Timezone is not working

Hi, When I set my timezone to Sydney, Australia on my Preferences the "long" and "short" date is correct but the time is wrong by several hours!! When I create a story the "storydate" is always european date/time!! My workaround is to use the "story.createtime as=editor" macro in the story form, but I can only set the date, not the time (set to european time) using this macro. I have followed the instructions according to the macro documentation. Is this a bug too?