Labor has failed to do enough to present a courageous and coherent set of policies. We've got to outline our own vision for Australia, which I believe should include an independent foreign policy, bold social policy and economic policy that delivers prosperity for all.

Mark was trusted by Labor as a thinker, as a formidable parliamentarian, as a moving advocate of Labor's great ideals. But almost more than this, Labor put its faith in Mark Latham because the caucus wanted to register its protest about the corrosion of its internal culture. In electing Mark, Labor caucus said to the world and to itself that it wanted to change for the better. And I believe it has.

Our future growth relies on competitiveness and innovation, skills and productivity... and these in turn rely on the education of our people.

Here in Australia we do get impacted by global economic events. But we should have some confidence that our economy has got strong underlying fundamentals.

I want you to know what I have told Australia's Parliament in Canberra - what I told General Petraeus in Kabul - what I told President Obama in the Oval Office this week. Australia will stand firm with our ally the United States.

Those of you who have spent time with Australians know that we are not given to overstatement. By nature we are laconic speakers and by conviction we are realistic thinkers.