Peter Costello facts for kids
Quick facts for kids
Peter Costello
|
|
|---|---|
Official portrait, c. 1996
|
|
| Treasurer of Australia | |
| In office 11 March 1996 – 3 December 2007 |
|
| Prime Minister | John Howard |
| Preceded by | Ralph Willis |
| Succeeded by | Wayne Swan |
| Deputy Leader of the Liberal Party | |
| In office 23 May 1994 – 29 November 2007 |
|
| Leader | Alexander Downer John Howard |
| Preceded by | Michael Wooldridge |
| Succeeded by | Julie Bishop |
| Member of the Australian Parliament for Higgins |
|
| In office 24 March 1990 – 19 October 2009 |
|
| Preceded by | Roger Shipton |
| Succeeded by | Kelly O'Dwyer |
| Personal details | |
| Born |
Peter Howard Costello
14 August 1957 Melbourne, Victoria, Australia |
| Political party | Liberal |
| Other political affiliations |
Coalition |
| Spouse |
Tanya Coleman
(m. 1982) |
| Children | 3 |
| Relatives | Tim Costello (brother) Patrick Costello |
| Education | Carey Baptist Grammar School |
| Alma mater | Monash University |
| Profession | Barrister |
Peter Howard Costello (born 14 August 1957) is an Australian businessman, lawyer, and former politician. He was the Treasurer of Australia in the government led by John Howard from 1996 to 2007. He holds the record for being Australia's longest-serving Treasurer.
Costello was a Member of Parliament (MP) in the Australian House of Representatives from 1990 to 2009. He represented the area called Division of Higgins. He also served as the Deputy Leader of the Liberal Party from 1994 to 2007. After leaving politics, he became the Chairman of Nine Entertainment and currently chairs the Board of Guardians of Australia's Future Fund.
Contents
Early Life and Education
Peter Costello was born on 14 August 1957 in Melbourne, Australia. He grew up in a Christian family. His older brother, Tim Costello, is a well-known Baptist minister.
Peter went to Carey Baptist Grammar School and then to Monash University. He studied arts and law, finishing his law degree with honours in 1982.
Legal Career Before Politics
In the 1980s, Costello worked as a solicitor at a law firm. A solicitor is a lawyer who advises clients and prepares legal documents. Later, he became a barrister, which is a lawyer who represents clients in court.
He became known for representing employers in important industrial disputes. For example, he helped the National Farmers' Federation in a case against a meat industry union. He also worked on the Dollar Sweets dispute in 1985, successfully representing a confectionery company.
In 1982, Peter married Tanya Coleman. Her father, Peter Coleman, was also a politician.
Political Beginnings
During his university years, Peter Costello was involved in student politics. He was part of a student group linked to the Australian Young Labor party.
After university, his political views became more conservative. In 1984, he helped start the H. R. Nicholls Society. This group focused on ideas about how workplaces should be managed.
Political Career Highlights
Starting in Parliament
In 1990, at 32 years old, Peter Costello became a Member of Parliament. He won the seat of Division of Higgins, which was a safe area for the Liberal Party. In his first speech, he spoke about how government should serve its citizens.
After the Liberal Party leader, Andrew Peacock, resigned, Costello supported John Hewson for the leadership. Costello became a "shadow minister," meaning he was part of the opposition team that would take on government roles if their party won. He was first Shadow Minister for Consumer Affairs and then Shadow Attorney General.
The Liberal Party lost the 1993 election. Costello believed this was because Hewson tried to change too many things at once. After this election, Costello became the Shadow Finance Minister.
Becoming Deputy Leader
In 1994, John Hewson was replaced as Liberal leader by Alexander Downer. Costello became Downer's Deputy Leader and Shadow Treasurer. This meant he was the second-in-command of the party.
When Downer resigned in 1995, Costello supported John Howard to become the new leader. It was later suggested that Costello had agreed not to challenge for the leadership in 1995. This was supposedly in exchange for Howard agreeing to step aside for Costello after a few years as Prime Minister. Howard denied this was a formal agreement.
Costello became the longest-serving Deputy Leader in the Liberal Party's history in 2006.
Australia's Treasurer (1996–2007)
In 1996, the Liberal/National coalition, led by John Howard, won the election. Peter Costello became the Federal Treasurer at 38 years old. This is a very important job, as the Treasurer manages the country's money.
As Treasurer, he helped the government achieve budget surpluses. This means the government collected more money than it spent. This allowed Australia to significantly reduce its national debt. He presented twelve national budgets, with ten of them showing a surplus. He also eliminated the government's net debt of $96 billion.
During his time as Treasurer, Australia saw low inflation, low interest rates, and low unemployment.
Key Economic Reforms
Costello focused on changing Australia's tax system. Even though John Howard had promised not to introduce a Goods and Services Tax (GST), it became a Liberal Party policy for the 1998 election. The GST is a tax added to most goods and services you buy. It was passed into law with the help of the Australian Democrats party.
Social Policies and Views
In 2002, Costello helped reintroduce the "Baby Bonus" scheme. This was money given to families when they had a child. The idea was to help with the costs of raising children and to encourage more births in Australia. Costello famously encouraged Australians to "have one for mum, one for dad and one for the country."
In 2006, Costello gave a speech where he discussed same-sex marriage. He stated that marriage should only be between a man and a woman. In the same speech, he also spoke about "multiculturalism." He said that immigrants must accept Australian values, saying it was "not optional."
Hopes for Leadership
Many people expected Peter Costello to become the leader of the Liberal Party after John Howard. However, Howard decided to stay on as Prime Minister for longer than some expected. This caused some tension between the two leaders.
In 2006, it was revealed that there might have been a deal in 1994 for Howard to step aside for Costello. Costello confirmed this, but Howard denied it was a formal agreement. Despite the disagreements, neither man tried to remove the other from office.
Before the 2007 federal election, Howard said he would step aside during the next term if he won, and that Costello would be his "logical successor." However, the Liberal/National Coalition lost the 2007 election.
After the 2007 Election
After the 2007 election loss, many thought Costello would become the new Liberal Party leader. But, to everyone's surprise, he announced he would not seek the leadership. He also hinted that he might not stay in Parliament for his full three-year term.
In 2008, he confirmed he would not seek the party leadership and would leave politics when it suited him. He resigned from Parliament on 19 October 2009.
Life After Politics
After leaving Parliament, Peter Costello continued to be involved in important roles.
He was a member of the Board of Guardians of the Australian Government Future Fund from 2009 until 2024. This fund helps manage Australia's long-term investments.
Costello also became a managing partner at BKK Partners, a financial advisory firm. He also wrote a regular column for Fairfax newspapers until 2013.
In 2008, he published his best-selling book, The Costello Memoirs. In 2010, John Howard published his own book, Lazarus Rising, which included some criticisms of Costello. Costello responded by saying Howard was not taking responsibility for the government's election loss.
In 2016, Costello was appointed chairman of Nine Entertainment, a large media company. He resigned from this role in June 2024.
Honours and Awards
On 26 January 2011, Peter Costello was awarded the Companion of the Order of Australia (AC). This is a very high honour given for "eminent service" to Australia. He received it for his work in Parliament, especially for his economic policy changes in areas like taxation and superannuation. He was also recognised for his roles with global financial organisations.
Images for kids
-
Former Liberal Party President Michael Kroger in 2015 (attended University together with Costello)
