Peter Costello praised for his contributions to Australia after resignation

The nation’s politicians and business leaders have spoken in the wake of Peter Costello quitting Nine but stopped short of saying he needed to stay at the media company.

Political, business and media identities have praised Peter Costello for his chairmanship of the Nine Network and his work at the $223bn Future Fund, but none said he should have remained at the helm of the media giant after his alleged assault on a reporter at Canberra Airport last week.

Former prime minister and colleague Tony Abbott was among the first to praise Mr Costello’s political achievements, yet like many others he had few words on his record chairing Nine.

“Peter has made a fine contribution to our country – arguably our best ever treasurer – and that’s what I remember on what must be a tough day for him,” Mr Abbott told The Australian shortly after news broke that Mr Costello had resigned from the national media company.

Roger Corbett, former boss of supermarket giant Woolworths who was the chairman of Fairfax Media before it merged with the Nine Network in late 2018, preferred to focus on Mr Costello’s achievements as federal treasurer and chair of the Future Fund rather than the airport scuffle.

Businessman Roger Corbettt. Picture Yuri Kouzmin.

“All I can say is he served Australia well as a distinguished treasurer, served the Future Fund wonderfully well for 15 years and has been the chairman at Nine for a number of years in difficult times for the media,” he said. “So the ­Future Fund has performed, on any standard, pretty well.

“I think it is sad that a distinguished career over many years should conclude under such circumstances. And I don’t think anyone can make a judgment on the circumstances who wasn’t there and didn’t see it.”

Melbourne businessman Joe Gersh, a close friend of Mr Costello, who was recommended by the former treasurer during the Howard government as a foundation director of the Reserve Bank of Australia’s Payments System Board, spoke fondly of him after learning he had resigned. “Peter still has much to contribute and I’m sure he will do so in the future,” Mr Gersh said. “We will be doing well to reflect on Peter’s legacy as treasurer, chair of the Future Fund and chair of Nine.

“When we look back, I’m sure the emphasis will be on his many extraordinary contributions and not the events of last week.”

Mr Gersh added: “I wish him well and I’m sure when the final reckoning of his career is made, they’ll be much more on the positive side whatever the events of the last week meant.”

Former AMP and inaugural Future Fund chairman David Murray described Mr Costello as a “great Australian”.

Former AMP and Future Fund chairman David Murray. Picture: AAP

“I think the media incident depends on your point of view. It may or may not have been as serious as made out, but these things do happen,” he said.

“I think it’s important to look at the company issues and in any company the tenure of executives and chairman has to be thought through very carefully because shareholders need a stable board to deal with the executive and keep the company moving.”

While Mr Murray said the Canberra Airport incident was “out of character”, he said Mr ­Costello had a long list of high achievements throughout his career: “He’s a great Australian, his record term of office as the best ever treasurer and the Future Fund has over $200bn in size.”

Mr Murray said Mr Costello had ­ “allowed the board to reset and he’s allowed that to happen in the interests of the company and I think that’s a good thing.”

Former Victorian premier Jeff Kennett – who in the past fought bitter Liberal Party factional ­battles with Mr Costello and his backers – was short and succinct as he reviewed Mr Costello’s time at Nine and politely declined any offer of him joining the Nine board, especially as Nine wasn’t on his list of favourite networks.

“That’s his call, I’m not available for the job. His call, I read and I hear, but I haven’t been involved and I’m not a shareholder and I don’t watch Channel 9,” Mr ­Kennett said.

Richard Alston, the one-time communi­cations minister in the Howard government, was taken back by the late night resignation.

“I am surprised, as there is still no direct evidence to contradict his denial of the assault alle­gations,” Mr Alston said.