The Coalition acknowledges the decision by the Hon Peter Costello AC to not seek reappointment as Chair of the Future Fund and thanks him for his service.
Peter Costello has been a dedicated and effective contributor to public life for more than 30 years including more than 14 years at the Future Fund.
Along with his substantial record as Treasurer, Mr Costello’s stewardship of the Future Fund has contributed greatly to the sustainability of Australia’s public finances and reduced the intergenerational burden of government debt.
Establishing the Future Fund in 2006 along with John Howard and Nick Minchin was a farsighted decision from an effective Coalition Government. The Fund has played a vital role in supporting Australia’s financial standing and AAA Credit Rating.
It is crucial the Fund continues to accumulate and the capital remains preserved.
Mr Costello leaves a significant legacy and large shoes to fill. He brought unparalleled experience to the role, including a decade as Treasurer, private sector experience in asset management and five years on the Future Fund board of Guardians at the time of his appointment.
It is critical Mr Costello’s replacement bring equivalent experience and be appointed in a transparent and merit-based process.