More stories on the seabed territory announcement from Martin 'just find more' Ferguson:


Hopeful prospects in expanded seabed territory

A MASSIVE expansion of Australia's seabed jurisdiction has opened up a "potential bonanza" in new oil and gas discoveries.

Resources and Energy Minister Martin Ferguson said yesterday the UN had confirmed Australia's jurisdiction over an extra 2.5 million square kilometres.

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Australian Petroleum and Production Exploration Association chief executive Belinda Robinson said it was too early to tell whether the UN's ruling would translate into riches for Australia.

"A larger continental shelf means a larger canvas that we can paint our resource and energy future on," she said. "With more area comes more promise."

However, she said much of the area was likely to be frontier area, which was deep and therefore expensive to explore.

The Age: $43m to upgrade rail freight lines
So they'll upgrade rural rail lines? Only problem is Pacific National is taking its locomotives to Queensland where they earn more money carting coal, and now they're selling Victorian rolling stock for scrap. Farmers are not sure how they will get next year's crop to port.

THE Victorian Government has moved to ease the crisis in the state's rail freight system with a $43 million package to upgrade key lines.

The Government will improve the speed limits on six grain lines that the Fischer rail freight review recommended be upgraded to "gold" standard as a priority.

These lines, which form a core grain network, are Korong Vale-Quambatook, Korong Vale-Charlton, Murtoa-Warracknabeal, Shepparton-Tocumwal, Swan Hill-Piangil, and Mildura-Yelta.

High producer prices hike inflation fear

The biggest producer prices jump in almost a decade has boosted the risk that inflation numbers due out this week will be on the high side.

Dearer petrol, building and utility costs pushed up final stage production expenses, which economists fear could fuel price pressures in the economy without necessarily triggering a May rate rise.