Former treasurer and deputy Liberal leader Josh Frydenberg, once touted as a future prime minister before losing his seat at the last election, will become Goldman Sachs Australia chairman, ruling out seeking a political comeback at the next election.  

Mr Frydenberg wrote to the constituents of Kooyong to tell them he would not be nominating for the upcoming preselection. 

“It is a difficult decision and one I have been weighing up for some time,” he said in a letter. 

“It was an enormous privilege to serve our local community for nearly 12 years and be the Liberal Party’s candidate at the last five federal elections.” 

Mr Frydenberg joined Goldman Sachs just months after losing to teal independent Monique Ryan last year. 

He took on a role as a regional adviser for the Asia Pacific. His new role will see him expand the business throughout Australia and New Zealand, while also offering advice as a senior regional advisor for the Asia Pacific. 

When former frontbencher Alan Tudge quit federal politics earlier this year, Mr Frydenberg was quick to rule himself out from seeking pre-selection in the seat of Aston. 

It was speculated that Mr Frydenberg’s political comeback was likely only via seeking pre-selection in his old seat of Kooyong. 

But his appointment to chairman came with Mr Frydenberg dismissing a return to politics — for now.

Had Mr Frydenberg held his seat last year, Liberal sources widely expected he would seek the leadership of the party.

Last week, former cabinet colleague Karen Andrews told the ABC that Mr Frydenberg would have likely retained his seat if he’d challenged then prime minister Scott Morrison for the Liberal leadership. 

Mr Frydenberg has kept a low public profile since losing office.

But late last year, he broke that silence after it emerged Mr Morrison had secretly appointed himself to oversee five ministries, including the treasury.

He labelled the actions as an “extreme overreach” and “profoundly disappointing”.

Mr Frydenberg served as an adviser to former prime minister John Howard before he entered politics.

He won the seat of Kooyong in 2010 and retained it at each election until 2022.

He served as a frontbencher under then Liberal prime ministers Tony Abbott and Malcolm Turnbull.

Mr Frydenberg became the Liberal deputy leader and treasurer when Mr Morrison became prime minister in 2018.

In the letter to Kooyong constituents, he said that the seat would: “Always have a special place in the Liberal Party’s heart”.