Former Howard government treasurer Peter Costello is to be appointed to the federal government's Future Fund Board of Guardians.

Mr Costello was treasurer from 1996 until the coalition lost the 2007 federal election to Labor.

The announcement of Mr Costello's appointment comes after former opposition leader Brendan Nelson was appointed as an Australian ambassador to the European Union in September.

'To have the experience of someone like Mr Costello on the Future Fund board will be of great benefit,' Finance Minister Lindsay Tanner said in a statement.

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