In 1929, Theodore was elected deputy leader to James Scullin. He became Treasurer after the 1929 election, but resigned after less than a year amid accusations of corruption. Theodore returned as a Treasurer in early 1931, and served until the government's landslide defeat at the 1931 election, where he lost his own seat. He had little success in combating the Great Depression, and disputes over economic policy led to a party split and several defections to Lang Labor and the United Australia Party. Theodore was only 47 when he left politics, and went on to have a successful business career as a partner of Frank Packer.
