AUSTRALIA: Contributing to Regional Equilibrium

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John Howard, Australia's second longest serving prime minister, is now in his "legacy" period. Unlike many, Howard may be smart enough to leave the scene with style, handing over to his successor (presumably the current Treasurer, Peter Costello) with ample time before the next election. From mid-year, Howard will have control of the Senate, which will give him the chance to round off his domestic reform agenda. From unpromising beginnings, Howard may end up being regarded as Australia's most successful prime minister since Sir Robert Menzies.

Howard has also done much to' solidify the alliance with the United States, while ensuring that Australia continues to benefit from the …