After leaving Parliament, Hawke entered the business world, taking on a number of directorships and consultancy positions which enabled him to achieve considerable financial success. He avoided public involvement with the Labor Party during Keating's tenure as Prime Minister, not wanting to be seen as attempting to overshadow his successor. After Keating's defeat and the election of the Howard Government at the 1996 election, he returned to public campaigning with Labor and regularly appearing at election launches. Despite his personal affection for Queen Elizabeth II, boasting that he had been her "favourite Prime Minister", Hawke was an enthusiastic republican and joined the campaign for a Yes vote in the 1999 republic referendum.