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Peter Howard Costello (born 14 August 1957) is an Australian businessman, lawyer and former politician who served as the treasurer of Australia in government of John Howard from 1996 to 2007. He is the longest-serving treasurer in Australia's history. Costello was a member of parliament (MP) of the Australian House of Representatives from 1990 to 2009, representing the Division of Higgins. He also served as the Deputy Leader of the Liberal Party from 1994 to 2007.
On 18 September 2008, Costello was appointed as chairman of the World Bank's new Independent Advisory Board (IAB) to provide advice on anti-corruption measures. Costello served as Chairman of Nine Entertainment from February 2016 until June 2024. Costello is Chairman of the Board of Guardians of Australian Future Fund.
During the 1980s, Costello was a solicitor at the law firm Mallesons Stephen Jaques, then became a barrister and represented employers in some of Australia's best-known industrial relations disputes.
In 1982 Costello married Tanya (nΓ©e Coleman), daughter of writer and former Liberal politician Peter Coleman and historian Verna Coleman.
In 1983 and 1984, Costello represented the National Farmers' Federation in legal action against the Australasian Meat Industry Employees Union (AMIEU). The AMIEU was seeking a unit tally system to be set up in abattoirs in the Northern Territory. The dispute focussed on one abattoir, Mudginberri, which chose to fight the AMIEU claim. Ultimately the AMIEU claim was unsuccessful.
Costello became counsel to organisations representing small business and rose to prominence in the 1985 Dollar Sweets case, as junior counsel assisting Alan Goldberg QC, successfully representing a confectionery company involved in a bitter industrial dispute.
After graduating, Costello became more conservative but retained progressive views on some social issues. In 1984 he was a founding member of the H. R. Nicholls Society, a think tank on industrial relations. In the late 1980s, he was identified as part of the New Right movement, which was organised to some extent in the H. R. Nicholls Society.
On one occasion Hewson accused Costello of bad mouthing him to journalist Laurie Oakes, which Costello denied. Hewson's shock defeat at the 1993 election, Costello believes, can be attributed to Hewson lacking the experience to know which things to try to change and which things to avoid trying to change. Costello believed Hewson fought everyone from Churches and Welfare groups over the GST to the Superannuation and Medicare organisations and recipients. Costello claimed he found it hard to promote the Liberal party's zero Tariff policy to the car industry.
Costello developed a higher profile following the 1993 election, becoming Shadow Finance Minister (though apparently failing to become deputy Liberal Party leader). Costello came to be seen as an alternative leader to Hewson, especially through, but not limited to, the "sports rorts affair" where, at the urging of Costello and Hewson, Sport Minister Ros Kelly was forced to resign after it was revealed she had not handled sports' funding proposals properly. Hewson was deposed as Liberal leader in May 1994, Costello supported Alexander Downer for the leadership, becoming his Deputy Leader and shadow Treasurer. But what may well have prevented Costello from challenging Hewson for the leadership himself was an accusation by Victorian Liberal Premier Jeff Kennett that Costello and his friend, former Victorian Liberal party president Michael Kroger, had undermined Hewson's leadership prior to Hewson calling the leadership spill.
However, when Downer in turn resigned in January 1995. Costello did not seek the leadership, instead supporting John Howard. It was later allegedβin July 2006βthat this was due to a December 1994 meeting of Howard, Costello and Ian McLachlan in which Costello is said to have agreed not to challenge for the leadership in 1995 and Howard is said to have agreed to stand aside after one and a half terms as prime minister for Costello to take over. Howard denied that this was a formal arrangement.
In 2009, Hewson stated that Costello's best chances of becoming leader were at the 1994 leadership spill (which Hewson noted with irony) or when Downer stood down 7-8 months later.
Costello became the longest serving Deputy Leader in 2006, breaking the record held by the party's first Deputy Leader Eric Harrison. He also spent all but the last two years of his political career on the front bench.
Tax reform became a major policy focus for Costello. Although John Howard had promised during the 1996 election campaign that he would "never, ever" introduce a GST, it returned as Liberal Party policy for the 1998 election. It was passed through the Senate with the help of the Australian Democrats. Until July 2005, Costello's own agenda of labour market deregulation remained blocked by the government's lack of a Senate majority.
In 1998, Costello and his wife Tanya, along with Tony Abbott and his wife Margaret, successfully sued author Bob Ellis for false statements he made about them in his book Goodbye Jerusalem.
Costello advocated for change to a republic at the Australian Constitutional Convention 1998. He rejected any suggestion that Australia was not already an independent nation and said that the Australian Constitution works "remarkably well". It was the institution of monarchy that was the crux of his argument for change:
Costello supported the 1999 referendum on whether Australia should become a republic.
After the 2001 election, he attracted criticism for not securing funding for a key election promise to extend the Medicare safety net.
In 2002, The Baby bonus scheme was reintroduced by the Federal Government of Australia in the 2002 budget was aimed at offsetting the expenses associated with bearing a child. The scheme was also introduced as a means of increasing Australia's fertility rate and to mitigate the effects of Australia's ageing population. Costello famously had a slogan to encourage Australians to "have one for mum, one for dad and one for the country".
