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Former treasurer Peter Costello has answered one of the lingering questions in Australian politics, announcing he'll retire at the next federal election.
Mr Costello revealed his intentions on his website on Monday, shortly after informing his leader, Malcolm Turnbull, and his electorate committee in his eastern Melbourne seat of Higgins.
He will not seek to stand again in Higgins, the nominations for which close at the end of June ahead of the next election due in 18 months' time.
Both Mr Turnbull and Prime Minister Kevin Rudd paid tribute to Mr Costello in parliament shortly before question time, thanking him for his service and wishing him well.
After almost 20 years in politics, nearly 12 of them as the nation's longest-serving federal treasurer in successive Liberal governments, Mr Costello said it had been an honour and a privilege to serve in a period representing "the best years of my life".
The decision puts an end to the almost constant speculation since he declined the leadership after the 2007 election loss, that he would eventually challenge.
After an initial stumble in which he said Mr Costello had renominated for Higgins, a beaming Mr Turnbull told the parliament it was a "momentous day" in the history of the parliament.
"Peter Costello for all his years in parliament has stood on the side of freedom and enterprise," Mr Turnbull said.
"He has served our nation well, we salute him and thank him for service," Mr Turnbull said.
Mr Rudd said that as treasurer, Mr Costello had played a significant role in the formation of the G20 finance ministers' group and in dealing with the fallout of the Asian financial crisis.
"They were correct decisions in the national interest," Mr Rudd said.
"On behalf of his confreres and great mates in the Australian Labor Party, that we wish him well, we wish his family well, in what has been quite an extraordinary career in Australian public life."
Mr Costello then rose to speak and joked that he never thought he would see the day where both sides of parliament "would say nice things about me".
"It is just possible that both sides of the dispatch box are happy with the announcement that I have made," Mr Costello said.
In a brief speech, he pointed to his time as treasurer and slashing debt by $96 billion as giving Australia the ammunition to deal with the current global financial crisis.
But Mr Costello also paid tribute to the Hawke and Keating Labor governments for deregulating the financial markets and winding back tariff protection.
He wished Mr Turnbull and his deputy, Julie Bishop, "every success" at the next election and thanked his family and colleagues for their support.
"It is a very nice thing to actually come here and not be quite departed and hear the kind of speeches one hears as eulogies," Mr Costello said.
"In fact, I might come back tomorrow, I'm enjoying it so much."
Mr Rudd walked over to Mr Costello's position on the backbench to congratulate him after his speech while Mr Turnbull sent a note.
The man who stood in Mr Costello's way, thwarting his ambition to become prime minister, John Howard, wished Mr Costello and his family good health and fortune in the years ahead in a brief statement on Monday evening.
"He was treasurer in a government which left Australia better able to weather the financial storms of recent times than virtually any other nation in the world," Mr Howard said.
"That is something of which he and all other members of that government should be immensely proud."
Among the tributes for Mr Costello was a statement from the Business Council of Australia (BCA) which praised him for his contribution to public policy.
"A number of his decisions played an important role in laying a foundation which assisted in limiting the damage to the Australian economy from the global recession," BCA president Greg Gailey said in a statement.
Mr Costello revealed his intentions on his website on Monday, shortly after informing his leader, Malcolm Turnbull, and his electorate committee in his eastern Melbourne seat of Higgins.
He will not seek to stand again in Higgins, the nominations for which close at the end of June ahead of the next election due in 18 months' time.
Both Mr Turnbull and Prime Minister Kevin Rudd paid tribute to Mr Costello in parliament shortly before question time, thanking him for his service and wishing him well.
After almost 20 years in politics, nearly 12 of them as the nation's longest-serving federal treasurer in successive Liberal governments, Mr Costello said it had been an honour and a privilege to serve in a period representing "the best years of my life".
The decision puts an end to the almost constant speculation since he declined the leadership after the 2007 election loss, that he would eventually challenge.
After an initial stumble in which he said Mr Costello had renominated for Higgins, a beaming Mr Turnbull told the parliament it was a "momentous day" in the history of the parliament.
"Peter Costello for all his years in parliament has stood on the side of freedom and enterprise," Mr Turnbull said.
"He has served our nation well, we salute him and thank him for service," Mr Turnbull said.
Mr Rudd said that as treasurer, Mr Costello had played a significant role in the formation of the G20 finance ministers' group and in dealing with the fallout of the Asian financial crisis.
"They were correct decisions in the national interest," Mr Rudd said.
"On behalf of his confreres and great mates in the Australian Labor Party, that we wish him well, we wish his family well, in what has been quite an extraordinary career in Australian public life."
Mr Costello then rose to speak and joked that he never thought he would see the day where both sides of parliament "would say nice things about me".
"It is just possible that both sides of the dispatch box are happy with the announcement that I have made," Mr Costello said.
In a brief speech, he pointed to his time as treasurer and slashing debt by $96 billion as giving Australia the ammunition to deal with the current global financial crisis.
But Mr Costello also paid tribute to the Hawke and Keating Labor governments for deregulating the financial markets and winding back tariff protection.
He wished Mr Turnbull and his deputy, Julie Bishop, "every success" at the next election and thanked his family and colleagues for their support.
"It is a very nice thing to actually come here and not be quite departed and hear the kind of speeches one hears as eulogies," Mr Costello said.
"In fact, I might come back tomorrow, I'm enjoying it so much."
Mr Rudd walked over to Mr Costello's position on the backbench to congratulate him after his speech while Mr Turnbull sent a note.
The man who stood in Mr Costello's way, thwarting his ambition to become prime minister, John Howard, wished Mr Costello and his family good health and fortune in the years ahead in a brief statement on Monday evening.
"He was treasurer in a government which left Australia better able to weather the financial storms of recent times than virtually any other nation in the world," Mr Howard said.
"That is something of which he and all other members of that government should be immensely proud."
Among the tributes for Mr Costello was a statement from the Business Council of Australia (BCA) which praised him for his contribution to public policy.
"A number of his decisions played an important role in laying a foundation which assisted in limiting the damage to the Australian economy from the global recession," BCA president Greg Gailey said in a statement.
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