Which languages should Australians study in school?

In his Budget reply speech Tony Abbott outlined a plan where at least 40 per cent of year 12 students would be studying a language other than English under a Coalition government. The target is to increase knowledge of the languages of key regional partners -- such as China, Japan and India -- to be met within a decade, Mr Abbott said. What do you think of this scheme? Which languages should Australians study in school?