Former Howard Government treasurer Peter Costello will step in as acting head of the Future Fund, after David Gonski resigned from the role to become chairman of ANZ.

In a joint statement, the Treasurer Joe Hockey and Finance Minister Matthias Cormann said Mr Costello will act as chair of the $91.7 billion fund for three months, or “until a permanent chairman is appointed to the Future Fund Board of Guardians early in the new year”.

Mr Costello established the Future Fund in 2006 to help the Government meet superannuation payments owed to retired public servants.

He has served on its board since 2009.

Mr Gonski, who chaired former Prime Minister Julia Gillard’s review of school funding, will step down from the chairmanship on January 14.

He will take over as ANZ chairman from John Morschel in February.

Mr Gonski also serves has chairman of Coca-Cola Amatil, Investec Bank, and is a director of Optus parent compay Singapore Telecommunications.

“It is a privilege to succeed John as Chairman having had a strong relationship with ANZ over many years,” Mr Gonski said in an ANZ statement to the share market.

“The bank is in a strong position and I am looking forward to working with shareholders, with my fellow directors, and with Mike Smith and his management team to continue to realise ANZ’s super regional strategy.”