In February 2006, Costello caused controversy during a lecture at the Sydney Institute when questioned about the government's refusal to legally recognise same-sex marriage. He stated, "I think we do recognise the rights of gay and lesbian people in Australia. We do not criminalise their conduct or behaviour." He also pointed out that the law was changed in 2004 to recognise same-sex couples with regards to superannuation. He stated that marriage should only be recognised between Heterosexuality couples. Also during the same speech, Costello criticised "mushy misguided multiculturalism," warning immigrants that the acceptance of Australian values was "not optional."
During the 2004 election campaign, Howard avoided saying whether he would serve a full term if re-elected, saying only he would remain as long as his party supported him. The government's subsequent success in winning control of the Senate raised speculation that Howard would further delay his retirement, with the prospect of a Costello leadership succession diminishing. And that is what happened.
In July 2006, the alleged Costello/Howard succession deal was made public by Ian McLachlan. Costello confirmed the incident had occurred and that he shared McLachlan's interpretation of events. Howard denied the claims repeatedly, stating the continued public drama displayed "hubris and arrogance" and that the leadership was the party room's to decide, not a prize to be handed over by leaders to successors.
Press Gallery columnist Michelle Grattan described Costello's actions :
Despite tensions between the Prime Minister and the Treasurer, nothing further came of those events. Neither Howard nor Costello took any action to remove the other from office, or resign. However, on 12 September 2007, amid renewed leadership tensions and a series of unfavourable public polls, Howard confirmed he would step aside well into the next term, if re-elected, and that Costello would be his "logical successor".
A federal election was held on 24 November 2007. An exit poll of 2,787 voters by Auspoll, commissioned by Sky News, included a question on the statement "I donβt want Peter Costello to become Prime Minister". Fifty-nine per cent agreed, while 41 per cent disagreed. LIVENEWS.com.au > News > FIRST SIGN: Exit polls show 53β47 win to Labor http://in.news.yahoo.com/071124/137/6nmyw.html The Coalition lost the election.
Given the well publicised working relationship between Howard and Costello, the two did not stay in touch after the Howard Government left office.
However, as opposition leader Brendan Nelson struggled, speculation mounted that Costello would change his mind and seek the leadership. In August 2008, he ruled out challenging Nelson, but did not comment on the prospect of Nelson stepping aside in his favour. NAB pledges to pass on interest rate cuts , Lateline, ABC, 21 August 2008
Finally in September 2008, just before the release of his memoirs, The Costello Memoirs, Costello specifically re-confirmed that he would not be seeking leadership of the party and would leave politics at a time that suited him. Media attention immediately shifted to whether Costello's decision cleared the way for a leadership challenge by Malcolm Turnbull (who was the shadow treasurer at the time). Tony Abbott described the decision as a great loss to Australia and to Costello himself, who might continue to have regrets for the rest of his life at what might have been. Media outlets capitalised on Costello's failure to categorically rule out any future leadership challenge. An incumbent-announced leadership spill on the morning of Costello's book release saw Turnbull defeat Nelson. Costello remained as an opposition backbencher. On 18 September 2008, Costello was appointed to the World Bank's new Independent Advisory Board, (IAB), which will provide advice on anti-corruption measures.
On 15 June 2009, Costello announced that he would retire from Parliament at the next Federal election.PeterCostello.com.au (2009). Costello announces he will not renominate . Retrieved 15 June 2009. However on 7 October 2009, Costello announced he would be resigning from Parliament when it resumed later in the month. He resigned on 19 October 2009, triggering the 2009 Higgins by-election. Costello's departure came just prior to the ETS crisis that lead to Malcolm Turnbull losing the Liberal party leadership to Tony Abbott.
Costello is a managing partner of BKK Partners, a boutique corporate advisory run by former Goldman Sachs managers. He also chairs the advisory board of specialist corporate advisory firm ECG Advisory Solutions.
In 2008, his best-selling memoir was published by Melbourne University Press.
Costello wrote a regular column for Fairfax Media newspapers until 2013.
In October 2010, Howard published a memoir, , that drew the ire of Costello and others. Howard used the memoir to settle some personal scores, calling Costello "an elitist, who's unable to connect to ordinary Australians" and accused Costello of bungling the leadership handover issue. Costello responded by claiming that Howard "appears to be incapable of taking responsibility for the defeat of the government and for losing his seat of Bennelong."
In May 2012, Michael Kroger accused Costello of being interested in returning to Federal Parliament, most likely by getting a Liberal MP to step aside, with the hope of becoming leader of the Liberal Party. Costello denied this, saying that Kroger had approached him asking to help preserve his ex-wife Helen Kroger's Senate position. At around the same time, Helen Kroger was demoted on the Senate Liberal ticket for Victoria. Kroger believes Costello was targeting her along with others; Kroger also claimed Costello very often criticises past and present Liberal party MPs and officials.
In February 2016, Costello was appointed chairman of Nine Entertainment. He resigned from Nine in June 2024 after allegedly assaulting a reporter at Canberra Airport. Costello denied the assault occurred.
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