I use 60lb leader. two snelled 5/0 or 6/0 occy circles. running size 5 bean sinker between swivel and hooks. leader length around a meter long - 

swivel ------------------sinker(running)--------------G--G 

cast updrift so it hit the bottom roughly below the boat. dont jig your bait - every now and then pull up to check the weight of the bait.

simple :D. I love drift baiting since i've been to the abrohlos and it works better for me than a paternoster.....when im not jigging anyway. Learnt that rig from Ryan at oceanside, and from time to time I do adapt it. 

Same as Leemo .. but I have a crimp about 6" up from snell with bean in between .. good rig , but I find sharks hit it quite a bit drifting mid water .

...FC or mono, although the FC gives you a bit more abrasion resistance. Another modification from Ryan is the use of a crimp maybe 150mm above the hooks...stops the sinker from sliding up the line and causing tangles on the way down.

If not for jigging, this would pretty much be the only way I would fish offshore, apart from deepwater and/or fast drift...you can use really light gear, like a 15 lb baitcaster outfit, and it suits long baits, like a whole squid/mulie/whiting/herring, depending on hook sizes...

 Good advice, guys! Thanks! One question though. How about snags with this rig. Do you get more or less?

 a lot less than paternosters. The sinker doesnt snag up, for one. 

I used to use a crimp, but now I just run my leader to my swivel and then a 15cm trace to 2x snooded 6/0 occies.