Josh Frydenberg’s potential return to federal politics and a bid to reclaim his former seat of Kooyong in Melbourne remains uncertain, despite widespread speculation about a political comeback. The former treasurer, who lost the seat to teal independent Monique Ryan in the 2022 election, has indicated a cautious approach to re-entering the political arena.

At a recent book launch in Sydney, Frydenberg, 55, described himself humorously as a “has been,” underscoring his methodical and measured political style. Sources indicate that he will only contest Kooyong if internal polling and focus groups suggest a strong chance of victory. Losing the seat a second time would complicate the legacy of the once-prominent Liberal Party figure.

Kooyong, a traditionally safe Liberal electorate that now includes affluent suburbs such as Kew, Hawthorn, and Camberwell due to recent redistributions, is a battleground that Frydenberg’s supporters believe could tilt back in his favor. His preselection is not expected to be an obstacle, given the presence of allies within local branches.

At his book launch for “A Grateful Son,” held in the company of family, friends, and political supporters, Frydenberg was introduced by John Howard, Australia’s second longest-serving prime minister. Howard praised Frydenberg’s leadership during the COVID-19 pandemic and highlighted his role as one of the best performers in the Morrison government. However, Howard also noted the modesty of the book’s title in a light-hearted manner.

Despite such support, it is clear that Frydenberg’s return to parliament would not be universally welcomed within the Liberal Party. Some senior members have questioned how he would position himself on divisive issues like net zero emissions targets, given his previous support for such policies during his tenure as treasurer. Critics argue that it may be difficult for Frydenberg to campaign effectively on these issues from an affluent Melbourne electorate.

Within the partyroom, the landscape has changed since Frydenberg’s departure. There is ongoing debate around fiscal conservatism following the pandemic, energy policy, and the rise of parties such as One Nation, creating a more fractured environment. Some Liberal supporters and Frydenberg’s allies express hope for his return, hoping to see his economic reform agenda revived, but cautious observers remain skeptical.

As Frydenberg balances his current role as chairman of Goldman Sachs Australia and his political ambitions, it appears any move back into federal politics will be carefully calculated, with no decision imminent. The former deputy Liberal leader’s potential comeback, long anticipated by some, still faces significant questions both within his party and among the electorate.