Let's start therefore with a universal truth: leaders are fundamentally accountable.

We all of us have a reputation, something we are known for, and sometimes it may be different from what we would like to be known for. At the core of this is the simple but fragile heart - our integrity - which is always under challenge, under tests both trivial and profound every day of our lives.

Leaders who fail to appreciate this fundamental precept of accountability must also fail to muster the profound commitment true leadership demands.

It's instructive to consider the more spectacular and well-known falls from grace of leaders in the public eye... In the main, the issues behind these falls could be grouped under a lack of competence, a lack of support or loyalty from those they sought to lead, and a lack of failure of integrity. Of all these the last is the most egregious, the most fatal. We so much want our leaders to be unfailingly decent that an obvious or perceived flaw in integrity can be the toxin which kills them off.

I must say that part of our national wealth is not only the nation's people but those people who lead them.

But the people of the disaster area fundamentally needed to understand that the rest of Australia had noticed their misery and their stoicism and their intense sense of community and determination to arise from the sodden wreckage of their homes, and that Australians would dig deep to help. I helped to describe the community ethos which quickly triumphed over incipient despair. It is this mobilisation of the unifying spirit that thrills us all, even as we mourn.

In business, integrity is just as important as in any of the great public offices... but I believe one of the first and fundamental obligations of competent business leadership is above all to protect the reputation and integrity of the business - to that degree the integrity of the business is the integrity of the leader.