Which former treasurers transitioned to financial services?
With four former Australian treasurers who have made the move from Parliament to the financial services industry, Money Management takes a look at where they are now.
Former treasurers are no stranger to the world of financial services, as multiple names have transferred their skills across fiscal policy to private firms.
Josh Frydenberg
Most recently, Josh Frydenberg, who served as treasurer and deputy leader of the Liberal Party from August 2018 to May 2022, re-entered the world of financial services.
The former treasurer joined Goldman Sachs in July 2022 as a senior regional adviser for Asia Pacific after losing his parliamentary seat as MP for the Victorian seat of Kooyong in May 2022 to independent candidate Monique Ryan.
On 21 September 2023, Frydenberg was appointed as chairman at the investment bank’s Australian division after former chair Christian Johnston retired at the end of March.
He also held the roles of director and consultant between 2005 and 2010 at Deutsche Bank prior to working in politics.
Joe Hockey
After serving as treasurer under the Abbott government for two years from September 2013 until September 2015, Joe Hockey resigned from cabinet after turning down an alternative offer from Malcolm Turnbull, the incoming prime minister at the time.
The former treasurer also served as MP for North Sydney from 1996 until 2015. The following year, he was appointed as Australian ambassador to the US in 2016 till 2020.
In February 2020, Hockey founded Bondi Partners in Washington DC, an advisory and investment firm that was formed to elevate the trade and investment partnership between Australia and the US.
Wayne Swan
Wayne Swan held the role of treasurer from December 2007 to June 2013 under Kevin Rudd’s Labor government, successfully leading Australia through the Global Financial Crisis (GFC). He was previously the deputy prime minister and deputy leader of the Labor Party from 2010 to 2013.
Following Rudd’s challenge against Julia Gillard for leadership in June 2013, Swan resigned from cabinet.
Industry superannuation fund Cbus Super then appointed Swan as chairman in January 2022, welcoming his expertise amid Australia’s economic recovery from the COVID-19 pandemic.
He will also sit on the board of the Super Members Council of Australia from 1 October, the new organisation formed by the merger of the Industry Super Australia (ISA) and Australian Institute of Superannuation Trustees (AIST).
Peter Costello
Serving as treasurer under John Howard’s government for over a decade from March 1996 to December 2007, Peter Costello is the longest-serving treasurer in Australian history.
Costello was also an MP for the Victorian Division of Higgins from 1990 until 2009, and additionally served as deputy leader of the Liberal Party from 1994 to 2007 when he voluntarily stood down.
Following his time in Parliament, he served on the International Monetary Fund’s committee as a governor of the World Bank and Asian Development Bank as well as a chairman of the G20 central bankers and finance ministers group.
The former treasurer is currently the chairman of Future Fund, Australia’s $256 billion sovereign wealth fund, which Costello established in 2006.
AUTHOR
Jasmine Siljic
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