Governments enjoying surpluses have a very strong temptation to splash money around, and while tax cuts are always appealing, cutting taxes at the top of a boom runs the real risk of creating a structural deficit when the boom subsides.

The proliferation of outlets that digital technology has enabled has itself contributed to the changing nature of what we regard as 'news' and the way in which many citizens perceive politics.

The only reason to be in politics is public service. There's no other reason. Frankly, if that's the best job you can get in terms of money, that's too bad, you know. Because frankly, it's not well paid, everyone knows that. So for most people it's a big sacrifice.

Broadcasters or politicians or writers who think that they are respecting Struggle Street, the battlers, by dumbing things down into one-line sound bites are not respecting them, they are treating them with contempt. It's our job above all in politics to tackle the big issues and to explain them.

This is a very tough business, politics. It's easy to get resentful or full of bitterness ... (but) I think hatred hurts the hater more than the hated. So I'm looking back on my time positively.

On balance, after weighing the arguments, I believe that the time has come for Australia to create a new sovereign wealth fund.

The royal commissions are successful and effective when they have a focused terms of reference and can do the job quickly and report. And then action can be taken.