In 2005/06 the Australian cotton industry clocked up its 10th season of commercial insect tolerant Bt cotton production (i.e. INGARD and/or Bollgard II) and its 5th season of glyphosate herbicide tolerant cotton production (i.e. Roundup Ready ). When the industry entered the brave new world of applied biotechnology in 1996 there were expectations that it would bring about change and it certainly has. This paper looks at some of the changes and impacts experienced to date.