THE FACTS:

Former Australian Treasurer Peter Costello announced on June 15, 2009 that he would not contest his seat in parliament at the next federal election.

Mr Costello served as Federal Treasurer between 1996 and 2007 and has served the Higgins electorate since 1990.

Mr Costello has been under public and media pressure to declare his future since his government lost the 2007 federal election.

His leadership aspirations were well known and while some suggested the Coalition’s 2007 election loss was the ideal time for him to take the Liberal Party leadership mantle, others argued that his time had come and gone.

THE VIEWS:

Peter Costello in a June 15 media release on his website:

“Over the course of the last 18 months many constituents – and Australians from all over the country – have urged me to re-nominate. I have enjoyed the complete support of my Electorate Committee and the Liberal Party organisation in this regard.

Nevertheless my view is, as it was in November 2007, that it is time for me to pursue other interests and it is in the long term interest of the Liberal Party for others of ability and integrity to step forward and represent it.

I wish our Party and its Leaders – Malcolm Turnbull and Julie Bishop – every success in the next election. I pay tribute to the work done by Brendan Nelson in the difficult aftermath of the 2007 Election loss.”

BREAKING IT DOWN:

A) Costello’s future has been an unwelcome distraction for the Coalition as it tries to gain momentum ahead of the 2010 federal election.

The Liberals and Nationals would have been better served if Mr Costello had cleared up the ambiguity earlier.

B) Costello’s decision to retire will allow the Liberal Party to look further for fresh political talent.

Mr Costello has been at the forefront of the party for two decades. His contribution to the party has been huge but his departure will give someone else an opportunity.

WHAT’S YOUR OPINION?

Has Peter Costello done the right thing by his party by retiring?

Should Peter Costello have taken the leadership after the 2007 election loss, when it was made available to him?

What direction will Peter Costello’s career take now?

Would you have liked to see Peter Costello as Prime Minister of Australia?