Prime Minister Malcolm Turnbull says he learnt much from his failed stint as opposition leader and is now more confident, centred and respectful of the wisdom of his colleagues.
He said he wasn't great at analysing himself - he didn't find himself particularly interesting.
"I have learned to be more respectful and to recognise more than I used to," he told ABC television.
"That's why I'm committed to be extremely consultative. Because ... there are very few propositions or ideas that are not improved by engaging."
Mr Turnbull said he was at peace with himself.
"I feel that the leadership I can provide to Australia will make a difference," he said.
Mr Turnbull admitted he had been extraordinarily lucky in his life, though he still had to struggle.
"The important thing is to have the emotional intelligence, empathy and the imagination that enables you to walk in somebody else's shoes," he said.
Mr Turnbull was opposition leader for 14 months in 2008-09, before being defeated by Tony Abbott by a single vote. A week ago, he defeated Mr Abbott in a party room leadership challenge.
Members of his cabinet and ministry were sworn in by Governor-General Sir Peter Cosgrove on Monday, then went straight into a cabinet meeting.
Mr Turnbull said he had many priorities, including making sure that Australia remained a high-wage, first-world, generous social welfare net economy.
That required strong economic growth, he said.
"How do we maintain that? Well, there's the big expanding global economy with many more avenues for Australian services and exports and manufacturers and primary products," he said.
"And all of that is very exciting. But we need to be competitive, we need to be productive, we need to, above all, be more innovative."
Mr Turnbull said Australia's economy wasn't in bad shape, although stronger growth would be better.
Tax reform would be a big part of the reform agenda.
"The important thing is to be open-minded, consult, engage intelligently, explain the challenges to the public in a manner that respects their intelligence and then make a decision," he said.
Mr Turnbull said a key issue for the region was the rise of China, and ensuring that did not disturb the security and relative harmony on which China's prosperity depended.
But he said China's territorial ambitions in the South China Sea had been one of the more counter-productive foreign policies the Asian country had ever undertaken.
Mr Turnbull said one would think China would seek to create sufficient trust and confidence with its neighbours so the area would no longer feel the need for a strong US presence.
"What the island construction and all of the activity in the South China Sea has done has resulted in the smaller countries surrounding that area turning to the US even more than they did before," he said.
