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Frydenberg, who had been indicating his move away from politics to close confidants in recent weeks, has communicated his intentions to opposition leader Peter Dutton. While this decision doesn’t necessarily close the door on his political career permanently, Frydenberg is expected to remain on the sidelines for the foreseeable future.
In addition, Goldman Sachs announced on Thursday that Frydenberg is set to become chairman of the investment bank’s operations in Australia and New Zealand. This follows his role as an adviser which he took up last year after losing his blue-ribbon Liberal seat of Kooyong in Melbourne to teal independent Monique Ryan.
Before his advisory role at Goldman Sachs, Frydenberg held several senior positions in the Australian government. He served as treasurer throughout the pandemic under the Morrison government after being elected to parliament in 2010. His roles included minister for environment and energy before becoming treasurer in 2018.
In a statement released by Goldman Sachs, the bank expressed that Frydenberg “had a distinguished political career in Australia”. As chairman, he will focus on “deepening and strengthening client coverage across the Australia and New Zealand region”. Additionally, he will continue to offer advice on economic and geopolitical issues as the firm’s senior regional advisor for Asia-Pacific.
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