Peter Costello net worth emerges from his corporate and former political career. He is an Australian corporate executive and former barrister and politician. 

In politics, he served as a Member of the Australian House of Representatives for the seat of Higgins in metropolitan Melbourne from 1990 to 2009. From May 1994 to 2007, he served as the Deputy Leader of the Liberal Party of Australia.

Most significantly, he served as the Treasurer of the Commonwealth of Australia from 11 March 1996 to 3 December 2007,making him the longest serving Treasurer in Australia’s history.

Peter Costello net worth

The estimated Peter Costello net worth information is not disclosed. Nonetheless, his income sources point to his corporate executive positions and former political career.

Career overview

Peter Costello began his political involvement within the Liberal Party of Australia in Victoria, serving as Vice-Chair of the East Metropolitan Area Conference and as a member of the Victorian Young Liberal Movement Executive, from 1980 to 1981. From 1987 to 1990, he chaired the party’s Constitutional Committee in Victoria.

In March 1990, he was elected to the Australian House of Representatives as the Member for Higgins, Victoria. Subsequently, he was re-elected in 1993, 1996, 1998, 2001, 2004 and 2007, until his resignation in October 2009. 

During his early parliamentary career, he contributed to committee work, including the House of Representatives Standing Committees on Privileges and on Legal and Constitutional Affairs, as well as the Select Committee on Print Media.

Opposition

While in opposition, Peter Costello held several senior shadow portfolios. He served as:

• Shadow Minister for Corporate Law Reform and Consumer Affairs (1990-1992)
• Shadow Attorney-General and Shadow Minister for Justice (1992-1993)
• Shadow Minister for Finance (1993-1994)

In May 1994, he became Deputy Leader of the Opposition and Shadow Treasurer, roles he held until the Coalition’s election victory in March 1996. 

He was also a member of the Shadow Cabinet from 1993 to 1996. He also served as Deputy Leader of the Federal Parliamentary Liberal Party from 1994 to 2007.

Treasurer

Following the election of the John Howard Government, he was appointed Treasurer of Australia and a Cabinet Minister, serving from March 1996 to December 2007. 

As Treasurer, Peter Costello’s reforms and achievements included:

• Delivery of twelve consecutive Federal Budgets, ten of which recorded surpluses, and eliminated Commonwealth Government net debt
• Australia’s sovereign credit rating was upgraded twice to AAA
• Implementation of the most extensive tax reform in Australian history through A New Tax System, introducing the Goods and Services Tax (GST), abolishing seven existing taxes, and reducing personal income, capital gains, and company tax rates
• Restructure of Australia’s financial regulatory architecture by overhauling prudential supervision and establishing new prudential and consumer regulators, modernized corporations law, and creating the Takeovers Panel to adjudicate merger and acquisition disputes
• Formalization of  an inflation-targeting framework for monetary policy through an agreement with the Governor of the Reserve Bank of Australia

Corporate leadership

After leaving Parliament in 2009, he expanded his international and corporate engagements. He served as a Member and later Chairman of the Independent Advisory Board to the World Bank in Washington, from 2009 to 2014. He also co-chaired the Australia-China High Level Dialogue. 

Furthermore, he also acted as an adviser in mergers and acquisitions, competition law, and foreign investment, and participated in various domestic and international advisory boards.

From 2014 to 2024, he served as Chair of the Future Fund, overseeing its governance and investment strategy. 

He was also Chairman of Nine Entertainment Co. from 2016 to 2024, leading Australia’s largest locally owned media company.

Book

• The Costello Memoirs with Peter Coleman (2008)

Recognition

Peter Costello was awarded the Companion of the Order of Australia for his eminent service to the Parliament of Australia, particularly through the development of landmark economic policy reforms in the areas of taxation, foreign investment, superannuation and corporate regulation, and through representative roles with global financial organizations, on 26 January 2011.

Conclusion on Peter Costello net worth

Overall, Peter Costello’s long and influential career in Australian politics, public administration and corporate governance, demonstrates financial stability and success.

Featured image: Peter Costello on petercostello.com.au