BREAKING: Former Treasury Secretary Tony Cole has passed away at the age of 78, prompting heartfelt tributes from across Australia. Cole, who served as a pivotal figure in the nation’s economic reforms, was remembered by former Prime Minister Paul Keating as one of the most influential public economic officials in Australia’s history.
In a statement released on October 15, 2023, Keating expressed deep appreciation for Cole’s legacy, highlighting his role in key reforms such as floating the Australian dollar and deregulating the banking system. “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,” Keating stated.
Cole initially served as Keating’s private secretary when he became Treasurer in March 1983. His tenure included groundbreaking decisions that transformed Australia’s financial landscape. During this time, he was instrumental in the shift towards a floating exchange rate, a move that not only shaped economic policy but also marked a significant departure from previous government strategies.
Cole’s impact as Treasury Secretary was brief but significant; he held the position from 1991 until 1993, when incoming Treasurer John Dawkins opted for a different leadership approach. Despite this, Cole’s influence on economic policy continued to resonate throughout his career. He later led the Department of Health and Human Services before transitioning to the private sector as an investment consultant with Mercer.
Colleagues are recalling Cole’s brilliance and dedication. Former associate Robert Carling described him as a “Treasury star,” emphasizing Cole’s crucial role in shaping fiscal policy. “He was certainly a key player in Treasury,” Carling remarked, underscoring Cole’s expertise in navigating complex economic challenges.
Former Treasury Secretary Bernie Fraser also paid tribute, recalling their early careers together and noting Cole’s commitment to fairness. “He cared about the less privileged,” Fraser said, reflecting on the human impact of Cole’s work throughout his decades in public service.
Cole’s passing marks a significant moment in Australia’s economic history, as he becomes the third former Treasury secretary to die in recent years, following John Stone in July and Ted Evans in 2020. His contributions to the nation’s financial framework and his commitment to public service will not be forgotten.
As tributes continue to flow in, many are reflecting on the profound impact Cole had on Australia’s economic landscape and the lives of those he influenced. His legacy will undoubtedly endure as a testament to his dedication and expertise.
Cole is survived by his second wife, Sally, and his adult children. The nation mourns the loss of a distinguished public servant whose work helped redefine Australia’s economic policies for future generations.
