Every now and again you come across someone who has genuine authority, no self-interest at stake, nothing to gain, but nonetheless says publicly a devastating truth.

One such incident occurred in the early 1990s, as Australia was emerging from a deep and savage recession. It was said by the then Secretary of the Treasury, and now deceased, Ted Evans.

Evens was an old-style bureaucrat who after retiring from Treasury held a position on the Westpac board.