And if the term "rotten" is a bit emotive or over the top Mr Costello, consider this.

Other than as fuel, Bass Strait energy is almost exclusively used in the four decade old Altona petrochemical complex which is tiny, high cost and uses dated technology.

On the other side at the Burrup Peninsula, gas and salt is exported - key ingredients to make caustic soda, Australia is the largest deep sea importer of this.

We have massive deposits of raw materials and even when abundant like titanium dioxide, uses odd technology keeping the industry tiny.

I can only point to alumina as a success story and then only because of a quirk of nature.

Every endeavour by your and previous government agencies, including large financial assistance, has FAILED. Syntroleum, Qmag, PICL, PPP etc, just to drop a few names. Instead we promote biofuels, ethanol based on rural produce, subsidised feel-good activities that do NOT add economic value and serve only to assist rural activities at the expense of the majority.

Like so many resource-intensive countries, we are deadened to the realities that will hit us sooner than later. A read of Michael Porter's "Competitive Advantage of Nations" a must read. We are soft and it's going to hurt. Ah yes, it will be the previous government's fault one day wont it?

Mr Costello is it too hard create the conditions for long term investment? I call you bluff.

Peter,

You do come across as being less of a spin artist compared to the Prime Minister. That's a good thing! I get the impression that you prefer to do your research before speaking publicly. The Prime Minister seems more inclined to say 'what sounds good' on the spur of the moment, and while that may get him out of some sticky situations, ultimately it's a weakness.

I would just like to make a point regarding Australia's relationship with Asian countries, and that is there should be far more emphasis on Asian languages and history in the education system, in particular Japanese and Chinese. With Japan and China now our two biggest trading partners, it follows that our cultures will continue to become entwined. Both those countries make huge efforts to improve their English skills of their citizens. Failure to reciprocate must surely be a disadvantage.

Throughout my secondary education I attended Australia's oldest and possibly most prestigious school, and the only languages one could learn were German, French and Latin. Nothing wrong with those, but it should be compulsory in Australian schools to study at least one Asian language. Huge numbers of people from our neighbouring countries visit Australia, migrate to Australia, do business with us and study here.

Before extensive globalisation, Australia tried to avoid integrating with Asia. That is of course impossible now in the 21st century - this century. Australia must learn to improve it's communication skills with it's neighbours.

If you do end up as Prime Minister, Peter, can you please show more tact in dealing with Asian countries than the current Prime Minister does? Tact and caution. Caution I think you have. Do you have tact and an understanding of Asian customs and their subtleties, and differing styles of negotiation? Prime Minister Howard represents the old Australia and our neighbours know it. Peter you perhaps have the opportunity to represent the new Australia.

My apologies, a couple of corrections:

Both those countries (Japan and China) make huge efforts to improve the English skills of their citizens.

and

Australia must learn to improve its communication skills with its neighbours.

What I can't figure out...is how, when the largest employer in Australia is 'Manufacturing' we will survive the 'phase out' of manufacturing AND of services..(did we all see a sheepish Greg Dixon today defensively telling us that 'if these changes don't result in cost savings, we WILL outsource our maintainance overseas' ?)...

...on the topic of Qantas.. has anyone tweaked to the idea that HOSTESSES are probably cheaper when outsourced to CHINA as well !

The idea of the all powerful 'shareholder' being the beneficiary will last as long as the CUSTOMER decides to continue being a doormat and a blank cheque for yet another fee or charge or whatever.

I call AGAIN for a 'peoples' bank... (like Bank Bumiputera in Malaysia) and for some compassionate loyalty by both shareholders and management to this country.

I wonder.. how many 'jobs, mortgages and ruined lives' are the result of a 1 cent increase in dividend ?

I know what Jesus would do.. DRIVE THE MERCHANTS OUT OF THE TEMPLE !

In the same way he addressed the 'religious rationalists' of his day .. u know..those who felt it more important to live according to human doctrine rather than care about their families in the true spirit of the Torah... well.. He would have some choice words for our ECONOMIC rationalists today, who place the nth degree of profit ahead of an overall community well being.

12:16 He spoke a parable to them, saying, "The ground of a certain rich man brought forth abundantly.

12:17 He reasoned within himself, saying, 'What will I do, because I don't have room to store my crops?'

12:18 He said, 'This is what I will do. I will pull down my barns, and build bigger ones, and there I will store all my grain and my goods.

12:19 I will tell my soul, "Soul, you have many goods laid up for many years. Take your ease, eat, drink, be merry."'

12:20 "But God said to him, 'You foolish one, tonight your soul is required of you. The things which you have prepared--whose will they be?

Well done Spinner,

Lets not forget it was the Labour government who floated the dollar, deregulated banking, brought in labour reform, medicare and compulsory super annuation.

This platform created the foundations of a steady economy. It was the coalition's good fortune that the Chinese economy boomed during it's tenure, during the SE Asia crash the Clinton economy was in full swing and both were willing to buy just about everything we dig up. These were the most forgiving of economic circumstances and any treasurer would be seen to do well. How can you have inflation when the market is flooded with cheap Chinese manufactured goods.

The coalition has created a very divided culture. Each election victory was bought with new tax cuts. Tax cuts at the expense of the safety net which is now showing signs of collapse.

While demographic change needed a different solution to fund the old age pension, the focus on superannuation has created an each to their own culture. Instead of providing a steady future tax base we plunder the economy now. Hex fees are so high that children cannot afford to leave home until they are well into their twenties. House prices have shot through the roof and the difference between rich and poor is bigger than ever.

In foreign policy the coalition almost caused a war with Indonesia over East Timor. Mahatir and Lee and were bullying leaders who would show of their strength to the domestic audience by picking on smaller western countries like Australia. Meantime we cowtow to China on every occasion. China a market economy? Not to speak about human rights. When we sell our ores we don't need to sell our soul with it.

The coalition's wealth and economic boom is created on the backs of impoverished Chinese workers. Shame on you, mr Costello!

Mate you lost me with all the snivelling "its my turn".
You'll probably get the job and it will go to your head.
Not because your any good but the other guy is worse.
Who want to live in a nation of working poor?
Sad part is, even if the other party is elected they wont do anything EITHER except blame the previous lot.