Peter Costello stepping down as Future Fund chair as Jim Chalmers continues "renewal"

Former Liberal Treasurer Peter Costello won't be seeking a third term as chairman of the federal government's Future Fund. A spokesman for Treasurer Jim Chalmers has confirmed Mr Costello's 14 year stint first as a board member then chair will end in February after 14 years. Mr Costello's decision to step down follows renewal at top institutions including the Reserve Bank and the Productivity Commission. The spokesman thanked Mr Costello for “his significant contribution” and said a merit-based recruitment process will now commence to appoint a new Chair. Mr Costello established the sovereign wealth fund as John Howard’s Treasurer in 2006 with $60 billion of budget surpluses and part of the proceeds from the Telstra privatisation.