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This is a progress report on the ATCA IDV survey of compact, flat or inverted spectrum radio sources. We found that four sources: PKS 0405–385, PKS 1034–293, PKS 1144–397, and PKS 1519–273 out of the sample of 125 show high flux density variability on the daily timescale. The characteristics of observed IDV are discussed and we reflect on its possible origin.