Peter Costello has made an extraordinary contribution to Australian public life over the past two decades.
To have been a member of the Australian Parliament for 20 years is, of itself, a significant achievement. To have been Treasurer of the Commonwealth for almost 12 years is a further credit to Mr Costello's talents and abilities.
Of course, I have not always agreed with Mr Costello.
But nobody can deny the fact that he brought considerable intellectual skills and leadership to the public policy debate in Australia, and internationally.
As Australia's representative on the International Monetary Fund, Mr Costello played a significant role in the decision to establish the G20 finance ministers' meeting following the Asian financial crisis of 1997-98.
The G20 finance ministers' meeting provided the platform for the heads of government meeting, now known as the G20 summit.
The G20, with Australia part of the decision-making process, has played a major role in paving the way for sustainable global economic recovery since the onset of the global financial crisis.
Just a few weeks ago, world leaders agreed to establish the G20 as the leading international institution for global economic decision-making.
During the Asian financial crisis, Mr Costello was also instrumental in providing significant offers of financial assistance to our neighbours, particularly Indonesia, Malaysia and the Republic of Korea.
These were important decisions, taken in our national interest.
The fact that we have good relations with these countries today is in part due to those decisions.
The Australian Parliament will also be poorer for Mr Costello's absence.
He has long been one of the most colourful performers in the Parliament.
Such were his talents that, even for those of us on the receiving end of one of his barbs, it was hard not to laugh, even as you winced in pain.
On behalf of the Australian Government and the Australian Labor Party, I thank Mr Costello and his family, and particularly Tanya, for their contribution to public life, and wish them a happy and successful future.