Former Treasurer Peter Costello has announced he will not be seeking leadership of the Liberal Party, following his party’s defeat in yesterday’s federal election.
Costello says he intends to resign from Parliament, seek new opportunities in the commercial world and spend more time with his family.
However, he says will stay on as the member for the Melbourne seat of Higgins in the short term and mentor young members of Parliament.
He says he put the strongest case for the leadership to his party colleagues earlier this year, but they hadn’t accepted his offer. He said it was time for generational change in the Liberal Party.