Mayne: In defence of Peter Costello

Peter Costello has done the right thing by himself and his family in pulling the plug on politics and deserves to have a highly successful career in the commercial world.

The move was clearly a shock to those who supposedly know Costello well – have a read of this ill-informed Glenn Milne prediction from Sunday morning.

Put yourself in Peter Costello’s shoes for a moment and you can understand his decision.

Within hours of the government falling, John Howard, Alexander Downer and Nick Minchin – three of the key figures who rebuffed him last year – were singing his praises as a great opposition leader. None were prepared to say they erred in resisting transition, or even publicly apologise to Costello.

Labor was clearly fearful of Costello because incoming President Mike Rann, Julia Gillard and federal secretary Tim Gartrell all claimed the result would have been worse if Costello was leader. That’s a big call and almost certainly wrong - especially considering Howard gave Labor its best result in 50 years and the way Gordon Brown turned around the polls in the UK after becoming Prime Minister. Besides, Costello’s vote in Higgins held up very well.

Life would have been hell for Costello as opposition leader. Malcolm Turnbull would probably have been a destabilising force as deputy leader and shadow treasurer and there would have been a destructive factional brawl in Victoria, with Jeff Kennett demonstrating yesterday what a callous and vengeful person he is.

For Costello to succeed as opposition leader, he would also have had to spend much of the next few months distancing himself from John Howard’s record, which would probably have triggered a destructive round of internal Liberal Party history wars. Labor would also have had a field day throwing various internal government documents at Costello.

Whilst he’ll probably be tempted to remain relatively private in his commercial pursuits, Costello should be welcomed into Australia’s most blue chip corporate boardrooms, diversifying the narrow gene pool of our directors’ club.

Nick Greiner is the only former politician who really made it onto the A list, but even he didn’t ever become chairman of a top 50 company.

Costello’s former Treasury Secretary Ted Evans has recently become chairman of Westpac and the man he appointed to run the Reserve Bank, Ian Macfarlane, has already outperformed Greiner in cracking three very big boards – Leighton, ANZ and Woolworths.

Costello would be a welcome addition to an international board like BHP-Billiton or News Corp. However, companies that will have to rely on Labor governments for their success will probably be reluctant to embrace him.

Despite his faults, Peter Costello was a far better Treasurer than John Howard was a Prime Minister and he deserves our thanks for his substantial public contribution and best wishes for the future.

You can only push a bloke so far and sometimes family should come first.

Stephen Mayne came fourth out of eight with 2.1% in Higgins on Saturday, proving Christian Kerr’s Friday correction wrong.

13 Comments

  1. Ali
    Posted Tuesday, 27 November 2007 at 10:09 am | Permalink

    I think ALP are being hypocritical re: Costello’s “retirement”. Let’s look at all the ALP premiers who stuffed up their states and resigned with only a week’s notice.

  2. afferbeck
    Posted Monday, 26 November 2007 at 4:29 pm | Permalink

    Hmmm, spend time with the family and pursue a commercial career! If he really wanted it, take the massive pension and really have a family life. He could even volunteer his time to NGOs or academia. But I’m sure Liberal self-interest is bound to win again

  3. Grant Butler
    Posted Monday, 26 November 2007 at 10:45 am | Permalink

    Costello may have done better than Howard last Sarturday but he would not have won or gone close. He was unelectable as PM. Too arrogant, he had almost all the qualities that the public rejected Keating for. But less intelligence.

  4. Grant
    Posted Monday, 26 November 2007 at 10:57 pm | Permalink

    Whatever ends Costello was serving clearly Labor is the big loser here. A lamer duck there never would have been. Rudd’s second term was a gimme, perhaps even a third. Now he will be examined, both by events and by an overdue centralist Liberal shift.

  5. Puzzled Queenslander
    Posted Monday, 26 November 2007 at 11:56 am | Permalink

    What about his constituents, who were told they were voting for the next leader of the Liberals? “Stuff them”? That sums up the Liberal’s attitude.

  6. Tony Papafilis
    Posted Monday, 26 November 2007 at 2:01 pm | Permalink

    You could not be more wrong about Costello. He hid from Iraq, he hid from refugee issues, he was barely sighted on terrorism & like Labor Treasurers since late 90s, he simply collected taxes from a booming economy and dished it around. Manchurian Lib.

  7. Venise Alstergren
    Posted Monday, 26 November 2007 at 1:04 pm | Permalink

    PETER, PETER PUMPKIN EATER
    HAD THE VOTE BUT NOT THE METRE.
    A SHOW PONY THROUGH, THROUGH AND THROUGH
    HE LACKED THE GUTS TO TOPPLE YOU KNOW WHO.
    POOR PETER, PETER PUMPKIN EATER.

  8. Ted Riesz
    Posted Monday, 26 November 2007 at 8:43 am | Permalink

    As a shareholder in BHP I would say that Costello would NOT be welcomed as a Board member. Apart from being a right wing ideologue I suggest his real skills are in advocating a position put together by others. Better to go back to the Law.

  9. Jillian Blackall
    Posted Monday, 26 November 2007 at 9:56 pm | Permalink

    What about his constituents, who were told they were voting for the next leader of the Liberals?” That was on the basis of the Coalition being re-elected with Howard still PM - it wasn’t a scenario for Opposition.

  10. Peter
    Posted Monday, 26 November 2007 at 10:41 am | Permalink

    Interesting perspective, but Costello would have been an abysmal prime minister.

  11. John Ryan
    Posted Monday, 26 November 2007 at 2:56 pm | Permalink

    Some people have an oddly inflated idea of what being a politician is like. There are aspects of the life which are sheer hell and sacrifice. Giving up family and recreation to be treated like crap by half the population. I wish Peter Costello well.

  12. Paul Arnott
    Posted Monday, 26 November 2007 at 11:29 am | Permalink

    Stephen Mayne has hit the nail on the head. Peter Costello has done the right thing by the party and his family. Besides if the Liberal Party wasn’t prepared to have him lead it in government why should it expect him to pick up the pieces in opposition?

  13. Glenn Brandham
    Posted Monday, 26 November 2007 at 9:01 am | Permalink

    Don’t dare defend Costello. He and Howard talk all that fine rhetoric about “staying the course” in Iraq, spouting rubbish about “not pulling out” and “defending freedom”. Yet, when the going gets tough, the Libs leaders get going…right out of sight.