postbox and encased it deeper in concrete.

The case has triggered a passionate debate in Zedelgem.

"There is a major discussion between people who think it should be given back and those who say 'keep what you got'," Arnou said.

But for local prosecutor Jean-Marie Berkvens, things could not be clearer: "Fraudulent concealment," he said, "carries a maximum jail penalty of two years."

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Aust shares flat amid profit taking

THE Australian sharemarket closed flat as investors reap profits from booming bank stocks and some worries about global growth.

The market was up 0.6 per cent for the week despite it posting losses from Wednesday onwards.

Despite some profit taking in the banks on Friday, Shaw Stockbroking senior dealer Jamie Spiteri said there was more substance in the market currently than there had been in recent years with the right stocks being rewarded.

"Liquidity has actually come back into the top-tiered sector of the market and become increasingly concentrated on those delivering reliable earnings and sustainable distributions to shareholders," he told AAP.

"The banks and financials are in the news because of their record performances in recent times and results that have come out this week, validating some of those uplifts in price."

Westpac posted an 11 per cent lift in first half net profit to $3.304 billion and announced a special dividend of 10 cents per share for shareholders, in addition to an 86 cents per share interim distribution.

Its shares fell 35 cents, or 1.03 per cent, to $33.55.

However the stock is up $7.51, or 29 per cent, for the year.

Of the other retail banks, ANZ rose 10 cents to $31.60, but NAB fell 10 cents to $33.74 and Commonwealth Bank was $1.44, or two per cent, lower at $71.06 after having traded above $73 earlier in the year.

Investment bank Macquarie Group reported a full year net profit of $851 million, up 17 per cent from the prior year and a little above market expectations.

In percentage terms, Macquarie Group rose the most of all stocks on the S&P/ASX200 on Friday, jumping 10.9 per cent, or $4.23, to $43.11.

JB Hi-Fi shares leapt up after the retailer said it expected full-year profit to increase by up to 11 per cent to between $112 million and $116 million.

Its shares closed $1.25, or 8.06 per cent higher, at $16.75.

The big miners made gains amid some commodity price rises overnight.

BHP Billiton recovered some of its losses this week closing 18 cents higher at $31.97 and Rio Tinto gained 58 cents, or 1.1 per cent, to $54.49.

KEY FACTS

* At the close on Friday, the benchmark S&P/ASX200 index was down half a point at 5,129.5 points.

* The broader All Ordinaries index was 1.3 points higher at 5,105.4 points.

* The June share price index futures contract was six points higher at 5,127 points, with 23,146 contracts traded.

* The price of gold in Sydney was $US1,475.90 per fine ounce, up $US20.60 on Wednesday's closing price of $US1,455.30.

* National turnover was 1.27 billion securities worth $4.33 billion.

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Macquarie shares up on bumper FY profit

Shares in Macquarie Group soared after the investment bank announced a rise in full year profit. Source: AAP

MACQUARIE Group shares have soared to a near three-year high after the financial firm reported a double-digit lift in net profit, boosted dividends and flagged further improvement in the year ahead.

The 17 per cent lift in full year net profit to $851 million beat market expectations of about $820 million and was above the company's own forecasts.

It was achieved on the back of improved market conditions and further cost reductions, with staff numbers falling by 539, or about four per cent, over the year.

"Global market conditions generally improved during the year to 31 March 2013 which, together with strong cost control across the group, led to the improved result," Macquarie chief executive Nicholas Moore said in a statement on Friday.

A $1.25 per share final dividend, 40 per cent franked, took dividends for the full year to $2.00, up from $1.40 in 2012.

In terms of the outlook, Macquarie said earnings in the current year should improve on fiscal 2013 provided market conditions did not deteriorate.

"We expect the year to come will be better than the year we have just had," Mr Moore told reporters.

Investors cheered the Macquarie result, sending the stock up 10.88 per cent, or $4.23, to $43.11 at the close of trade on Friday.

It was the stock's highest finish to the local session since June 2010.

Morningstar head of financials David Ellis said the lift to the dividend was a "pleasant surprise".

"We expect the stock to push higher in coming days due to a combination of consensus upgrades and an improved outlook for dividends and franking," Mr Ellis said in a research note.

Net operating income for fiscal 2013 fell four per cent to $6.7 billion.

Total operating expenses fell 10 per cent to $5.3 billion.

Macquarie Securities (MSG) reported the weakest performance, suffering a full year net loss of $50 million amid subdued market conditions.

