Crikey editor Misha Ketchell writes:

Yesterday Christian Kerr tackled the interesting question of what
life might be like in the Court of King Costello. Today we have a clue
in the form of this report from the Adelaide Advertiser on Costello’s friendly lunch with his tax-minimising buddy and former Reserve Bank board member Rob Gerard.

TREASURER Peter Costello yesterday faced off over an Adelaide lunch the
man whose tax affairs late last year blunted his leadership ambitions.

Adelaide businessman and former Reserve Bank board member Rob Gerard
sat opposite Mr Costello at a $150-a-head Liberal Party fund-raising
lunch.

In a symbolic return to the Costello fold, Mr Gerard presented the Treasurer with an Adelaide Crows cap.

Mr Costello is Essendon’s No. 1 ticket holder. Mr Gerard is Adelaide Football Club patron.

The Treasurer put his leadership ambitions on ice last December after a
two-week battering over Mr Gerard’s appointment to the Reserve Bank
board.

So in the court of King Costello indiscretions can be forgiven. Old
allies are in. Rupert Murdoch reigns supreme. And aggressive tax
planning is the right of every Australian citizen.

Peter Fray

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