Costello our best asset: Abbott

Liberal frontbencher Tony Abbott has added fuel to the fire of the Liberal leadership debate by saying Peter Costello is the party's "best political asset".

Former treasurer Mr Costello has been on the backbench since the last election and has been the focus of fevered speculation about his future in politics.

In an article to be published in Quadrant magazine, Mr Abbott says Mr Costello is "undeniably the Liberal Party's best political asset now that [John] Howard is gone".

"So much turns on whether he recovers the will to serve, which so clearly (if understandably) wavered in the aftermath of the last election," he says.

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Costello, the non-annointed messiah of the Liberals or may be not, is waiting to be touched on the shoulder, is waiting for the glorious red carpet to be rolled out in front of him and he is waiting for the trumpets of Jericho to sound the all clear after having been so loud they crumbled the city to a dust pile... But he has no illusions, or may be not, so he will decided then, or may be not...

Costello: I won't be leader

Peter Costello says he is not interested in taking over the Liberal leadership

Former federal treasurer Peter Costello has moved to end months of speculation by confirming he has no plans to seek the Liberal leadership and he still wants to retire from politics.

Mr Costello's comments, in an interview published in the Sydney Morning Herald today, are expected to trigger a challenge to Liberal leader Brendan Nelson from current shadow treasurer Malcolm Turnbull.

In the interview Mr Costello says: "I think I've made it clear. I'm not seeking the Liberal Party leadership."

Mr Costello had previously said only that he would not challenge current Liberal leader Brendan Nelson, seeming to leave open the possibility that he could take the job if it was offered to him.

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See toon at top... The "Liberals' best political asset" — Costello, as described by Tony Abbott — has refused to take the job that was not offered to him nor presented to him on a platter. Challenges are so bothersome and, possibly, leadership is so fraught with pitfalls — especially in these uncertain times when the champion of champion of free enterprise and bigbucks — the US government — is taking a leaf from Caracas and start to nationalize Freddie and Fannie and maybe Lehman too...

And now in the memoirs, we have a revelation of what he let little Johnnee get away with, against his secret personal convictions... Too bloody late... not a redeeming feature.

From the ABC

IMF warned last Costello budget inflationary

Treasury documents obtained by the Financial Review reveal a budget handed down by the former treasurer Peter Costello was considered inflationary by the International Monetary Fund (IMF).

The papers, obtained under Freedom of Information laws, say Treasury officials warned Mr Costello that the IMF thought his 2007 budget was "stimulatory".

The comments back up the view by the Labor Government that the Coalition was overspending when it was in office.

But the Coalition argues Labor inherited a good economic position.

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When the greed of growth was filling the sails of world economies at the beginning of this decade, a drover's dog could have added the figures of prosperity... but too much nonchalance at the tiller and too easy go with the wind were taking us fast towards the rocks... The breeze heralded a hurricane that now has blown our sails away... Surge of credit debt has become tidal waves, desperate financing, refinancing and salvage operations  have become underwater rocky hazards... And the wind has dropped.

Now everyone has been left stranded in these dangerous doldrums. We saw it coming, the former treasurer didn't...

Former treasurer Peter Costello has announced he is quitting politics early.

His resignation from Parliament will now force Opposition Leader Malcolm Turnbull to to deal with two by-elections after former leader Brendan Nelson quit last month.

In June, Mr Costello announced he would not contest the next election after making clear in the aftermath of the 2007 election loss that he did not want the leadership.

But a statement on his website says when Parliament resumes he will tender his resignation.

He says this will allow for a by-election to be held this year, at the same time as a by-election in Dr Nelson's former seat of Bradfield in Sydney.