Peter Costello was elected to seven terms as a Member of the Australian House of Representatives and was Treasurer of the Commonwealth of Australia from March 1996 to December 2007, the longest term of any Treasurer in Australian history. Mr Costello delivered twelve federal budgets, including ten surpluses. During this period, Australia’s Sovereign Credit Rating was updated twice to its current AAA rating. Mr Costello set up Australia’s system of financial regulation establishing the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC). He also established the Takeovers Panel. In 2006, after the Government debt was eliminated in net terms, Mr Costello established the Australian Future Fund. From its original deposit, the Future Fund has grown to over $230 billion invested in diverse asset classes.

Mr Costello served as Chairman of the Future Fund from 2014-2024. Mr Costello has served on the IMF Committee and as Chairman of the Global Group of 20 Finance Ministers & Central Bankers (G-20).
After leaving politics in 2009, Mr Costello joined a number of international and domestic boards and was chair of the Independent Advisory Board to the World Bank.

Mr Costello was Chairman of the Nine Entertainment Corporation from 2016-2024. NEC is the largest Australian-owned media company with television, radio, publishing and streaming operations.