Former treasurer Josh Frydenberg won’t contest Kooyong seat after promotion to chairman of Goldman Sachs

Former treasurer Josh Frydenberg will not recontest the seat of Kooyong at the next federal election as he takes the reins at Goldman Sachs local division.

Former treasurer Josh Frydenberg will not recontest the seat of Kooyong at the next federal election.

The highly anticipated decision follows his significant new appointment as chairman of investment bank Goldman Sachs in Australia and New Zealand.

The move is set to come as a blow for the Liberals, with internal polls showing Mr Frydenberg had a good chance at reclaiming the inner Melbourne seat from Teal MP Monique Ryan.

The Liberal stalwart joined the firm as a senior regional adviser for the Asia Pacific last year after his bruising loss to the independent at the 2022 election.

Mr Frydenberg has not ruled out a return to politics but told the Herald Sun the role will allow him to continue spending quality time with his young family.

Then Federal Treasurer and Member for Kooyong Josh Frydenberg with his wife Amie and children Gemma and Blake. Picture: Ian Currie

In a letter to Kooyong members on Thursday he said it was a “difficult decision” that he had been weighing up for some time.

“In the almost 18 months since the last election, I have spent more precious time with Amie and our young family and have enjoyed returning to the private sector,” he wrote.

“I am proud of our Liberal values and what we were able to achieve together locally and federally as part of the Abbott, Turnbull, and Morrison governments.

“I am forever grateful for the friendship, encouragement and support you have provided me and my family over so many years.

“Thank you for giving me such a remarkable opportunity to serve.”

Former Prime Minister John Howard campaigning with Josh Frydenberg. Picture: Ian Currie

Liberal leader Peter Dutton thanked Mr Frydenberg and his family for his significant contribution and sacrifice to the party.

“He's got a very young family and he spent a lot of time in Canberra, particularly over the course of Covid but a lot of time away from his kids as they were growing up,” Mr Dutton said.

“He had full time security for a period of time because of the racist slurs against him as a man of Jewish faith, and he went through a tough period.

“But he’s contributed in a very significant way to our country as treasurer and as deputy leader of the Liberal Party.”

Speaking on behalf of Liberal colleagues and branch members across the country, Mr Dutton said he was “very grateful” for Mr Frydenberg’s service.

“There's a great affection for and affinity with Josh, and we wish him well in the next stage of his career,” he said.

“He has obviously impressed the people that he’s gone to work with and that’s why he’s been offered a promotion there, and you know, he’s a young man still and hopefully he can work his way back into public life at some point.”

Amelia Hamer, a director at Melbourne-based fintech Airwallex, is the new frontrunner for Kooyong preselection but would not comment when contacted on Thursday.

Ms Hamer, who studied at Oxford, was previously an adviser to Victorian Liberal Senator Jane Hume.

Senior sources told the Herald Sun that Mr Frydenberg’s announcement spelled the end of the Morrison era and would open up the opportunity to refresh and reinvent the trashed Liberal brand in Victoria.

Teal MP Monique Ryan will face a new Liberal challenger at the next election. Picture: David Crosling

Rod Kemp, chairman of the Kooyong federal electorate conference, said Mr Frydenberg played a key role in helping to lead the Australian economy successfully through the Covid pandemic.

“His actions saved lives and livelihoods,” Mr Kemp said.

“As John Howard has said, Josh was ‘an excellent Treasurer, a diligent local member, and the former government’s standout performer’.”

Mr Frydenberg’s promotion has also been welcomed by Commonwealth Bank of Australia chair Paul O’Malley.

“His experience, both in the finance industry and at senior levels of government, will tie in very much with Goldman Sachs’ global presence,” Mr O’Malley told the Herald Sun.

“I think it’s really important that we get cross-pollination between business and policy in the bureaucracy and also politics.

“The insights of individuals crossing those areas, I think, is really helpful and makes our systems stronger. It is something that is done in the US a fair bit and I think it is actually really important.”

Goldman Sachs leaders Kevin Sneader and Simon Rothery said Mr Frydenberg would focus on further deepening and strengthening client coverage across the Australia-New Zealand region.

“He will continue to offer advice on economic and geopolitical issues as the firm’s senior regional adviser for Asia Pacific,” the pair said in a company memo.

Mr Frydenberg was elected to the former blue-ribbon seat of Kooyong in 2010 but was defeated by Dr Ryan following a 9.3 per cent swing away from the Liberals.

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