Costello won't stand

Peter Costello is supported by his wife Tanya.

Peter Costello is supported by his wife Tanya.
Photo: Jason South

Edmund Tadros and Sherrill Nixon
November 25, 2007 - 1:28PM

Peter Costello says he ''would not seek nor accept'' a nomination to be the new opposition leader and instead would step away from politics for a business career.

Australia's longest serving treasurer, who had long dreamed of being prime minister, made the shock announcement in Melbourne today, saying he would stay on in parliament for now and then move on.

Mr Costello looked strained as he and his wife, Tayna, walked into a press conference at Treasury Place.

Tears appeared to brim in his eyes as he announced that his time in politics was coming to an end.

He seemed to regain a level of comfort only when he started to retreat into the well-worn political rhetoric about the Liberal government's achievements while in power.

Mr Costello said he had spoken to his family and had decided to not accept the leadership.

"[I want to] spend time with my family, they've paid a heavy priced for [my] 11 1/2 years as the treasurer," he said.

Journalists attending the news conference had been expecting him to come out and announce his candidancy for the Liberal party leadership.

He is to remain the member for Higgins, in Victoria, for now, saying he  wanted to "mentor" younger members of the party.

''I do believe it's time for the young people of talent and ability to be given their go in the Liberal party," he said.

He would not name who he thought had talent or should be the next leader of the party.

Mr Costello said he wanted to "open a new chapter in my life, build a career in the commercial world."

"For me it's been great to serve," he said of his years in Parliament.

The announcement will mean the leadership of the Liberal party is now a wide open race after their devastating election defeat.

Just hours before, former foreign minister Alexander Downer said the Liberals should swing their full and unanimous support behind Mr Costello without holding a party room ballot for the post of opposition leader.

Mr Downer said Mr Costello would have ''had the measure'' of Prime Minister Kevin Rudd.

In the lead-up to the election the former prime minister, John Howard, had endorsed Mr Costello as the next leader of the Liberal party.

Today Mr Costello paid tribute to Mr Howard for being the best prime minister Australia has ever had aside from Sir Robert Menzies.

He said at no time during the campaign had he heard people critcising himself or the government for doing a bad job, in fact the opposite.

He stood by his achievements as treasurer, saying: "You can compare our record with any other government in Australian history and it will compare well."

Mr Costello said his decision to pursue a "post-political career " was not based on any fear of being in opposition.

"I am not afraid of opposition, I spent the first six years of [my political career] in opposition," he said.

During the conference, Mr Costello's wife, Tayna, took the microphone and read out a part of a poem by C.J. Dennis, THE SONGS OF A SENTIMENTAL BLOKE.

"Yeh live, yeh love, yeh learn; an' when yeh come / To square the ledger in some thortful hour / The everlastin' answer to the sum /    Must allus be, 'Where's sense in gittin' sour?'"

Mr Costello ended the conference by saying he was going to have a BBQ with his family.