The result was however an improvement from a net loss of $194 million in the prior year, led by improved market volumes in the fourth quarter, as well as reduced operating expenses and lower legacy costs.

Macquarie Funds, Banking and Financial Services, Macquarie Capital, and Fixed Income, Currencies and Commodities reported improved net profit for fiscal 2013, while profit was broadly in line with the prior year at Corporate and Asset Finance.

Meanwhile, Macquarie said director Catherine Livingstone, who joined the board in 2003, would not seek re-election when her term expired in July.

Also, Macquarie group head of banking and financial services Peter Maher will retire after 12 years in the role, with Greg Ward appointed as his replacement.

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Storm settlement approved by Qld court

A Brisbane court approved an $82.5m settlement between Storm Financial clients and Macquarie Bank. Source: AAP

A BRISBANE court has approved an $82.5 million settlement deed between Storm Financial clients and margin lender Macquarie Bank.

More than 1000 investors who were devastated when the Townsville-based financial services company folded in early 2009 will receive money under the deed, which was given the green light in the Federal Court in Brisbane late on Friday afternoon.

However, the money will not be evenly distributed.

After consideration, Justice John Logan approved a proposed 35 per cent premium for the 315 investors who funded a class action against the bank.

The court heard they will receive a 42 per cent return on the money they lost through Storm, while the remaining investors will receive just 17.6 per cent.

The premium was slammed by the Australian Securities and Investments Commission (ASIC) as unfair.

However, Justice Logan ruled it gave "apt recognition to the very real risk they assumed in putting their money forward" to fund the litigation.

The decision was met with relief from a small number of the investors who attended.

Justice Logan acknowledged the settlement gave investors certainty of a return from litigation which probably would otherwise have been destined for the High Court and might not have been concluded until 2016.

The court heard the settlement included no admission of liability on behalf of Macquarie, which was alleged to have signed off on multimillion-dollar margin loans without any consideration of whether they could be repaid.

There are still several other ongoing cases against Storm Financial, which is in liquidation, and against banks who lent money to its clients.

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Tokyo shares close 0.76% lower

TOKYO shares have closed 0.76 per cent lower as the yen remained strong, despite a decision by the US central bank to keep its easy money policies in place to bolster the world's biggest economy.

The benchmark Nikkei 225 index on Thursday ended down 105.31 points at 13,694.04, while the Topix index of all first-section shares fell 0.44 per cent, or 5.09 points, to 1,153.28.

"Foreign investor interest remains strong, but it has eased back without overarching buy catalysts of late," said Kenichi Hirano, market analyst at Tachibana Securities.

"So players will be looking to take profits and adjust positions based on individual corporate earnings and forecasts, more than anything else," he told Dow Jones Newswires.

Trading volume was relatively light ahead of a four-day weekend, with Japanese markets closed on Friday and Monday for holidays.

Japan's corporate earnings season then resumes with the likes of Sony, Nissan, Panasonic and Toyota reporting fiscal full-year earnings.

Weakness in the Tokyo market on Thursday came as the Dow Jones Industrial Average lost 0.94 per cent to 14,700.95 on Wednesday following weak employment and manufacturing data.

After a two-day policy meeting, the Federal Reserve kept its bond-buying program in place, and left open the door to more purchases if the US economy slows under Washington's severe budget cuts.

European Central Bank policymakers are to meet on Thursday with widespread speculation that they could cut interest rates from current record lows and also unveil new measures to kick-start stymied bank lending.

Markets were also watching the state of the Chinese economy after fresh data on Wednesday pointed to a slight slowdown in April manufacturing activity.

In Tokyo afternoon forex trade, the US dollar slipped to Y97.29 from Y97.40 in New York on Wednesday afternoon, while the euro weakened to Y128.01 from Y128.37.

A strengthening yen tends to weigh on the Japanese market as it makes the country's exporters less competitive overseas.

Toyota shares fell 1.08 per cent to Y5,490, Nissan was down 2.00 per cent to Y979, while Sony firmed 2.77 per cent to Y1,627 after it said on Wednesday that dozens of top executives would give up their annual bonus.

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Naden says he killed for no good reason

"SHE was as good as anyone."

These were the words Malcolm Naden used to explain why he had killed his cousin Lateesha Nolan.

After seven years on the run, Naden told NSW police there was "no real reason" why he strangled the 24-year-old, cut up her body and then buried it at the edge of a river.

