Peter Costello

Infobox Officeholder
honorific-prefix = The Honourable

name = Peter Costello
honorific-suffix = BA LLB MP

---

order = 35th Treasurer of Australia
term_start = 11 March 1996
term_end = 3 December 2007
predecessor = Ralph Willis
successor = Wayne Swan
order2 = Deputy Leader of Liberal Party of Australia
term_start2 = 1 May 1994
term_end2 = 29 November 2007
predecessor2 = Peter Reith
successor2 = Julie Bishop
constituency_MP3 = Higgins
parliament3 = Australian
majority3 = 46,561 (58.76%)
term_start3 = 24 March 1990
term_end3 =
predecessor3 = Roger Shipton
successor3 =
birth_date = birth date and age|1957|8|14|df=yes
birth_place = flagicon|AUS Melbourne, Victoria, Australia
death_date =
death_place =
nationality = Australian
party = Liberal Party of Australia
spouse = Tanya Costello (née Coleman)
relations =
children =
residence =
alma_mater = Monash University
occupation =
profession =
religion =


website =
footnotes =

Peter Howard Costello (born 14 August 1957) is an Australian politician. He was Deputy Leader of the Liberal Party from 1994 to 2007, and served as Treasurer of Australia from 1996 to 2007, making him the longest serving treasurer in Australian history.

On September 18, 2008, Costelo was appointed to the World Bank’s new Independent Advisory Board, (IAB), which will provide advice on anti-corruption measures. [ [http://web.worldbank.org/WBSITE/EXTERNAL/NEWS/0,,contentMDK:21906171~pagePK:34370~piPK:34424~theSitePK:4607,00.html worldbank.org, Former Australian Treasurer, U.S. Diplomat, Philippine Ombudsman, and Swiss Jurist Tapped For Anti-Corruption Board] ]

Early life

Costello was born in Melbourne into a middle class family of practising Christians. [cite news|url=http://www.abc.net.au/rn/talks/bbing/stories/s255582.htm| work=ABC Radio National| date=2001-03-04| title=Peter Costello: Beyond Economics| accessdate=2007-09-06] He was the second of three children: his elder brother, Tim Costello, is a prominent Baptist minister and current CEO of World Vision Australia. Costello was educated at Carey Baptist Grammar School and attended Melbourne's Monash University, where he graduated in arts and law.cite web| title=The Hon Peter Costello MP, Member for Higgins (Vic)| publisher=Parliament of Australia| month=September| year=2007| url=http://www.aph.gov.au/house/members/biography.asp?id=CT4| accessdate=2007-09-06]

During the 1980s, Costello was a solicitor at law firm Mallesons Stephen Jaques,cite web| title=Peter Costello - Prominent Monash Alumnus.| publisher=Monash University| month=March| year=2007| url=http://www.monash.edu.au/alumni/prominent-alumni/peter-costello.html| accessdate=2007-09-06] then became a barrister and represented employers in some of Australia's best known industrial relations disputes.

In 1983 and 1984, Costello represented the National Farmers' Federation in a case 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.cite book| title=The End of Certainty: Power, Politics, and Business in Australia| first=Paul| last=Kelly| month=December| year=1994| publisher=Allen & Unwin| url=http://books.google.com/books?id=EKXBgmYeO2QC&pg=PA258&lpg=PA258&dq=%22dollar+sweets%22&source=web&ots=kTLtdiqPEK&sig=02uiXgzRUAyzTRjgfdVybLsZMGk#PPA258,M1| isbn=978-1863737579] cite news|url=http://www.abc.net.au/rn/talks/counterpoint/stories/s1179491.htm| work=ABC Radio National| date=2004-08-23| title=Peter Costello: Up Close and Personal| accessdate=2007-09-06| url=http://books.google.com/books?id=EKXBgmYeO2QC&pg=PA253&lpg=PA253&dq=%22peter+costello%22+%22new+right%22&source=web&ots=kTLt9nvPAE&sig=nPJDfRrI_06hHJNWu3Ncz5p467Q#PPA253,M1| isbn=978-1863737579]

Political background

During his student years, Costello was active in student politics as a socially radical Christian. For a time, he was an office-bearer of the Social Democratic Students Association of Victoria, an affiliate of the Balaclava Branch of Australian Young Labor. In 1977, Costello was punched by a rival student politician, receiving mainstream media attention for the first time in his career as a result.cite web| title=The World Today "Peter Costello, From Campus to Caucus" - 16 March 2005, ABC Radio National| url=http://www.abc.net.au/worldtoday/content/2005/s1324729.htm]

After graduating, Costello became more conservative but retained liberal views on some social issues. In 1984 he was a founding member of the H. R. Nicholls Society, [cite web| title=The H.R. Nicholls Society and its Work.| publisher=The H.R. Nicholls Society, Inc.| month=January| year=1993| url=http://www.hrnicholls.com.au/work.html| accessdate=2007-09-06] 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.

