The former Federal Treasurer Joe Hockey has announced he will resign from the House of Representatives.

Mr Hockey became Treasurer when the Abbott Government won power in September 2013, and served as the Member for North Sydney for almost 20 years.

He was dumped as Treasurer in Malcolm Turnbull’s Cabinet reshuffle, replaced by Scott Morrison.

“[After] seventeen years on the front bench, I advised the Prime Minister that I did not wish to continue as a minister in the Government and that it is my intention to resign from the House of Representatives,” Mr Hockey said in a statement.

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“It has been a great honour to serve my local community as the second longest serving Member for North Sydney since Federation. I have no desire to break Billy Hughes’ record!

“It was a great privilege to serve on the front bench.”

Before becoming Treasruer, Mr Hockey served as the Minister for Human Services, Minister for Small Business and Tourism and Minister for Employment and Workplace Relations.

He was pilloried in the press and the public for his controversial 2013 Budget, highlighted by cuts to the ABC, a Medicare co-payment and waiting times for youth allowance.

“I have sought to do my very best for the people of Australia,” he said. 

“I will have more to say in due course, but for the sake of my young family – to whom I owe so much – I have decided to bring my parliamentary career to a close.”

Read the full statement below: