US officials have confirmed they intend to sell $60bn (£38bn) of arms to Saudi Arabia, including helicopters and jets.

The state department said details of the deal had been sent to Congress, which now has 30 days to object.

If completed, it could be the most lucrative single arms deal in US history and could support 75,000 jobs.

The state department said Israel, traditionally wary of arms deals involving Arab states, was not expected to raise objections.

'Strong message'

Joe Hockey has spent the week dispensing wisdom from the Book of Hock-onomics, which is an unconventional text of mysterious provenance. It is part economics, part philosophy and, as the government would have it, mostly ''ill-considered rubbish''.

But the latter is too harsh a characterisation. It's simply that, like the Tao or a cup of tea-leaves, the Book requires divination rather than straight reading.

Under the laws of Hock-onomics, governments have levers that they can pull, much like crane drivers.

It is difficult to say what those levers are, or where they are located, but Hock-onomists are working on that as we speak.

Former prime minister John Howard has described Peter Costello's efforts to succeed him in the nation's top job as those of a "rank amateur".

But a key Costello supporter has hit back at the claims, saying it was Mr Howard who acted dishonourably.

In his memoir, Lazarus Rising, Mr Howard sheds new light on the bitter leadership struggle between him and his deputy that developed over the Coalition's 11 years in government.

A 20-year study shows worrying results about the decline of krill, a form of plankton, in the Southern Ocean.

Plankton is the basic food source for almost all ocean dwelling creatures and krill is one of its most important forms.

The scientist leading the krill project, Dr Graham Hosie, says he cannot explain the drop in numbers.

But Dr Hosie says he is hoping to get some answers from the latest scientific expedition to Antarctica, which departs from Hobart today.

About 90 scientists and support staff have boarded the research ship Aurora Australis.

Possibly James Packer's raid on the Ten Network has nothing to do with controlling lucrative sports broadcasting rights - possibly he is just a fan of The Simpsons.

Whatever the motivation of the media mogul who renounced mogul-hood only to assume it again in the past couple of days, the body language in Canberra yesterday was fascinating.

Sure-sign No. 1 of inter-planetary Packer activity: Malcolm Turnbull looking nostalgic, almost like he could launch into risque anecdotes at a family wedding.

Opposition treasury spokesman Joe Hockey has foreshadowed the Coalition might find the numbers in Parliament to act against banks that raise interest rates above the level recommended by the Reserve Bank.

He has criticised Treasurer Wayne Swan for not being effective in preventing the banks from lifting rates by more than the increase in the cash rate.

Mr Hockey says there are other levers Mr Swan should be using, including punitive ones, and he says the Parliament might act if the Government does not.

The Prime Minister of Australia, Julia Gillard, & the Leader of the Opposition, Tony Abbott, both stood up in our nation's Parliament today & boldly, deliberately & directly lied to the Australian people about the need for Australia to maintain its military presence in Afghanistan.

In perpetrating this foul & obscene act of theatre in the guise of a 'debate', I believe both are guilty of treason, the ultimate act of betrayal.