Costello Says He Won't Challenge Howard

The Treasurer and Deputy Leader of the Liberal Party, Peter Costello, has today ruled out a leadership challenge to the Prime Minister, John Howard.

Costello's comments come after a week of intense political pressure over the appointment of Robert Gerard to the Reserve Bank board. Speaking at a press conference called to announce the latest economic growth rate figures, Costello indicated that he was working on delivering next year's May budget.

• Listen to Costello's Press Conference