The Times Australia
The Times World News

.
The Times Real Estate

.

Josh Frydenberg puts political ambition aside to remain in business

  • Written by Michelle Grattan, Professorial Fellow, University of Canberra

Former Treasurer Josh Frydenberg’s decision to put a business future before an attempted political revival is a blow for the Liberal Party, but a relief for the teal member for Kooyong, Monique Ryan.

Opposition Leader Peter Dutton might regard his former colleague’s decision with mixed feelings. Frydenberg would probably have increased the chance of the Liberals regaining Kooyong in 2025.

But if elected, Frydenberg would have become an obvious choice for party leader (on the very reasonable assumption the Coalition was still in opposition). More immediately, speculation about that prospect would have dogged Dutton in the run-up to the next election.

For Frydenberg, this must be a bittersweet moment. As he said in a note to Kooyong branch members, telling them he wouldn’t be seeking preselection, “It is a difficult decision and one I have been weighing up for some time”.

His aspiration to be prime minister has been long-standing, strong and obvious. He was indefatigable as treasurer, a quality shared by his successor Jim Chalmers, who also aspires to the top job. But business gives him a bright, lucrative, family-friendly future, without the pressures and uncertainties that politics bring.

Anyway, winning back Kooyong (which Frydenberg held from 2010-22) would have been no shoo-in. Ryan is regarded as more vulnerable than some of the other teals, but the demographics of the seat have been changing and there is a boundary redistribution to come.

After joining Goldman Sachs following his defeat, Frydenberg will now become chairman of the investment bank in Australia and New Zealand.

The firm said:

In this role, Josh will focus on further deepening and strengthening client coverage across the A/NZ region. He will continue to offer advice on economic and geopolitical issues as the firm’s senior regional advisor for Asia Pacific.

While it’s possible Frydenberg, 52, might consider running in the election after next – and he hasn’t closed off that option – it would seem unlikely.

The 2025 election was the logical time to try for a comeback. A term on and much water will have gone under the bridge – in his own life and in politics. The Liberal line-up would be different, the road to leadership potentially harder. Perhaps the fight in Kooyong (or some other seat, if that were back in Liberal hands) would be more difficult.

Frydenberg became of a victim of the teal wave. He had stuck very close to former Prime Minister Scott Morrison: loyalty is an admirable character trait but not always a political advantage.

If he, rather than Morrison, had led into the last election, the Coalition might have done better; on the other hand, a leadership change carries its own costs. In any case, it was never on the cards.

Frydenberg, a conservative who became more centrist as time went on, was treasurer in extraordinary circumstances, confronting the economic challenges and demands imposed by the pandemic. He oversaw the wage subsidy JobKeeper program that, while it had its flaws which have seemed more significant in retrospect, was critical to keeping many businesses and workers afloat.

Independent economist Chris Richardson says JobKeeper “wasn’t perfect but it was bloody beautiful”. He praises Frydenberg’s COVID performance, saying,

The key thing was to make the wheels of government move faster than they had ever moved before. I give him high marks for that.

Another independent economist, Saul Eslake, agrees Frydenberg did a good job during COVID, with the only serious mistake being in some of the detail of JobKeeper.

He was right to throw overboard all the Coalition rhetoric about debt and deficit. He was honest, thoughtful and consultative.

Morrison, Eslake says, was a “huge handicap” because he was not an effective communicator of economic ideas, “in contrast to the prime ministers who backed Paul Keating and Peter Costello, the two most successful treasurers of recent history”.

But for the pandemic, Frydenberg would have seen the budget back in black. That achievement now belongs to Chalmers, who is savouring the moment.

Read more https://theconversation.com/view-from-the-hill-josh-frydenberg-puts-political-ambition-aside-to-remain-in-business-214068

The Times Features

Getting the Best Value for Money on Your Next Luxury Car Hire in Sydney

Are you wondering why you need to hire a luxury car when you are in Sydney? Can it be worth the buck when compared with standard car rentals? If you want to know why a lot of peopl...

5 Fun Ways to Use Light-Up Letters at Your Party

Planning a party or special event always involves deciding how to decorate the venue. Whether you're just decorating a small area or the entire space, ample thought is given to t...

The Art of Stone Selection: A Guide to Choosing the Right Type of Stone for Different Furniture Pieces

Stone furniture has become a hallmark of elegance and durability in modern and traditional homes alike. From sleek marble coffee tables to sturdy granite benches, the right stone...

Important things to consider before buying a new TV

The way that people live their everyday lives continues to evolve as new technology becomes available. Those who purchase a home are making what is likely to be one of their larg...

Cast vs. Minted Gold Bars: Key Differences Every Investor Should Know

Investing in gold bars is one of the most dependable ways of preserving one's wealth and diversifying one's portfolio. However, not all gold bars are minted equally. Understanding...

Understanding the Common Challenges Addressed by Child Psychologists

Parenting is challenging, especially when children have emotional, behavioural, or developmental problems. Child psychologists are experts who focus on dealing with such issues...

Times Magazine

Top Tips for Finding a Great Florist for Your Sydney Wedding

While the choice of wedding venue does much of the heavy lifting when it comes to wowing guests, decorations are certainly not far behind. They can add a bit of personality and flair to the traditional proceedings, as well as enhancing the venue’s ...

Avant Stone's 2025 Nature's Palette Collection

Avant Stone, a longstanding supplier of quality natural stone in Sydney, introduces the 2025 Nature’s Palette Collection. Curated for architects, designers, and homeowners with discerning tastes, this selection highlights classic and contemporary a...

Professional-Grade Tactical Gear: Why 5.11 Tactical Leads the Field

When you're out in the field, your gear has to perform at the same level as you. In the world of high-quality equipment, 5.11 Tactical has established itself as a standard for professionals who demand dependability. Regardless of whether you’re inv...

Lessons from the Past: Historical Maritime Disasters and Their Influence on Modern Safety Regulations

Maritime history is filled with tales of bravery, innovation, and, unfortunately, tragedy. These historical disasters serve as stark reminders of the challenges posed by the seas and have driven significant advancements in maritime safety regulat...

What workers really think about workplace AI assistants

Imagine starting your workday with an AI assistant that not only helps you write emails[1] but also tracks your productivity[2], suggests breathing exercises[3], monitors your mood and stress levels[4] and summarises meetings[5]. This is not a f...

Aussies, Clear Out Old Phones –Turn Them into Cash Now!

Still, holding onto that old phone in your drawer? You’re not alone. Upgrading to the latest iPhone is exciting, but figuring out what to do with the old one can be a hassle. The good news? Your old iPhone isn’t just sitting there it’s potential ca...

LayBy Shopping