From 1990 – 2009 Peter Costello served as a Member of the Australian House of Representatives and was Treasurer of the Commonwealth of Australia from March 1996 to December 2007. This is the longest service of any Treasurer in Australian history.
He delivered twelve federal budgets including ten surpluses. During this period Australia’s Sovereign Credit Rating was updated twice to its current AAA rating.
Mr Costello set up Australia’s system of financial regulation establishing the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC). He also established the Takeovers Panel.
In 2006, after Government debt was eliminated in net terms, Mr Costello initiated the Australian Future Fund. From its original deposit, the Future Fund has grown to hold around $160 billion in assets.
Mr Costello has served on the IMF Committee, and as Chairman of the Global Group of 20 Finance Ministers & Central Bankers (G-20).
After leaving politics in 2009, Mr Costello joined a number of international and domestic boards and was chair of the Independent Advisory Board to the World Bank.
Mr Costello is currently Chairman of the Future Fund. He is also Chairman of the Nine Entertainment Corporation.