Australia’s Treasurer Peter Costello says he would like the Reserve Bank governor Ian Macfarlane to continue working with the Government once his time in the job ends.

Mr Macfarlane’s term will come to an end end in October this year.

The Treasurer would not be drawn today on just when a replacement will be named but paid tribute to the role the current governor has played.

“Ian Macfarlane has been an outstanding Reserve Bank governor, no doubt about that,” he said.

“I have great confidence in him - I hope that that he can continue to serve Australia.

“He’ll become a private citizen, what he wants to do is his business, but from the Government’s point of view, if we could harness his talents, yes we’d love to.”