On the face of it, Philip Lowe and Steve Waugh have little in common. Except golf. The former Reserve Bank governor and the cricketing great are often spotted playing a round at the country’s most prestigious golf clubs.

Not that it would be easy to tell. Not only are the top clubs expensive, but they’re also secretive. And in high demand, with groaning waiting lists. Golf, it seems, is bigger business than ever, with almost 10,000 people joining clubs in the 12 months to June 30, taking the total number to 435,000.