Satellite images show what's being described as "two objects" deemed as credible in the search for the Boeing 777

RAAF Orions on the way towards possible debris carrying sensative submarine detection equipment.

UPDATE 1530AEST: HMAS Success is en route. If there's anything to recover, Success is equipped to do so but that would be days away if the sightings are confirmed.

The RAAF has dispatched several more planes and called on the New Zealand RNZAF search planes. Merchant shipping in the area is also being diverted.

Satellite images are "credible enough to divert resources but may or may not relate to the missing aircraft" according to ASMA.

The ocean in the area is believed to be "several thousand metres deep" where the objects have been found.

The search area is roughly 4 hours flying time for the P3 Orions to get overhead. They will have 2 hours of search time on the spot before having to turn back. 

UPDATE 1540 AEST: The objects are of reasonable size and are bobbing up and down on the ocean surface.

Earlier, The Prime Minister's full remarks to the Parliament:

I would like to inform the House that new and credible information has come to light in relation to the search for Malaysia Airlines Flight MH370 in the southern Indian Ocean. The Australian maritime safety authority has received information based on satellite imagery of objects possibly related to the search. Following specialist analysis of this satellite imagery, two possible objects related to the search have been identified. I can inform the House that a Royal Australian Air Force Orion has been diverted to attempt to locate the objects. This Orion is expected to arrive in the area at about this time. Three more aircraft will follow this Orion, they are tasked for more intensive follow-up search. I should tell the House - and we must keep this in mind - the task of locating these objects will be extremely difficult and it may turn out that they are not related to the search for flight MH370. Nevertheless, I did want to update the House on this potentially important development