Costello lashes election failure as stunned Libs look for a new leader

Phillip Coorey, Ronald Mizen and John Kehoe

May 4, 2025 – 10.08am

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Former treasurer Peter Costello says voters punished the Coalition for failing to present a coherent economic plan, as shell-shocked Liberals, facing possibly two more terms in opposition, turned their minds to who would replace the vanquished Peter Dutton.

With counting still under way and more than 12 seats too close to call, the Coalition faced being reduced to fewer than 50 seats. The junior Coalition partner, the Nationals, retained all its seats and will make up a greater proportion of the joint party room.

Phillip Coorey is the political editor based in Canberra. He is a two-time winner of the Paul Lyneham award for press gallery excellence.

Ronald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra.

John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury.