Speaking at the Menzies Research Centre's annual lecture at the Hilton Hotel last night, he delivered his political views emphasising personal responsibility and equality of opportunity.
He described former Australian Prime Minister John Howard, who was present, as a great leader who inspired him before and after he led National into power.
"The test of a Prime Minister is whether you left the country in better shape than when you inherited it. If I can do as good a job as John Howard in that regard, I'll be more than pleased.
"By the time you've been Prime Minister for 11 years, let alone twice been leader of the opposition, you've fought a lot of battles and faced a lot of challenges," he said.
Mr Key said his Government was focused on rebalancing the economy and returning to surplus despite a domestic recession and the cost of the Canterbury earthquakes.
"We have also implemented the biggest changes to the tax system in a generation to increase the incentives to work hard, save and invest, and decrease the incentives to consume.
"That included increasing GST, bringing down personal tax rates across the board and dropping the company tax rate to 28 per cent."
He drew on a story New Zealanders know well but fewer Australians had heard - he was raised by a widowed mother on a widow's benefit in state housing before moving into a high profile career in international finance.
Mr Key said he supported taking care of society's most vulnerable but not at the cost of trapping them in a life of limited income and limited choices.
"As a politician, my own gut-level judgements have been hugely influenced by my upbringing and my life experiences."
He thanked Australians for their support after the Pike River mine tragedy and the Canterbury earthquakes.
"New Zealand has always been here to help Australia, most recently after the Victorian bushfires and the Queensland floods."
He included a little playful transtasman banter in his lecture saying New Zealand had gifted Australia one of its best rugby coaches in Robbie Deans.
"I hope that makes you more competitive, because from the time I became Prime Minister in late 2008, the head-to-head record between our national rugby teams reads All Blacks 9 - Wallabies 2.
- Kate Shuttleworth of APNZ
