Frydenberg to mull politics or business career
John KehoeEconomics editor
May 22, 2022 – 3.33pm
Outgoing federal Treasurer Josh Frydenberg has signalled he remains "motivated" to continue a political career, amid speculation that the Liberal Party will try to find him a position in federal or Victorian politics.
Another option for Mr Frydenberg is to return to business. He was an investment banker at Deutsche Bank for five years before being elected to parliament in 2010.
Mr Frydenberg is almost certain to become the first sitting treasurer to lose their seat since Labor's Ted Theodore lost office in 1931 in the Great Depression.
Josh Frydenberg and wife Amie at the Grace Park Hawthorn Club on election night. Eddie Jim
He was awaiting the count of postal votes before likely conceding his once-blue ribbon seat of Kooyong to independent candidate Monique Ryan.
Victorian Liberal powerbroker Michael Kroger said Mr Frydenberg should take a break and wait for a vacant federal seat to open up.
"He's the best we've had since Howard," Mr Kroger said.
Mr Frydenberg said he was proud of his record as treasurer of balancing the budget before the pandemic, delivering a 48-year-low unemployment rate of 3.9 per cent and the JobKeeper wage subsidy saving more than 800,000 jobs during COVID-19.
Musing that his age of 50 years was the "new 30", Mr Frydenberg said he still had "some gas in this tank".
"What motivated me back 12 years ago to become the member for Kooyong is still what motivates me today, namely to serve my community and to ensure that Australians get the very best opportunities, as I have had.
"I will just take some time to reflect on my future plans.
"But first and foremost it is about spending more time with the kids and with my wife, because the last few years has obviously seen myself parked in Canberra for a good portion of that."
The deputy Liberal leader said the message from voters would deliver lessons to the party ahead of the next federal election and the Victorian election this November.
His anticipated loss paves the way for conservative Peter Dutton to become opposition leader. Any attempted return to federal politics by Mr Frydenberg would trigger leadership tensions.
State politics?
There is chatter among Victorian Liberals about the possibility of Mr Frydenberg being wooed to state politics in an effort to defeat Labor Premier Daniel Andrews.
Mr Frydenberg and Mr Andrews are bitter political rivals and clashed repeatedly over Victoria's pandemic lockdowns, which the treasurer criticised for having a devastating impact on people's mental health and children's education.
In a potential opening, Liberal state MP Tim Smith is quitting the inner Melbourne seat of Kew, which intersects with Mr Frydenberg's federal electorate of Kooyong.
However, Mr Frydenberg's former staffer Jessica Wilson has already been preselected as the Liberal candidate for Kew. It is considered very unlikely he would try to dislodge a woman. The other neighbouring state seat is Malvern, held by former Victorian opposition leader Michael O'Brien.
Outgoing Finance Minister Simon Birmingham said Mr Frydenberg would not expect any colleagues to step aside for him.
"Josh is a huge loss, and it's a devastating blow and a loss of some enormous talent there with Josh," Senator Birmingham said.
Liberal sources said Mr Frydenberg was more interested in national and international issues such as economic management, foreign affairs and national security.
Prime Minister Scott Morrison backed Mr Frydenberg to remain involved in politics.
"Josh Frydenberg should be remaining in this Liberal Party and remaining in the federal parliament because he is an outstanding individual and leader of our country," Mr Morrison said in his concession speech on Saturday night.
'Public life would be poorer'
Teal independent Monique Ryan at Hawthorn's Auburn Hotel on election night. Joe Armao
Ms Ryan attributed her victory to Kooyong voters being frustrated with the Coalition government's "lack of action" on climate change, an integrity commission and gender equity.
"This is a government that's moved too far to the right," she said.
Former Victorian Premier Jeff Kennett said Mr Frydenberg would be an asset in politics or business.
"If he goes down, my advice would be to take a few months off with the family and then assess."
"He's a valuable individual whatever he chooses to do in politics or commerce, given his connections around the world, in the same way that Peter Costello has been able to benefit from his political experience as treasurer."
Mr Costello served as federal treasurer for eleven years in the Howard government, and is now chairman of the $201 billion Future Fund and Nine, publisher of The Australian Financial Review.
Business Council of Australia chief executive Jennifer Westacott said that "parliament and public life would be poorer without this man".
"I hope he returns to public life," she said.
"He's stewarded our country through the most difficult economic times and saved hundreds of thousands of jobs."
John Kehoe is Economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump's election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
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