Peter Costello to quit parliament
Australia's longest serving treasurer, Peter Costello, has announced he will not be nominating for re-election as the Member for Higgins.
Once considered a top contender for prime minister, Mr Costello will serve out his current term on the opposition back bench.
"It has been an honour to serve the Higgins electorate for nearly 20 years," Mr Costello said on his website.
"I have particularly enjoyed the opportunity to spend more time in the electorate since the 2007 Election."
Mr Costello said over the last 18 months, many constituents and Australians from all over the country had urged him to re-nominate.
"My view is, as it was in November 2007, that it is time for me to pursue other interests and it is in the long term interest of the Liberal Party for others of ability and integrity to step forward and represent it," he said.
"I wish our party and its leaders - Malcolm Turnbull and Julie Bishop - every success in the next election.
"I pay tribute to the work done by Brendan Nelson in the difficult aftermath of the 2007 Election loss."
Mr Costello said he will continue to be involved in public policy through his engagement on the International Advisory Board of the World Bank.
"I want to express my gratitude to my wife and family who have been unstinting in their loyalty throughout my political career," he said.
"I owe them a great deal."
