Squid, is cheap and works well. I like to use flasher rigs, 6/0 or so as I think chances of landing trumpeter and terakihi are increased and they still work fine for cod. As far as a scrap goes a double hook up of 35cm plus trumpeter beats a cod double hands down and although not as good as cod they taste good too. Soft plastics and are a good option if you don't have bait to get started, but the cod are pretty good at shredding them.
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