Colourful MP Clive Palmer believes federal politicians should only be allowed to serve two terms, saying he will not contest the election after next.

The Palmer United Party Leader told Sky News on Tuesday that career politicians should be eliminated.

“We’ve got guys that stay there for 30 or 40 years, many of them should still be in nursing homes,” Mr Palmer said, insisting two terms would be enough for him.

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The multi-millionaire businessman was elected to the House of Representatives for the Fairfax, Queensland electorate in 2013.

Since then, two PUP MPs Jacqui Lambie and Glenn Lazarus quit the party.

Western Australian Senator Dio Wang is the only PUP representative who remains in the upper house.

Mr Palmer’s comments on Tuesday created a flurry of discussion on social media.

I think Clive is busy, how many times has he attended parliament this year? @jwmcdonald81 @EddyJokovich @joy1974S @CliveFPalmer

— Kanga (@Kanga_06) June 22, 2015

HAHAHAHA “Clive Palmer believes federal politicians should only be allowed to serve two terms – and it’s an idea he says he will follow.”

— Chris Duckett (@dobes) June 22, 2015