Australia's time on the United Nations Security Council finishes as 2014 comes to an end.
Foreign Minister Julie Bishop believes Australia served its two-year term on the council with distinction, especially given the large number of crises the world faced during that time.
"Australia came on to the council determined that elected members could and should make a difference in strengthening the council's role in the maintenance of international peace and security," she said in a statement on Wednesday.
"By any measure, our term has been a success."
Australia led the security council's response to the Malaysia Airlines flight MH17 being shot down in Ukraine, debate over sanctions reform and dealing with the rise of new terrorism threats.
In its final decision on the council on Tuesday night, Australia voted with the US against a draft resolution that would have paved the way for statehood for the Palestinians.
Although the coalition was critical of the merits of the previous Labor government pursuing the security council seat, Ms Bishop said in November Australia would seek another term in the future.
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