Thursday 26 May 2011

Why not an Australian to head the IMF?

It's a pity that the top IMF job seems such a closed shop. As Australia has one of the  wrorld’s most successful economies, and with one of the safest banking systems, I would have thought our most successful former Federal Treasurer, Peter Costello, was an excellent choice for the job.

Costello has years more experience than the front-running French candidate and would, in my opinion, give the IMF a fresh new face from outside Europe.

For those who may not know Costello’s background, he is a 54-year old Melbourne-born lawyer and former member of the Australian House of Representatives. He served as Deputy Leader of the Liberal Party of Australia from 1994 to 2007, and was Federal Treasurer of Australia from 1996 to 2007, making him the longest serving treasurer in Australian history.

In 2008, Costello was appointed to the World Bank’s new Independent Advisory Board (IAB), set up to provide advice on anti-corruption measures.

He resigned from parliament in late 2009 .

Costello is a director of the Australian Government Future Fund’s Board of Guardians,  a role he commenced shortly after leaving parliament.  He is also a managing partner of BKK Partners, a corporate advisory firm run by former Goldman Sachs JBWere managers.

Surely such a track record makes him a serious contender.

Prepared by Bob Woodward & Associates: offering you business consultancy, accounting, payroll administration and ancillary services in Darwin; The Northern Territory, Australia
http://www.woodwards.co/

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