A book tour that keeps Canberra guessing

Josh Frydenberg has spent the week moving between TV, radio and podcast interviews to promote his new book, and each appearance has carried the same charged question: would he try to rejoin federal parliament? The former treasurer and deputy Liberal leader has pointedly refused to rule it out, stoking a fresh round of "Josh for Canberra" speculation.

The book at the centre of the tour is titled A Grateful Son, and is part family history, part treatise on antisemitism and social cohesion, and part political manifesto. Among its ideas are a remix of the GST to fund income tax cuts, changes to the system of federalism, and calls for civic service for school leavers.

• •Frydenberg is chairman of investment bank Goldman Sachs.
• •Around parliament, the word is that he is privately telling people a return is unlikely.
• •Publicly, he has refused to close the door and says he will decide later.

The leadership backdrop under Angus Taylor

The speculation lands at a fragile moment for the Liberal leadership. Angus Taylor is now eight months into the job, and the party's primary vote is lower than it was when Sussan Ley was dumped. The Guardian Essential poll put the Coalition primary vote at a record low 22% in September, compared with 25% in January.

Taylor has also drawn fire from outside the party. Pauline Hanson, speaking at the Cpac conference last weekend, mocked the leader, saying Australians did not want a "smarmy management consultant" replacing Anthony Albanese as prime minister.

Kooyong, the teals and the road back

Frydenberg knows how quickly a seat can change hands. He was bundled out of Kooyong in 2022 by Monique Ryan in the big community independents wave, with Ryan supported by Climate 200.

The movement has its own origins in Frydenberg's former backyard: Simon Holmes à Court, a former donor to Frydenberg's Kooyong 200 fundraising vehicle, was reportedly ejected from a supporter event and went on to set up Climate 200 in response.

There is precedent for a comeback, too. Tim Wilson lost Goldstein to teal independent Zoe Daniel in 2022 but wrestled the seat back in 2025.

Labor stirs, Liberals shrug

Labor has delighted in the theatre. Anthony Albanese joked to Labor's caucus meeting that Frydenberg was now the "shadow opposition leader".

Treasurer Jim Chalmers said Frydenberg was "stalking" Angus Taylor for the Liberal party leadership.

A senior Labor source suggested the whole episode should be called "the Fryre Festival", a reference to the ill-fated and chaotic Fyre Festival of 2017, which itself attempted a comeback in 2024. Labor sources have also shared key quotes from Frydenberg's book and media tour, highlighting his GST and labour market proposals and his criticisms of the Liberal party's direction.

Inside the Coalition, the mood is cooler. No Liberals spoken to during the week were enthusiastic about the prospect of Frydenberg's return or the distraction it causes.

His media tour is likely to continue over coming days, and Labor intends to keep the comeback speculation alive.