(Bloomberg) -- Former Australian Treasurer Wayne Swan, who helped steer the economy through the global financial crisis, will retire from politics at the next election.
The 63-year-old Swan served as treasurer for six years under prime ministers Kevin Rudd and Julia Gillard, and was Gillard's deputy for three years. He was named Euromoney magazine's finance minister of the year in 2011 after Australia dodged the financial crisis without sliding into recession.
“The inescapable fact is I'm approaching a stage in life where it's simply not possible to be 100 percent committed as a local MP and meet other important obligations,” Swan said in a statement Saturday, Australian Associated Press reported. He said he would like his parliamentary seat to be filled by a young woman.
The next election is due to be held in 2019.
To contact the reporter on this story: Peter Vercoe in Sydney at pvercoe@bloomberg.net.
To contact the editors responsible for this story: Stanley James at sjames8@bloomberg.net, John McCluskey
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