Critic: Peter Costello (ABC News: file photo) Former treasurer Peter Costello says the Labor Government has been largely responsible for Australia's economic downturn.
Mr Costello made his comments as he attended an economics conference in the US state of Virginia.
He says the problems facing the US economy will continue to affect other economies around the world, including in Australia.
But the former treasurer says the policies of the Rudd Government are largely to blame for Australia's economic plight
"I think some big mistakes have been made in Australia," he said.
"I don't think it's a coincidence [that] after the accumulation of wealth like we'd never seen before, 10-11 per cent household wealth growth, year after year, suddenly it went backwards," he said.
Mr Costello would not be drawn on his political future, saying only he is looking forward to returning to Australia to launch his keenly-anticipated memoirs.