"If it wasn't her, it would have been someone else," he wrote in a series of responses to police.

"I can't answer why I did what I did ... I must leave the whys up to a therapist."

Naden, 39, has pleaded guilty to the 2005 murders of Ms Nolan and Kristy Scholes, both 24, as well as a raft of other charges, including the indecent assault of a 12-year-old girl.

In a statement of facts tendered to the NSW Supreme Court during his sentence hearing on Thursday, the details of their deaths were revealed for the first time.

On January 4, 2005 Naden had a "chance meeting" with his cousin Ms Nolan at their grandparents' house who then offered him a lift, the facts state.

But things turned nasty when Ms Nolan brought up the allegations of indecent assault against him.

Enraged, he strangled her and then drove to Butlers Falls Reserve outside Dubbo where he dug a hole beside the Macquarie River and dismembered her body, which has never been found.

Then, five months later in June, Naden strangled Ms Scholes in his grandparents' bathroom.

He took her body into his bedroom and had sexual intercourse with it before fleeing the house.

During the court proceedings, Naden was described as contradictory and an "enigma".

At one stage Naden told police that at the time of Ms Nolan's murder he was "severely depressed" and described the murder as a "tragedy".

But when questioned by forensic psychiatrist David Greenberg, Naden said he killed because "he can" and because he was "not a sheep".

Professor Greenberg said Naden had claimed to have murdered three other people and described himself as a "serial killer".

But after he was queried again months later, Naden laughed and said he'd lied.

Prof Greenberg said Naden was at "high risk" of reoffending.

While he was not a psychopath, he displayed "psychopathic tendencies", he said.

"(He) reports that he started having fantasies of killing since he was 12 years old ... He states that he will kill again and that his killing days are not over."

The former abattoir worker went on the run in 2005 - days after Ms Scholes' body was discovered in his grandparents' house at Dubbo in NSW's central west.

The court heard Naden appeared "cheerful" after his arrest, but later displayed signs of depression, threatening harm to himself and others.

Naden's barrister, Mark Ierace SC, said that shortly after his arrest, Naden told prison psychologists he wished he could cry and he was glad when the police dog bit him during his capture because he felt "some pain".

The court heard Naden had repeatedly expressed that he wanted life in jail.

The sentencing hearing before Justice Derek Price has been adjourned until next week.

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Man charged after Vic body find

A MAN has been charged with the manslaughter of a man whose body was left for two to three weeks on vacant land by a major Melbourne road.

A 40-year-old man was taken into custody around midday on Wednesday, about four hours before the body was located at Carrum Downs in the city's south, police said on Thursday.

A police spokeswoman said the information was not disclosed earlier for operational reasons.

The Dandenong man has now been charged with manslaughter.

Police have yet to formally identify the victim.

Detective Senior Constable Jennifer Booth had said on Wednesday evening that police hoped a post-mortem examination would help determine what killed the victim.

"I wouldn't imagine there would be a lot of people, foot traffic, here to find something like that right on a major freeway," she told reporters at the scene, near Worsley Road.

"It appears he has been at this location for two to three weeks."

The Dandenong man is appearing before an out-of sessions court hearing on Thursday evening.

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Myer lashed for CEO's disability comments

Myer is facing a backlash as CEO Bernie Brookes said increasing the Medicare levy would hit profits. Source: AAP

MYER has been told to lift disability employment rates after CEO Bernie Brookes weathered a storm of criticism for suggesting a plan to help millions of disabled Australians would damage profits.

The retail boss sparked outrage and threats of a boycott after telling a business conference the planned $350 annual household increase to the Medicare levy "is something they would have spent with us".

The increase, which would part-fund the federal government's planned national insurance care scheme "is not good for our customers and may have an impact", Mr Brookes added.

Myer apologised, but not before suffering a barrage of criticism online.

Disability discrimination commissioner Graeme Innes was furious about Mr Brookes' comments and demanded Myer employ 10 per cent more disabled people by 2015.

"This would be a real demonstration of Myer's commitment both to people with disability and the broader Australian community," Mr Innes said on a petition he launched on Change.org.

Mr Brookes' comments "demonstrate a lack of support for Australians with disability, half of whom live below the poverty line", he added.

A 2009 Bureau of Statistics report said four million Australians have some type of disability.

Social media users pointed out that many disabled people shop in Myer, with some calling for a store boycott.

