Talk builds about Frydenberg political return

He declined to comment on Sunday.

A person close to him said he had not changed his position and was loving his job at Goldman and spending time with his children – Gemma, nine, and Blake, six.

Dr Ryan was one of six teal independents who won blue-ribbon Liberal seats in May last year on the back of antipathy towards Scott Morrison and electoral concerns about climate change, integrity and the treatment of women.

In Kooyong, Dr Ryan won on preferences after receiving 40.3 per cent of the primary vote (41,303 votes). Mr Frydenberg received 42.7 per cent of the primary vote (43,736).

In two-party preferred terms, she won the seat 53-47.

Pre-selection for the once-blue ribbon Liberal seat of Kooyong closes in mid-January.

Amelia Hamer, a fintech executive and former adviser to former financial services minister Jane Hume, has been considering nominating for pre-selection, according to Liberal sources and reports by Nine’s The Age.

Mr Frydenberg, who is Jewish, has been highly concerned about antisemitism in Australia following the deadly terrorist attacks by Hamas that killed about 1200 Israelis on October 7.

He has worked behind the scenes to coordinate public responses from senior business leaders and former prime ministers condemning antisemitic behaviour.

As treasurer, Mr Frydenberg provided millions of dollars in funding to set up local Holocaust museums.

A friend of Mr Frydenberg’s from outside of politics told the Financial Review that he believed the former treasurer was wrestling with whether to run at the next election, which is due by the first half of 2025.

Mr Frydenberg’s supporters are adamant that if he doesn’t run at the next election, he is almost certain to run at the following election due around 2028.

“He’s not done and will be running again,” a Liberal source said.

Mr Frydenberg has long held ambitions to be Liberal leader and prime minister.

He is generally viewed as the Liberal most capable of becoming leader after Peter Dutton.

But party sources said Mr Dutton’s solid performance as opposition leader made Mr Frydenberg’s path to the leadership more challenging.

If Mr Frydenberg did contest Kooyong at the next election and managed to win the seat, it would probably mean Mr Dutton would also pick up other marginal seats and bolster his prospects of remaining Liberal leader.

Mr Frydenberg, 52, would then have to serve as a shadow minister or minister if Mr Dutton happened to win the election.

But if Mr Frydenberg does not run at the 2025 election, he runs the risk of another Liberal such as Ms Hamer squeezing him out of his former seat.

Complicating the considerations for candidates, Victoria will lose a seat at the next election because of its slower population growth during the pandemic.

Next year, the Australian Electoral Commission will announce a redistribution of seats and adjust electorate borders.

Melbourne’s Herald-Sun reported on Sunday that Liberals believed Mr Frydenberg was considering a run at the next election.