I'm not one to bury the lede. This was INXS's biggest hit. The opening single from the Kick album in 1987, the Andrew Farris/Michael Hutchence classic about living in the moment was a #1 hit around the world and set the band up for superstardom.
More than that, it moved the band a little away from the rock band mentality and more into a zone where it was OK to use electronic instruments to augment their sound. It made them a richer, deeper, and, ultimately, more popular band.
The song is more about the video, which won 5 MTV Video Music Award. It was directed by Richard Lowenstein and used photocopied images to accomplish the visual effects.