"Memo to self: do not spend another buck in a Myer store until (Mr Brookes) delivers a grovelling apology," one person posted to Twitter.

Myer apologised for causing hurt.

"We are very sorry to those who have been hurt by our comments & want to make it very clear that we support the introduction of the NDIS," the company tweeted.

That pledge of support contrasted slightly with a Myer statement posted earlier in the day on Facebook, which offered equivocal support.

"Ideally we would like any government initiative to be funded within the revenue stream it has, rather than through a new or additional tax take," the company said.

Meanwhile NSW Disability Services Minister Andrew Constance issued a challenge of his own - urging Mr Brookes and other business leaders to spend a day with a disabled person and their carers.

Former NSW Labor minister John Della Bosca, now a campaign spokesman for lobby group Every Australian Counts, said the disability care scheme made economic sense.

"There is a fundamental commercial argument here," he said, adding that more disabled people could be in the workforce, paying GST, consuming and paying income tax.

Treasurer Wayne Swan said Mr Brookes' comments were disappointing.

"I'm very disappointed that these kinds of comments distort the proper debate that should accompany such a significant issue," he told AAP.

Shadow treasurer Joe Hockey on Wednesday made similar remarks, when he said the levy increase would damage already fragile household confidence.

Mr Swan said Mr Hockey was now out in the cold, given the coalition had changed its mind and agreed to support a levy.

"Their change in position has left Joe Hockey exposed for saying the levy would damage the economy," he said.

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Melbourne girl, 9, fights off abductor

A NINE-YEAR-OLD girl who struggled free from a failed kidnapping attempt outside her Melbourne home is now too scared to leave the house, her angry mother says.

Police say the man wanted over the attempted abduction may also be responsible for a sex attack on a Melbourne woman days earlier.

Angela Doria, 38, says her daughter was in her front yard of their Reservoir home on Tuesday evening when the would-be abductor approached her on his bicycle.

The man grabbed the girl's arm but she pulled away from his grip and ran inside to tell her mother what had happened, police said.

"She came inside all white, she was stunned, and said, 'Mum, Mum, a man tried to grab me,'" Ms Doria told AAP on Wednesday.

Ms Doria said she followed the man in her car but he ignored her when she asked him to stop and pedalled away on his silver-coloured pushbike.

"I'm really angry. What if this happens, or worse things happen, with other girls outside their houses? It's not good," she said.

Her daughter had cried all night, Ms Doria said.

"She's very scared. She won't even go out the door."

A CCTV camera captured the man's movements near the Radford Road address, police said.

Detective Senior Constable Erol Ali said the suspect was similar in appearance to a man wanted over an attack on a 42-year-old woman at nearby Fawkner on Friday.

The woman managed to escape when a man grabbed her and told her to take her clothes off as she walked along a bike path.

"It may be the same person," Det Sen Const Ali told reporters.

He described the attempted abduction of the young girl in her own yard as brazen and terrifying.

"To have a perfect stranger climb in and grab you by the arm would be terrifying," he said.

The suspect is described as being in his 60s with a southern European appearance, wearing a denim jacket and jeans.

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Wine research gets $2.4m boost

CHALLENGES faced by the Australian wine industry such as climate change will be the focus of a new research project at the University of Adelaide.

The university will receive $2.4 million from the federal government to set up the Training Centre for Innovative Wine Production.

Professor Vladimir Jiranek says the centre will provide new knowledge, methods and technologies, as well as skilled researchers, to help the wine industry tackle its big challenges.

"The Australian wine industry is facing major challenges through climate change, water restrictions, changing consumer preferences and rising wine alcohol content," he said in a statement on Wednesday.

"This research training initiative comes at a critical time for the industry and will help in retaining the global competitiveness of Australia's wine industry."

Science and Research Minister Don Farrell says the centre's practical assistance will help winegrowers and producers to tap into new markets including Asia's growing middle class.

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$A slightly down after two-week high

THE Australian dollar is slightly lower after peaking at a two-week high, following the release of weak Chinese and Australian manufacturing data.

At 1700 AEST on Wednesday, the local unit was trading at 103.54 US cents, down from 103.58 on Tuesday.

The currency rose to 103.86 US cents just after midnight on Wednesday, its highest level since April 17.

The Australian dollar's overnight gain was helped by a rise in US stocks on the back of solid US housing and consumer confidence figures.

Australian Industry Group data showed the manufacturing sector recorded its 15th consecutive monthly slowing in activity and largest slowdown since May 2009.

