Singing John Key’s praises in a higher key

Illustration: Rod Clement.

Has there ever been a more loved foreign exchange trader than outgoing New Zealand Prime Minister John Key?

International leaders, the business elite, political gurus: if they didn’t have a ponytail, they were singing praises for the former head of global foreign exchange at Merrill Lynch, who yesterday up-ended NZ politics by announcing he was standing down as PM.

There is no shortage of reasons for his popularity. The self-made multimillionaire Key, still only 55, won three terms in office and revitalised the New Zealand economy.

Key was self-effacing. Remember his “top 10 reasons you should visit New Zealand” on David Letterman’s Late Show back in 2009. (Number four was the best: “Visit in the next 30 days,” said Key, “And I’ll pick you up at the airport.”)

And — putting to one side a strange interest in tugging the ponytails of unsuspecting girls — he was by all accounts a great guy.

Back in 2013, when Kevin Rudd (a sort of anti-Key figure) tore down Julia Gillard, Key was on the phone soon to our first ­female PM. Despite being on different sides of politics, they had an excellent working relationship.

As we understand it, after some kind words, Key told ­Gillard he had three holiday homes around the world — one at Omaha Beach on New Zealand’s north island, a pad in London (where he worked as a banker) and another holiday home on the Hawaiian island of Maui (which he picked up for $5.5 million).

“Which one would you like to stay at?” we’re told Key asked.

We understand Gillard took up the offer, although for reasons of bilateral secrecy, our trans-Tasman sources won’t reveal which one she picked.

But what is clear as a South Island lake is Key’s nature. He went out of his way to comfort the sworn enemy of Australia’s restored PM Rudd — and someone who no longer held any power. That’s all class.

Fond farewell

The New Zealand dollar fell against the US dollar and the Kiwi sharemarket was down on the news that, after eight years as PM, John Key was calling it quits.

The Christmas tree at Premier House, the official residence of the prime minister of New Zealand.

But one thing was up in ­Wellington — the Christmas tree at Premier House, the official residence of the prime minister of New Zealand.

Kiwi sources tell us Key had long before scheduled staff Christmas drinks for last night at Premier House.

Obviously, those drinks took a turn to the epic after Key’s historic announcement.

So not only did Key do what almost no political leaders have ever done — relinquish power while still in an electorally dominant position — he also co-ordinated the announcement around a party that was already in the diary of his loyal army of staffers. The perfect exit.

Hands-on approach

On the other end of the dignity spectrum was Mark Forbes ’s departure from his position as editor-in-chief of The Age.

Mark Forbes and his partner Hunny Berry.

Forbes announced his resignation yesterday after a second complaint was lodged by a female journalist, who has since left the Melbourne-based paper.

In the Birdcage at Spring Racing Carnival: Mark Forbes and his partner Hunny Berry.

It was alleged Forbes said she was looking “busty”, adding: “Not that I’m complaining”.

That followed an earlier complaint about him grabbing the bottom of another of his female journalists at a work function.

After that combination, Forbes announced his departure from Fairfax Media yesterday morning.

“I have let you down,” he wrote in his email to staff.

The handsy episode brings to an end his family’s long association with The Age. His father Cameron Forbes was a distinguished foreign correspondent at the paper.

The only respite for Forbes was that his glamorous Indonesian-born partner Hunny Berry was standing by her man.

“I love you with all my heart,” she wrote on her prolific Facebook wall.

The pair have been fun-loving fixtures on the Melbourne scene.

After the developments of recent days, invitations to the Emirates Marquee at next year’s Spring Racing Carnival, among other parties, are looking unlikely.

Flight grounded

Following his non-attendance at Friday’s Walkley awards, former editor-in-chief of The Age Mark Forbes was a late scratching from the 10-year anniversary celebration of the Future Fund at the Park Hyatt in Melbourne last night.

Treasury secretary John Fraser.

Also not at last night’s function — although for entirely different reasons — was Treasury secretary John Fraser.

The former UBS big shot Fraser was held up by the electrical storms brooding over Sydney Airport. By 5.10pm, after waiting on the tarmac for more than an hour, Fraser abandoned his spot in the second row of one of John Borghetti’s Virgin Australia fleet.

He’s not a man to tolerate lateness.

Seated in 1A in the row ahead of Fraser was man-of-the-people Derryn Hinch, the shock jock turned senator.

We can only imagine what the impeccably tailored Fraser’s assessment was of Hinch’s signature untucked dress shirt. Another reason not to hang around.

Past and Future

It was going to take a lot more than lightning and thunder to stop the inaugural chairman of the Future Fund David Murray from getting from his NSW farm down to Melbourne for the 10-year anniversary knees-up.

Chairman of the Future Fund Peter Costello with Prime Minister Malcolm Turnbull. Picture: Aaron Francis/The Australian.

He would have set out on foot if required.

Murray’s six-year chairmanship of the Future Fund looms large on his professional life after running the Commonwealth Bank. Murray can still remember the day a decade ago that he trundled along to the Reserve Bank of Australia’s building in Martin Place with 100 points of ID (passport, driver’s licence) to get the nod for the Fund’s foundational $18 billion fund allocation. About as rare as experiences come.

For the second chair of the Fund, David Gonski, the gig was less defining. The Chairman of Everything sent his apologies — probably not a bad idea, as he prepares for the ANZ’s annual general meeting next week.

Back in the Murray, wouldn’t-miss-it-for-the-world camp, was the current chair Peter Costello, who as Federal Treasurer squirrelled (on the taxpayer’s behalf) $60.5bn to the Fund which launched in November 2006.

Ten years on, the fund is now worth $125bn.

Among those braving the elements to hear Prime Minister Malcolm Turnbull salute Costello and the Guardians, past and present, were his Treasurer Scott Morrison, the local bosses of UBS Australasia (Matthew Grounds), Goldman Sachs Australia (Simon Rothery) and Credit Suisse (John Knox) and Quadrant private equity baron Chris Hadley.