Josh Frydenberg’s political ambition put on hold

The past 18 months of workplace relations changes show too few politicians understand business and too few business leaders understand politics. Former treasurer Josh Frydenberg, whose appointment as chairman of Goldman Sachs Australia and New Zealand was announced on Thursday, has a deep understanding of both. Mr Frydenberg’s promotion, after almost 18 months as the bank’s senior regional adviser for Asia Pacific, reflects his financial acumen and leadership abilities. He will not contest the next election, due in May 2025, despite polling in Kooyong showing him as a strong chance of winning it back from teal independent Monique Ryan.

Our body politic can ill-afford to be without his talent and dedication. But at 52, Mr Frydenberg has time on his side. In five years, his experience as treasurer and in the environment and energy, and resources, energy and Northern Australia portfolios, and the private sector, would stand him in good stead should his political ambition burn bright again.

Cross-pollination between business and policy in the bureaucracy and politics was important, Commonwealth Bank of Australia chairman Paul O’Malley said. After last year’s election Mr Frydenberg said he had “a lot left in the tank’’. John Howard has rated Mr Frydenberg “an excellent treasurer and the former government’s standout performer’’.

The announcement gives Peter Dutton clear air as he faces the challenge of balancing voters’ interests in teal seats that were once blue-ribbon Liberal with the concerns of those in regional and outer metropolitan areas.

After many of their relatives perished in the Holocaust, the Frydenbergs are a Jewish immigration success story and are a close family. As Mr Frydenberg said in a letter to Liberal Party members in Kooyong on Thursday, the chance to spend “more precious time with Amie and our young family’’ was central to his decision. Federal politics is hard on families, especially those of ministers during a major crisis. We wish him ongoing happiness and success.