Share the wealth while it lasts - and pave the way for a bright future

Malcolm Turnbull's flirtation with the idea of a sovereign wealth fund might mean the current commodity boom - the most sustained of this magnitude in our history - isn't the fiscal equivalent of the one that got away.

Three key points have been absent from our embryonic discussion. Addressing these could mean the difference between a short and flashy fling with our commodity wealth or a prosperous, healthy and sustainable long-term relationship.

Turnbull first and clearest on the need for a sovereign wealth fund

Turnbull certainly gets around. He's the opposition's telecommunications spokesman. But he also turned the wick down on the ASX and Singapore Exchange's chances of getting in bed together halfway through last month when he said the deal was hard to love.

The opposition was flying under the radar on the issue when Turnbull said the deal would be easier to embrace if it were structured more as ''an equal partnership''.