Political career

Early political career

In 1990, having defeated the sitting Liberal member Roger Shipton in a preselection ballot for the safe Liberal electorate of Higgins, Costello entered the House of Representatives at the age of 32. He was immediately promoted to the Opposition front bench and proved an effective debater against the Labor government of Bob Hawke and Paul Keating. By 1992 he was shadow Attorney-General, and in 1993 he became shadow Finance Minister under Dr John Hewson. He was a strong supporter of Hewson's policy proposals at the 1993 elections, including the goods and services tax (GST). Fact|date=August 2007

Hewson's shock defeat at the 1993 election brought Costello into consideration as a leadership contender. When Hewson was deposed as Liberal leader in May 1994, Costello supported Alexander Downer for the leadership, becoming his Deputy Leader and shadow Treasurer. However, in January 1995, Downer resigned. Costello did not seek the leadership, instead supporting John Howard. It was revealed in July 2006 that this was due to a December 1994 meeting between Howard, Costello and Ian McLachlan during which Howard allegedly agreed to stand aside after one and a half terms as Prime Minister in return for Costello's agreement not to challenge for the leadership. Howard denied that this was a formal arrangement.cite news |title=Power marriage on the rocks |url=http://www.smh.com.au/news/national/power-marriage-on-the-rocks/2006/07/10/1152383677668.html?page=fullpage |accessdate=2007-09-03 |date=11 July 2006 |publisher=Fairfax Media |work=Sydney Morning Herald]

Federal Treasurer (1996-2007)

The Liberal/National coalition headed by John Howard won the 1996 election, defeating Labor's Paul Keating, and Costello became Federal Treasurer at age 38. He oversaw the return to and maintenance of federal budget surpluses, which enabled significant reduction in government debt. Inflation, interest rates and unemployment all fell and remained generally low during Costello's term as Treasurer, although average household debt more than doubled.cite paper
author = Kryger, Tony
title = Economic indicators: Whitlam to Howard
version = August 2007 update
publisher = Parliamentary Library, Commonwealth of Australia | date = 2007
url = http://www.aph.gov.au/library/pubs/rp/2007-08/08rp04.htm#Economic
format = HTML
accessdate = 2007-09-07] Inflation and interest rates crept up toward the end, with the International Monetary Fund describing his last budgets as "inflationary". [ [http://www.abc.net.au/worldtoday/content/2008/s2361845.htm IMF warned Costello on inflation: ABC The World Today 11/9/2008] ]

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 wife Tanya, and Tony Abbott and his wife Margaret successfully sued author Bob Ellis for false statements he made about them in his book "Goodbye Jerusalem". [ [http://sunday.ninemsn.com.au/sunday/cover_stories/transcript_292.asp The inimitable Bob Ellis ] ]

Costello supported the 1999 referendum on whether Australia should become a republic.cite web| title=Transcript of The Hon Peter Costello MP, Treasurer - interview with John Faine, 3LO| publisher=Commonwealth of Australia| month=August| year=1999| url=http://www.treasurer.gov.au/tsr/content/transcripts/1999/056.asp?pf=1| accessdate=2007-09-06]

After the 2001 election, he attracted criticism for not securing funding for a key election promise to extend the Medicare safety net.Fact|date=September 2007

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 heterosexual couples.cite news |url=http://www.smh.com.au/news/National/Gay-marriage-comments-appalling/2006/02/23/1140670208400.html |title=Gay marriage comments 'appalling' |work = Sydney Morning Herald |publisher = Fairfax Media |date=23 February 2006 |accessdate=2007-09-03] Also during the same speech, Costello criticised "mushy misguided multiculturalism," warning immigrants that the acceptance of Australian values was "not optional."cite news |url=http://www.theage.com.au/news/national/our-values-or-go-home-costello/2006/02/23/1140670207642.html |title=Our values or go home: Costello |work = The Age |publisher = Fairfax Media |author=Josh Gordon and Jewel Topsfield |date=24 February 2006 |accessdate=2007-09-03]

Leadership aspirations

Under Howard

Costello expected to gain the Liberal leadership some time during Howard's second term as Prime Minister, as per Howard's alleged December 1994 offer. When this did not eventuate, he showed signs of frustration and was visibly disappointed when Howard announced, in July 2003, his intention to lead the government into the 2004 election.

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 further speculation that Howard would delay his retirement, and the prospect of a Costello leadership succession appeared to recede.

