CMC will not take any action against Peter Costello

QUEENSLAND'S Crime and Misconduct Commission will take no action against former federal treasurer Peter Costello after accusations of misconduct were made against the politician-turned-consultant.

Mr Costello led the LNP's Commission of Audit formed to find ways to guide Queensland back to financial stability and to a healthier credit rating.

A complaint about Mr Costello's role was made to the CMC claiming he had potential conflicts of interests caused by his ownership of private lobby group Epstein Costello Gazard Advisory Solutions.

The company lobbied for a number of firms which may gain from the privatisation of Queensland Government services, an action widely encouraged by the Commission of Audit's report.

According to a CMC statement released on Tuesday, it found "based on available information, a complaint of alleged official misconduct against Peter Costello, falls outside the CMC's jurisdiction, resulting in a decision to take no further action."

In Parliament on Tuesday, the LNP said the CMC's position showed the allegations were unfounded, made by "bottom-feeders" in the media.