UPDATE: Former Treasury secretary Tony Cole has passed away at the age of 78, prompting an outpouring of tributes from prominent figures including former Prime Minister Paul Keating. Cole’s contributions to Australia’s economic landscape are being recognized as pivotal following his death over the weekend.
Keating hailed Cole as one of Australia’s most significant public economic officials, noting his instrumental role in policies that reshaped the nation’s economy. Cole served as Keating’s first private secretary from March 1983, playing a crucial role in initiatives such as floating the Australian dollar, deregulating the banking system, and implementing tariff cuts.
In a heartfelt statement released on Sunday, Keating reflected on Cole’s influence: “Tony Cole was one of the most significant Treasury officers and later Treasury secretary, who both advised in and presided over the dismantling of Australia’s protectionism.” Cole was appointed Treasury secretary in 1991, serving until 1993 due to a shift in leadership under Treasurer John Dawkins.
Keating emphasized Cole’s integral role during a transformative period for the Australian economy, stating, “He was the first Treasury officer to know that I intended to completely open the financial markets.” This included a decisive move to a floating exchange rate, supported by Cole against contrary departmental advice.
Throughout his career, Cole also represented Australia at the World Bank in Washington during the early 1980s and was a key advocate for Labor’s tariff reforms in the late 1980s. His legacy extends beyond party lines; he was appointed to Prime Minister Tony Abbott‘s national commission of audit in 2013, which recommended controversial budget cuts.
Former colleague Robert Carling described Cole as a “Treasury star,” underlining his expertise and respect within the field. “He was certainly a key player in Treasury,” Carling remarked, acknowledging Cole’s lasting impact on Australia’s fiscal policies.
Bernie Fraser, another former Treasury secretary, remembered Cole as a “good mate” who cared deeply about fairness for the less privileged. Cole is survived by his second wife, Sally, and his adult children, marking a significant loss to both his family and the Australian economic community.
Cole’s passing marks another chapter in the history of Australian Treasury leadership, following the recent deaths of former secretaries John Stone and Ted Evans. His contributions will undoubtedly continue to influence economic policy discussions for years to come.
This developing story highlights the profound impact of public service and the legacies left by leaders like Tony Cole. Stay tuned for further updates on tributes and reflections from those who knew him.
