Joe Hockey, dumped as treasurer in a ministry reshuffle, will end his almost 20-year career in parliament.
Mr Hockey, one of the biggest losers in a coup last week that ousted Tony Abbott as prime minister, on Sunday announced he planned to bring his parliamentary career to an end and pointed to a desire to spend more time with his family.
It's understood Mr Hockey will be offered the role of Australian ambassador to the US when Kim Beazley's term expires at the end of the year.
It had been widely expected Mr Hockey would lose the treasury portfolio in favour of Scott Morrison.
Prime Minister Malcolm Turnbull on Sunday confirmed the decision.
It's understood Mr Hockey, the member for North Sydney, was offered a junior position but declined.
"After having served for nearly 20 years as the member for North Sydney and 17 years on the front bench, I advised the prime minister that I did not wish to continue as a minister in the government and that it is my intention to resign from the House of Representatives," Mr Hockey said in a statement.
"I will have more to say in due course, but for the sake of my young family - to whom I owe so much - I have decided to bring my parliamentary career to a close."
Mr Turnbull said Mr Hockey had informed him of the decision to quit the parliament earlier on Sunday.
"Joe has made a long and distinguished contribution to our nation's government and parliament over many, many years for which I thank him," the prime minister said.
"I believe he has a further contribution to make in our nation's service."
Mr Hockey is the second longest serving member in the safe Liberal seat since Federation, only behind Billy Hughes who was prime minister during World War I.
Mr Hockey, who said it had been a "great privilege" to serve on the front bench, also served in the portfolios of financial services, employment and workplace relations, small business, and tourism.
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