"Good Times" was off the soundtrack of the 1987 teen vampire film The Lost Boys which starred Kiefer Sutherland, Jason Patric, Jami Gertz and the Coreys (Haim and Feldman). I may be biased, but the movie is not half bad, and the soundtrack is actually pretty strong (and used extensively in the movie itself). Helped by MTV, "Good Times" would peak at #47, while The Lost Boys soundtrack would reach #15 on the album charts.
Americans (well, non-Australians) may also wonder why Jimmy Barnes got to sing with INXS. It turns out that Barnes was the lead singer of the Australian rock band Cold Chisel before becoming a solo artist. Cold Chisel enjoyed huge success in their home market (6 top 10 LPs, including 3 #1s) but never broke through internationally. The group disbanded in 1983, and Barnes would go on to have a successful solo career in Australia, with 7 #1 LPs (and 3 #2s).
Making the song even more interesting (and more Australian, to boot), it is a cover of a 1968 Easybeats song. The Easybeats were the most successful Australian rock band of the 1960's and the first Australian rock act to have an international hit with "Friday on My Mind."
The INXS and Jimmy Barnes version:
The original Easybeats song:
Note that INXS was previously featured on ERV with "Don't Change" back in December 2011.