"Despite Labor’s depiction of Mr Costello as a “living smirk”, he’s a gregarious, funny and self-deprecating person. This side will be on show as opposition leader.

And, despite speculation he might not want the job after almost 12 years as treasurer, Mr Costello has already taken the decision to accept the challenge of the opposition leadership.

In this respect, he learned a lesson from former Labor leader Mark Latham’s early departure from politics.

Mr Costello considers politics to be his vocation and does not want to repeat Mr Latham’s mistake - abandoning his career too early and living the rest of his life wondering “what if”."

Apparently he will spend his un-life wondering that - he withdrew from the leadership race within days of the above spin being published.