Peter Costello to step down from Future Fund after 14 years as Treasurer Jim Chalmers continues "renewable" of key institutions

Former Liberal Treasurer Peter Costello won't be seeking a third term as chairman of the federal governments Future Fund.

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A spokesman for Treasurer Jim Chalmers has confirmed Mr Costello's 14 year stint first as a board member then chair will end in February after 14 years.

Mr Costello's decision to step down follows renewal at the top of key institutions including the Reserve Bank and the Productivity Commission.

The spokesman thanked Mr Costello for his "significant contribution" and said a merit-based selection process will now commence to appoint a replacement.

Mr Costello established the sovereign wealth fund as John Howard's Treasurer in 2006 with $60.5 billion in budget surpluses and proceeds from the privatision of Telstra.