Lyric discussion by Bravura 

Lazlo Bane covered the song and Colin Hay sang the last verse. It sounds great. Lazlo Bane slowed it down and changed the sound quite a bit from the way Men at Work had originally played it. But they managed to do it without disgracing the song.

I think the schizophrenia thing could be right. It's hit the point where he's having trouble sleeping and now he's even noticing that he's lonely ("Alone between the sheets; Only brings exasperation.").

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