The proposed southern hemisphere gravitational wave detector AIGO increases the projected average baseline of the global array of ground based gravitational wave detectors by a factor ~4. This allows the world array to be substantially improved. The orientation of AIGO allows much better resolution of both wave polarisations. This enables better distance estimates for inspiral events, allowing unambiguous optical identification of host galaxies for about 25% of neutron star binary inspiral events. This can allow Hubble Law estimation without optical identification of an outburst, and can also allow deep exposure imaging with electromagnetic telescopes to search for weak afterglows. This allows independent estimates of cosmological acceleration and dark energy as well as improved understanding of the physics of neutron star and black hole coalescences. This paper reviews and summarises the science benefits of AIGO and presents a preliminary conceptual design.