Josh Frydenberg to confirm he will not run in Kooyong at next election after Goldman Sachs appointment

The former Australian treasurer Josh Frydenberg is expected to confirm on Thursday afternoon that he will not attempt to return to politics at the next federal election.

Goldman Sachs said on Thursday that Frydenberg was set to become chairman of the investment bank in Australia and New Zealand. Frydenberg joined the company after losing the blue ribbon Victorian seat of Kooyong at the last election to the teal independent Monique Ryan.

Frydenberg had been signalling the shift to close confidantes in recent weeks and was understood to have communicated his intentions to the opposition leader, Peter Dutton.

While Frydenberg is unlikely to close the door on political life permanently, his decision to remain on the sidelines for the foreseeable future represents a sliding doors moment for the Liberal party, because it removes a future leadership candidate capable of securing support from both the right and moderate wings.

More to come