Also on Wednesday, the Purchasing Manager's Index (PMI) showed the pace of manufacturing activity in China slowed slightly in April,

Forex.com research analyst Chris Tedder said the Chinese figures did not appear to have worried the market too much.

"On the whole, the figures aren't disastrous by any means, but may weigh on sentiment if we continue to see disappointing data out of China," he said.

"The reaction to today's PMI data was limited, largely because there is a bank holiday in China and the headline figure was only just below market consensus."

On Wednesday night, markets will be focused on the outcome of a meeting of the policy-making committee of the US Federal Reserve.

The Fed is expected to maintain its economic stimulus program of buying government bonds from banks to encourage them to lend.

The European Central Bank meets on Thursday night and is expected to cut its interest rate or, at least, signal there will be a reduction in June.

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Barnett again baulks at signing up to NDIS

West Australian Premier Colin Barnett has again stalled at signing up to the existing NDIS. Source: AAP

WEST Australian Premier Colin Barnett has again baulked at signing up to the national disability care scheme, saying the increased Medicare levy is the "easy" part of funding the plan.

Prime Minister Julia Gillard on Wednesday announced a 0.5 per cent Medicare levy increase, to start on July 1 next year, to raise money for the DisabilityCare Australia scheme.

Mr Barnett thinks WA will eventually be part of a national scheme but he wants greater flexibility and a more decentralised model before he commits to it.

"We're not going to sign up to a take-it or leave-it proposal," Mr Barnett told ABC radio.

"Part of the federal government model is that they take over state funding and spend it out of Canberra and I don't think that is going to be good with people with a disability in this state."

Ms Gillard warned the additional Medicare levy would not fund the full cost of the scheme and there would be no "free ride for states and territories".

Mr Barnett said the cost of the scheme could top $22 billion and that was unaffordable.

"I will not sign up for a scheme that is not even funded," he said.

"The PM is assuming the rest of the money is going to come from the states but what capacity do the states have to increase a tax to pay for our share?

"I hesitate to promise people with a disability something that at the moment neither the commonwealth or the state has got the money to pay for."

WA Labor leader Mark McGowan said the levy hike was a "brave move" so close to an election.

"It is an insurance policy for all of us if we suffer from a catastrophic injury, or in fact we suffered from it from birth," he said.

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Cyclone watch issued for far north Qld

A CYCLONE watch has been issued for far north Queensland, on the day that a third of the state was placed under drought declarations.

The weather bureau says communities between Thursday Island and Cooktown have been put on alert for gale force winds on Wednesday.

The bureau says a deepening tropical low in the Coral Sea is expected to make landfall near Lockhart River around midday on Wednesday as a category one or very low-grade category two cyclone.

On Monday evening, the system was 1000 kilometres east of Lockhart River and 890 kilometres northeast of Cairns and moving towards the coast at six kilometres an hour.

Heavy rain and flash flooding has been forecast for far north Queensland from late Tuesday.

Earlier on Monday, the state government declared 13 shires, covering a third of the state, as drought-affected.

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Aussie woman raped at knife-point in Bali

AN Australian woman assaulted as a knife was held to her throat during a violent robbery in Bali is believed to be the latest victim of a serial rapist.

The 28-year-old from Perth was attacked in the early hours of Saturday morning after being woken by an intruder who had entered her room at Villa Damais in Kerobokan where she was staying with family.

Details of the horrific assault emerged on Monday with the woman telling police she was first forced to open a safe in her room, before being raped while a knife was held to her throat.

The attack occurred as seven other members of her family, including children, slept in rooms inside the rented villa on the popular holiday island.

"The victim was then threatened with knife by the perpetrator," a spokesman with the North Kuta police, Reinhard Habonaran Nainggolan, told AAP.

"His right hand held the knife while his left hand held a flashlight.

"She was under threat of knife that she could not make a sound."

The woman was treated at a local hospital and returned to Perth with her family on Sunday.

Police said that the woman's description of her attacker matches that of a man believed to have carried out previous rapes.

A number of people were involved in the robbery.

"They entered the villa by jumping on to the wall," Mr Reinhard said.

Three iPads, two mobile phones and about Rp1.5 million ($A150) in cash were stolen.

It is the latest in a spate of violent incidents in an area of Bali popular with tourists, especially Australians.

In March, Mercedes Corby was bashed by a gang in Kuta as she returned home from a party.

