Julie Bishop will stay in parliament and is keeping her future leadership options open after stepping down as foreign minister.
Ms Bishop held her final press conference as minister on Tuesday, but defied widespread expectations she would announce her exit from politics.
Instead, she pointedly declined to rule out returning to a senior position, even including the Liberal Party leadership.
"It's far too early for me to even contemplate what I might do," Ms Bishop told reporters in Canberra on Tuesday.
"But I will certainly have plenty of time to consider my options and reflect on what has been an extraordinary time."
The 62-year-old launched a failed bid to replace Malcolm Turnbull as prime minister on Friday, knocked out in the first round of voting for the Liberal leadership.
She quit as foreign minister on Sunday after five years in the job and more than a decade as the Liberals' deputy leader.
Ms Bishop will now sit on the back bench as member for the Perth seat of Curtin, "as I have the overwhelming support of my constituents."
"I'm optimistic about my future, whatever it may hold."
Ms Bishop was reluctant to rake over the coals of last week's bitter leadership insurrection, tracing the troubles back more than a decade.
"I'm sure that the party members understand very well what has gone on in the past week, or indeed, probably ever since we lost government in 2007," she said.
Her departure from a leadership role deprives the Liberal Party of a critical fundraising champion.
Ms Bishop was also immensely popular among voters, if markedly less so inside the party room.
Asked if the Liberal Party could bring itself to elect a popular female leader, Ms Bishop said: "When we find one, I'm sure they will".
Ms Bishop wants her successor Marise Payne to pursue justice for the families of the 38 Australians killed in the downing of Malaysia Airlines flight MH17.
"It was the most emotional moment of my life," she said.
"I want to ensure that the people for whom we fought do get justice."
On foreign affairs, Ms Bishop urged Australia to devote a significant part of the country's aid budget to the Pacific.
Ms Bishop warned against following the lead of some of her conservative colleagues, who want Australia to abandon its Paris climate change targets.
"Australia has a very high standing as a nation that keeps its commitments and is part of the overall global effort for better outcomes for the world," she said.
"When we sign a treaty, partners should be able to rely upon us."
With a click of her ruby red heels, Ms Bishop then turned to pack up her ministerial office.
