A good finance minister must say no to the demands of fiscally profligate colleagues. It’s therefore the hardest position in government to do well and remain popular.

The fact that Senator Mathias Cormann remains highly regarded in his party, and that his departure from politics is widely regretted, says a lot about his performance in this key economic portfolio. This reflects the congenial and measured personal style that allowed the government’s financial "hard man" to also be its most skilled and effective negotiator with the crossbenches.