Peter is one of Australia’s most influential political and economic figures, widely recognised for his role as the longest-serving Treasurer in Australian history. Over more than a decade in office, Peter helped shape the nation’s modern economy, leaving a legacy of economic reform, fiscal prudence, and institutional innovation that continues to resonate in Australia’s financial and political systems today.

In 1990, Peter entered federal politics as the Member for Higgins in Melbourne’s southeast, replacing retiring Liberal stalwart Roger Shipton. He was quickly recognised as one of the Liberal Party’s brightest minds and most articulate advocates. In 1994, he was elected Deputy Leader of the Liberal Party under John Howard, forming a leadership team that would take the Coalition to power at the 1996 federal election. Upon the victory, Costello was appointed Treasurer, a position he would hold until the end of the Howard Government in 2007.

As Treasurer, Peter presided over a period of sustained economic growth, declining unemployment, and rising living standards. He delivered twelve federal budgets, ten of which were in surplus, and was instrumental in eliminating the federal government’s net debt, which had stood at nearly $96 billion when he took office. Under his economic stewardship, Australia earned successive credit rating upgrades, eventually achieving a AAA rating from all major international agencies.

Peter is best remembered for his wide-ranging economic reforms, including the introduction of the Goods and Services Tax (GST) in 2000, arguably the most significant change to Australia’s taxation system in decades. He also led reforms to the financial services sector, resulting in the creation of the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC), which enhanced oversight and accountability across Australia’s financial landscape. In 2006, he established the Future Fund, a sovereign wealth fund designed to ensure the long-term sustainability of public service pension liabilities, which today stands as a model of strategic economic foresight.

Throughout his time as Treasurer, Peter was often viewed as the heir apparent to John Howard. However, tensions over leadership succession became a defining subplot of the Howard Government’s later years. Despite speculation and internal party discussions about a transition of leadership, Howard chose to remain leader through to the 2007 election, which the Coalition lost. Peterdeclined to contest the Liberal leadership in the aftermath and stepped away from frontline politics, ultimately resigning from Parliament in 2009.

Following his political career, Peter turned his attention to business and governance roles. In 2013, he was appointed to the Board of Guardians of the Australian Future Fund, and in 2014 he became Chair of the Board, a position he continues to hold. His stewardship of the Future Fund has been widely credited with maintaining its performance and integrity, even through periods of economic uncertainty. In 2013, Peter also joined the board of Nine Entertainment Co. and became Chairman in 2016. He served in this role until June 2024, overseeing the company through a transformative period of digital change and consolidation in the Australian media landscape.

Peter has also been active internationally, serving as Chair of the World Bank’s Independent Advisory Board on Anti-Corruption and Integrity and contributing to various global economic forums. He is a frequent commentator on economic issues and remains an influential voice in Australian policy debates.

Peter was appointed a Companion of the Order of Australia (AC) in recognition of his service to Parliament, economic policy development, and the broader Australian community.

Today, Peter Costello speaker and a leading voice on all things economy, finance and business is widely regarded as one of the most significant Australian Treasurers of the modern era. His leadership during a period of extraordinary growth and reform continues to shape Australia’s economic foundations and fiscal strategies. From the courtroom to the cabinet room and beyond, Peter’s impact on Australian public life remains enduring and deeply influential.