Former treasurer Josh Frydenberg joins Goldman Sachs as senior regional adviser for Asia Pacific

The former treasurer is joining investment bank Goldman Sachs — his first gig since losing his blue-ribbon seat in the federal election.

Former treasurer Josh Frydenberg has been appointed senior adviser at Goldman Sachs in his first engagement after losing his blue-ribbon Melbourne seat of Kooyong at the May federal election.

Mr Frydenberg’s new position is expected to involve providing advice to the investment bank’s lengthy list of institutional and corporate clients across the region. The former treasurer starts at Goldman Sachs’ Melbourne office on Monday, and is the first senior advisor appointment by the bank in the Asia Pacific.

Goldman Sachs has had several high-profile political figures join as advisers in the past, including former Italian prime minister Mario Monte.

Former treasurer Josh Frydenberg has been appointed an adviser to investment bank Goldman Sachs. Picture: Andrew Henshaw

Other Australian politicians have joined banks. Paul Keating was chairman of Lazard Australia, while Malcolm Turnbull, once the local managing director of Goldman Sachs, was appointed a global senior adviser to KKR in 2019.

Warwick Smith, a minister in the Howard government, was hired by Macquarie in 1998.

The investment bank currently counts Charles Curran, the former chairman of Perpetual, as an adviser in Australia and the formerly had the ex-governor of the Reserve Bank, Ian Macfarlane as another adviser.

Having left parliament in May, Mr Frydenberg is prohibited from engaging with the government or public officials for 18 months.

Kevin Sneader, the president of Goldman Sachs Asia Pacific, said Mr Frydenberg would bring “deep public and private sector experience, connectivity, and insight”.

“His significant understanding of geopolitical and economic issues will bring considerable value to our clients,” he said.

As treasurer from 2018 to 2022, Mr Frydenberg guided the country through much of the Covid-19 pandemic, including the introduction of the JobKeeper wage subsidy – praised for preserving the economy but criticised by some as providing support for profitable firms.

He was previously the energy minister in the Turnbull government, where he proposed the National Energy Guarantee in an attempt to reduce emissions and ensure sufficient reliable power.

The proposal was dumped by Scott Morrison shortly after he became prime minister. Mr Frydenberg lost his seat to independent Monique Ryan, who was backed by the Climate 200 fund convened by Simon Holmes a Court.

Before being elected to parliament in 2010, Mr Frydenberg had worked at as a director at Deutsche Bank.

On Thursday, Goldman Sachs’ local chief executive Simon Rothery said: “Our … clients will greatly benefit from Josh’s insights and expertise that have been gained from an impressive career which includes experience and perspectives across a range of sectors.”

Mr Frydenberg said he was “pleased to join Goldman Sachs, which is the pre-eminent mergers and acquisitions and capital markets adviser to clients globally”.

“I look forward to joining the team and contributing to the firm’s leadership, its global capability, and its strength of client franchise,” he said.

In June, The Australian reported that the Liberal Party was plotting a return to politics for Mr Frydenberg – who had considered other private-sector offers before joining Goldman Sachs. Mr Frydenberg, once toured as a potential Liberal leader, has not ruled out attempting a political return.

Originally published as Former treasurer Josh Frydenberg joins Goldman Sachs as senior regional adviser for Asia Pacific