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Former Liberal treasurer Peter Costello won't be seeking a third term as chairman of the federal government's Future Fund. A spokesman for Treasurer Jim Chalmers has confirmed Mr Costello's stint, first as a board member, then as chair, will end in February after 14 years.

Mr Costello's decision to step down follows renewal at top institutions including the Reserve Bank and the P roductivity Commission. The spokesman thanked Mr Costello for 'his significant contribution' and said a merit-based recruitment process will now commence to appoint a new Chair. Mr Costello established the sovereign wealth fund as John Howard's Treasurer in 2006 with $60 billion of budget surpluses and part of the proceeds from the Telstra privatisation.

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