Nov 25 – 12.45pm – The outgoing Treasurer, Peter Costello, has announced that he will not seek the leadership of the Liberal Party following its defeat at yesterday’s election.

Costello said he would serve out his three-year term as the member for Higgins and would leave politics at the next election.

Adapting the words of former United States President Lyndon Johnson, Costello said: “I will not seek and I will not accept the leadership of the Liberal Party.”

Can Turnbull Snatch The Prize?

Nov 25 – 1.00pm – Political attention will now focus on whether the member for Wentworth, Malcolm Turnbull, can secure the leadership of the Federal Liberal Party.

Turnbull won a second term in the House of Representatives at yesterday’s election, withstanding a concerted attempt to unseat him. He nearly won the seat on primary votes.

Other likely contenders for the leadership are Brendan Nelson and Joe Hockey. Alexander Downer will also be called on to make his intentions clear. Julie Bishop could be a contender but is more likely to seek the deputy’s position.

Nightmare For Liberal Party Worsens, Or Does It?

Nov 25 – 1.15pm – Whilst some will see Peter Costello’s departure as a worsening nightmare for the Liberal Party, following its defeat in yesterday’s election, the decision also represents an opportunity to move to a new generation of leadership untainted by the Howard-Costello years.

Conversely, the decision by Costello robs his party of a strong parliamentary performer with experience in government.

For Kevin Rudd, the development represents a stunning defeat of his two major opponents in the coalition government.

• Listen to Peter Costello’s Announcement (20m)
  
• Costello To Quit Politics; Will Not Seek Or Accept Liberal Leadership