Costello Hits A Private Crossroad

Sydney Morning Herald
12 January 2008
Cosima Marriner and Stuart Washington

PETER COSTELLO is believed to be weighing up a job with Macquarie Bank against staying on in federal politics. Sources have told the Herald the former federal treasurer has been offered one of the three most senior jobs at the bank known as the Millionaires' Factory.

Mr Costello stunned even his closest parliamentary colleagues the day after the November election when he announced he would not seek the Liberal Party leadership and would not commit to serving a full term.

"The time has come for me to open a new chapter in my life," he said then. "I will be looking to build a career post-politics in the commercial world."

It is believed Mr Costello considers the Macquarie Bank post the best of several corporate offers, although as treasurer he was critical of the bank.

Mr Costello, who was repeatedly denied the prime ministership by John Howard, still cannot quite make up his mind to quit politics. He has told confidants he believes the Labor Prime Minister, Kevin Rudd, is beatable at the next election, and Brendan Nelson will last little more than a year as Liberal leader.

Mr Costello is considering whether to remain in politics as a backbencher until Dr Nelson is deposed, then lead the Liberal Party to the next election with Malcolm Turnbull as his treasurer.

The same age as Mr Rudd, 50, Mr Costello will be only 53 when the next election rolls around. If he were to fail then, he would still have at least 10 years to devote to a private-sector career.

A spokesman for Mr Costello yesterday refused to say if he had been offered a job at Macquarie Bank, or if he was considering staying in politics. "We're not going to comment on it because it's wild speculation," he said.

Macquarie Bank did not return the Herald's calls.

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