In July 2006, the alleged Costello/Howard succession deal of the 1994 deal was made public by Ian McLachlan. Costello confirmed the incident had occurred and that he shared McLachlan's interpretation of events.cite news
title = Howard promised me a handover: Costello
url = http://www.abc.net.au/news/newsitems/200607/s1682824.htm
publisher = ABC News online
date = 2006-07-10
accessdate = 2006-09-28] 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.cite web
title = Howard calls for end to leadership deal 'hubris'
url = http://www.abc.net.au/news/newsitems/200607/s1683238.htm
publisher = ABC News
date = 2006-07-11| accessdate = 2006-09-28]

Press Gallery columnist Michelle Grattan described Costello's actions :Quote|Costello doesn't have the numbers to blast John Howard out. But he does have the dirt to make him look bad, and he's throwing it.cite news
author = Michelle Grattan
title = Dirt flies as endgame approaches
url = http://www.theage.com.au/news/national/dirt-flies-as-endgame-approaches/2006/07/10/1152383677794.html
work = The Age
publisher = Fairfax Media
date = 2006-07-11
accessdate = 2006-09-28]

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".Cite news
first=Kerry
last=O'Brien
title = John Howard on the latest round of leadership turmoil
work=
publisher=ABC
accessdate = 2007-09-13
date = 2007-09-12
url =http://www.abc.net.au/7.30/content/2007/s2031023.htm]

A federal election was held on 24 November 2007. Exit polls of 2,787 voters by Auspoll, commissioned by Sky News, included a question on the statement "I don’t want Peter Costello to become Prime Minister". Fifty-nine per cent agreed, while 41 per cent disagreed. [ [http://www.livenews.com.au/Articles/2007/11/24/Exit_polls_look_good_for_Labor LIVENEWS.com.au > News > FIRST SIGN: Exit polls show 53-47 win to Labor ] ] [http://in.news.yahoo.com/071124/137/6nmyw.html] The Coalition lost the election.

In opposition

Costello was widely expected to assume the Liberal leadership after the 2007 election. But the day after the election, in a surprise annoucement, he announced that he would "not seek nor accept" leadership or deputy leadership of the Liberal Party. [ [http://www.smh.com.au/news/federal-election-2007-news/costello-wont-stand/2007/11/25/1195947541163.html Costello won't stand] , "The Sydney Morning Herald", 25 November 2007.] A week later, he indicated that he would be unlikely to serve out in full his parliamentary term of three years. [ [http://www.abc.net.au/news/stories/2007/11/30/2106766.htm A.B.C. News: Coalition needed 'fresher face' to win] ]

However, as former 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. [ [http://www.abc.net.au/lateline/content/2008/s2342881.htm 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.cite news| last = |first = |coauthors = |title =Costello: I won't be leader | work =ABC News | pages = | publisher =Australian Broadcasting Corporation | date =2008-09-11 | url =http://www.abc.net.au/news/stories/2008/09/10/2361337.htm | accessdate =2008-09-11 ] Media attention immediately shifted to whether Costello's decision cleared the way for a leadership challenge by opposition leader Malcolm Turnbull (shadow treasurer at the time). Former fellow Minister 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. [ [http://www.theaustralian.news.com.au/story/0,25197,24334535-5013871,00.html Costello could stand at next election: The Australian 12/9/2008] ] [ [http://www.theage.com.au/national/costello-may-still-harbour-dream-of-being-pm-20080912-4f8m.html Costello may still harbour dream of being PM: The Age 12/9/2008] ] [ [http://www.theaustralian.news.com.au/story/0,25197,24338184-5013871,00.html Peter Costello won't bury his PM ambition: The Australian 13/9/2008] ] Costello under Turnbull remains unwilling to rule out ever leading the Liberal Party. [ [http://www.theaustralian.news.com.au/story/0,25197,24358566-601,00.html Malcolm Turnbull reclaims economy: The Australian 17/8/2008] ]

References

External links

* [http://www.aph.gov.au/house/members/member.asp?electorate=Higgins Parliament Site]
* [http://www.monash.edu.au/alumni/prominent-alumni/peter-costello.html Biography] - Monash University prominent alumni profile
*OpenAustralia
* [http://www.abc.net.au/lateline/content/2005/s1444603.htm Respect Australian values or leave: Costello] - Interview with Peter Costello, by Tony Jones for Australian Broadcasting Corporation's "Lateline" TV program.

Persondata
NAME=Costello, Peter Howard
ALTERNATIVE NAMES=
SHORT DESCRIPTION=Australian politician
DATE OF BIRTH=14 August 1957
PLACE OF BIRTH=Melbourne, Victoria, Australia
DATE OF DEATH=
PLACE OF DEATH=