Immediately before entering Parliament, Foley worked as a senior advisor and chief of staff to then South Australian Premier Lynn Arnold.

Foley unsuccessfully contested the seat of Semaphore at the 1989 election against Independent Labor MP Norm Peterson.

As treasurer, Foley was responsible for rebuilding South Australia's finances, culminating in the attainment of a AAA credit rating.

He continued as a member of cabinet with the Defence, Police, Emergency Services and Motor Sports portfolios.

[8] Foley has since worked closely with Bespoke Approach's partners Alexander Downer, Nick Bolkus and Ian Smith.