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Ms Bishop said she made the decision after receiving “overwhelming support” from her electorate.
“I think their interests come first,” Ms Bishop said at an event in Perth on Saturday, the ABC reports.
“It’s very much a personal decision for me, but I believe the country needs stability and continuity at present.”
She will run again in her safe WA seat of Curtin at the next federal election.
The announcement comes after she spoke out about her decision to quit as foreign Minister.
She revealed her surprise that no WA federal MPs voted for her in last week’s leadership vote, and says she was caught up in an “unbelievable conflict” within the Liberal Party. The former deputy Liberal leader also said she believes there’s a Queensland influence on the federal party.
Ms Bishop did not deny being told she wasn’t wanted in Scott Morrison’s new cabinet, Post Newspapers in Perth reported.
“I just felt it was best I not be part of that cabinet,” Ms Bishop told the newspaper.
The 62-year-old didn’t say whether her position was offered to someone else in exchange for a vote.