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(The following Thompson Financial report appeared at Forbes.com on June 5.)

KARANG, Australia — At least 11 people were killed and dozens injured in Australia’s worst rail crash in 30 years today when a huge truck ploughed into a passenger train at a level crossing, police said.

Witnesses reported the fully-laden truck slammed at high speed into the train, made up of an engine and three carriages, leaving ‘a big gaping hole’ in the side of one carriage and almost derailing the others.

About 24 people were hurt, five seriously, when the semi-trailer cut the train in two as it crossed the Murray Valley Highway on its way to Melbourne, police said.

A Victoria Police spokesman said the death toll rose to 11 after nightfall and could rise further as rescuers searched the wreckage of the train under floodlights for missing passengers on the manifest.

‘They are three people unaccounted for and we are searching the wreckage while also trying to establish whether or not they actually boarded,’ he told Agence France-Presse after one of the injured died in hospital, raising the death toll to 11.

Among the injured was the driver of the truck and 11 passengers described as ‘walking wounded.’ Three train crew were not injured.

Ambulance officers said the injured included a 15-year-old girl with spinal and facial injuries after the horrific crash.

The accident occurred in southeastern Australia about 10 kilometres north of the Victorian town of Kerang, near the border with New South Wales state.

At least six ambulances, two helicopters and two fixed-wing aircraft scrambled to ferry the injured to hospitals in the area and in Melbourne, some 280 kilometres to the south.

Television footage showed one carriage with its entire side sheared off and debris littered hundreds of metres along the track, while the truck’s cabin lay mangled near the level crossing with its cargo of timber spilled on the road.

‘For some reason yet to be determined, the truck has not stopped and has run into the side of the train in the second and third carriage, tearing both of these carriages open,’ acting police Inspector Michael Talbot said.

Victoria Premier Steve Bracks flew to the crash scene and pledged a full investigation into the causes of the accident that took place in a level crossing without a boom.

Prime Minister John Howard described the tragedy as ‘heartbreaking’ and offered federal government help to investigate its cause.

The train left Swan Hill in the northwest of Victoria state at 1:00 pm (0300 GMT) and was due to arrive at Southern Cross station in Melbourne at 5:09 pm, but was hit by the truck about 40 minutes into the journey.

The general manager of the V/line rail company, Ursula McGuiness, said the crossing was not protected by a boom gate, but had lights and bells.

Gibson said wet conditions were causing problems for emergency workers.

‘It’s going to be a long-term operation,’ he said. ‘We’ve got all emergency services on site, and working on a coordinated effort to get everyone to safety.’