A mix of regret, pride and satisfaction

PAUL Keating's address to the National Press Club in the final week of the 1996 election campaign was his last major speech as prime minister.

When I interviewed him in June 2010, the speech still invoked a mix of regret along with pride and satisfaction. It affirms his disappointment - not for him, but for the nation.

Keating was a conviction politician. He had big ambitions for the nation and he advocated them passionately. Losing the election was, and still is, difficult for Keating. That is why this speech, which summarised his vision and his achievements, matters to him.He believes Labor's economic reforms bequeathed a long growth cycle to John Howard, who had done nothing to bring it about.

The speech warned voters about a Howard government. During our interview, he emphasised how he essentially predicted Howard's Work Choices. Some will accuse Keating of being in denial about the 1996 defeat. But his belief that the election result was "wrong" will resonate with Labor's true believers.