Frydenberg taps Peter Costello for Treasurer advice

Australia's newest Treasurer has met with one of his most distinguished predecessors as he prepares to take on one of the most vital jobs in government.

Josh Frydenberg, who became the new Treasurer and deputy head of the Liberal party following the leadership spill that elevated Scott Morrison to Prime Minister, returned to his seat of Kooyong in Melbourne today.

While there, he met with former Howard government Treasurer Peter Costello, who Mr Frydenberg said he was turning to for advice.

Mr Costello said Mr Frydenberg's elevation was "a great opportunity" for him and for Australia.

And following the week of bruising political conflict in the Liberal party, he offered a position of equanimity.

"It's just a new era," Mr Costello said.

"The old gives way to the new."

In turn, Mr Frydenberg named Mr Costello "Australia's greatest Treasurer".