Former Prime Minister Scott Morrison will call time on his political career when Federal Parliament returns next month.
The Member for Cook announced his imminent retirement on social media on Tuesday afternoon.
“I have decided to leave Parliament to take on new challenges in the global corporate sector and spend more time with my family,” Mr Morrison said in the statement.
“By giving advance notice of my intention to leave parliament at the end of February, this will give my party ample time to select a great new candidate who I know will do what’s best for our community and bring fresh energy and commitment to the job.”
The decision will trigger a by-election in the electorate of Cook, which is generally considered a safe Liberal seat.
The 55-year-old has been on the backbench since the Coalition lost the last federal election to Anthony Albanese’s Labor party by a landslide.
In the wake of the defeat Mr Morrison also became embroiled in scandal following revelations he secretly appointed himself to several ministries while in the top job.
One of those was the Resources portfolio where he made a controversial decision on an offshore drilling project known as PEP-11 which had been proposed off the Hunter coast.