McTaggart will join former federal treasurer Peter Costello on the Queensland government’s new Commission of Audit that will look at reducing state government debt, which is forecast to hit $62 billion by the end of the year.

“I am looking to the portfolio-manager approach,” he says. “I am not looking for another executive job but maybe boards and other consulting opportunities.”

McTaggart says he is in discussions with QIC regarding a consulting role during the leadership transition to new chief executive officer Damien Frawley.