In politics, not many come any bigger than Peter Costello, long-service Treasurer in the Howard Government and despite their personal relationship, one of his strongest political lieutenants. His political stature above all else is what he is known for. He and Howard were confronted with a budget in deficit in 1996 and $96 billion in government debt accrued by the Labor Government before them. He did that and did that well delivering surplus after surplus in the decade-plus of the Howard Government. He was a big-hitter with a big ego that was matched by big performances in his portfolio, in the parliament with his stinging attacks on the long-term Opposition, and also outside of it against the same team, his humour often dry and biting when in full flight.
But yes, aside from his personality it was his performance as Treasurer that won him and the government he represented the most support from the Australian people. Just recently against advice he was knocked back as the next chairperson of the Future Fund that he created in the later years of the Howard-Costello partnership to fund future costs of the public sector superannuation.
Costello missed that gong just a short period of time ago and with an incoming LNP Government under Premier Campbell Newman and Treasurer Tim Nicholls in Queensland, which was swept to power in such a dramatic fashion on Saturday night, has found himself in a position to do what he does best. The former Australian Treasurer will chair a Commission of Audit to recommend a path or paths forward for a new LNP Government looking to take the Queensland economy forward after 20 of the last 22 years under the Australian Labor Party.
At the end of the year it is projected that Queensland will find itself in $62 billion dollars of debt as reported by the new Queensland Treasurer, Tim Nicholls in his statement today while announcing the appointment of Mr Costello as commission chair. Looking at the state of the books and how to reduce this debt so LNP promises can be delivered will be part of the task ahead for the audit committee where he will be joined by Dr Doug McTaggart of QIC and Professor Sandra Harding, former Under Treasurer of Queensland and now Vice Chancellor of James Cook University.
The former economic manager in the Howard Government will also, through charting possible ways of cutting down debt and inefficiencies in the government spending, hopefully plot a course back to a AAA credit rating with Queensland, despite its mineral resources and the wealth they create, being the only mainland state without the full credit rating.
The cuts look like being deep and hard, with some programs already being dismantled by the newly sworn Premier Newman and his Deputy Premier Jeff Seeney and Treasurer Tim Nicholls. Tomorrow the other ministers responsible for government departments will be named and will get to work after being sworn in by the Queensland Governor early next week, doing the same to already identified programs in their respective gambits of responsibility.
One thing is for certain, Mr Costello will be at home examining the Queensland economy and government spending and the budget priorities of the current and past governments and just where they fit in terms of efficiency and priority and helping to navigate Queensland to a better fiscal position along with the rest of his team and with the LNP Government who will make the final important decisions after being provided with the learned advice.