The older sister of convicted drug smuggler Schapelle Corby needed minor surgery after suffering a broken nose and bleeding to the cornea during the assault.

In January, a West Australian man was stabbed multiple times in the back while fighting off armed robbers at his Bali villa.

Bali's Governor Made Pastika said at the time he was concerned that the island's image as a holiday destination was being tainted.

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Bigger budget deficit doesn't worry IMF

Prime Minister Julia Gillard is set to announce a $12 billion shortfall in tax revenues for 2012/13. Source: AAP

THE International Monetary Fund (IMF) isn't overly concerned about Australia's weaker fiscal position, after Prime Minister Julia Gillard warned of an even greater shortfall in government revenue.

Ms Gillard told a conference on Monday that revenue in 2012/13 would be $12 billion less than forecast because of the continued strength of the Australian dollar.

"The persistent high dollar, as well as squeezing exporting jobs, also squeezes the profits of exporting firms. With lower profits for these companies comes lower company tax going to government," she told the Per Capita forum in Canberra.

She said the government wouldn't cut the budget to the bone in response, but warned that every "reasonable" option was now on the table, "even options previously taken off the table".

As Finance Minister Penny Wong told ABC radio Australia was facing "a new economic reality", Opposition Leader Tony Abbott accused Labor of just making excuses.

Shadow treasurer Joe Hockey said the government would still be receiving $25 billion or 7.6 per cent more revenue than in 2011/12.

But the IMF said while Australia's fiscal position was now weaker than expected, it was not a concern because of the country's low level of debt.

IMF director for Asia and the Pacific Anoop Singh said with debt levels at just 10 per cent of gross domestic product (GDP), Australia was one of very few countries with triple-A sovereign debt ratings from the three major credit ratings agencies.

"The next budget will lay out the government's plan to achieve a strong fiscal position ... essentially the government has remained keen to return the budget to surplus, and this is a praiseworthy objective that we have supported," he told a news conference in Singapore.

As well, the IMF's Regional Economic Outlook for Asia and the Pacific, released on Monday, said the Australian economy should return to trend growth in 2014, despite the damage being caused by a high Australian dollar.

But Australian Industry Group chief executive Innes Willox said the erosion of the budget bottom line should be seen in the context of declining business activity and a slowing economy.

"The major parties should avoid plans for tax increases or spending cuts that would worsen the outlook for this already slowing economy," he said in a statement.

TD Securities head of Asia Pacific research Annette Beacher has upgraded her forecast for the 2012/13 budget deficit.

It's now seen closer to $25 billion - or 1.7 per cent of GDP - compared to an earlier prediction for a $10-$15 billion shortfall.

"Clearly revenues rely too heavily on corporate taxation and not enough on personal taxation, a legacy of the prior Howard-Costello government," she said in a note to clients.

"This structure needs to change."

However, even a $25 billion deficit would be a marked improvement on the $43.7 billion deficit posted in 2011/12 and the $47.7 billion deficit in 2010/11.

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Parents ignore speech problems: study

SIGNS of delayed language skills development are often missed in preschool children, putting them at risk of long-term educational and mental health problems.

A study of 900 pre-schoolers has found half of those with communication issues are missing out on help from a professional.

The study by the Murdoch Childrens Research Institute in Melbourne found pre-schoolers were nine times more likely to get help if their parents were concerned.

But many parents may find it hard to believe warnings from teachers and other professionals. Many others seek help even though their child does not need it.

Professor Melissa Wake says children who have delays in the ability to make themselves understood or who have difficulties in understanding what is said to them are a major concern.

"There is a need for greater action. But it isn't always that obvious. Children with low language are not children with no language."

The researchers say it is easy not to notice a language delay or to not give it the attention it deserves.

"Children with low language skills are the ones we are really worried about. More so than some disorders like a lisp or problems with certain sounds, which usually go away on their own," says Prof Wake.

The researchers are also worried that seven per cent of children who do not need help are sent for unnecessary assistance.

They urge parents to have their child assessed if they have concerns or if they are alerted to possible issues.

"Our study provides evidence that communication problems are often silent disabilities, potentially under-recognised and under-prioritised," says researcher Dr Jemma Skeat.

"Clearly, getting the right children to appropriate services requires more than informing parents of a likely problem."

Children who miss out on early intervention are at risk of ongoing problems that affect school success, behaviour and even mental health, she says.

The study is published in the journal Child: Care, Health & Development.

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