Peter Costello has flagged the possibility he may quit parliament earlier than the next federal election.
Mr Costello announced on Monday that he would not seek Liberal Party preselection for his safe Melbourne seat of Higgins, but would serve out his current term on the opposition's backbench.
"I am very, very happy to serve the term," he told reporters on Tuesday, adding he was open to the possibility of stepping down earlier."I have indicated to the party that once they get the preselection done, if it's in the party's interest to do a by-election I'm open to that."
AAP
