Queensland MP Scott Driscoll has quit parliament before he was shoved over allegations he was dishonest about his personal business dealings.

Parliament’s powerful ethics committee on Tuesday found the Redcliffe MP guilty of 49 counts of contempt of parliament for deliberately misleading the house and trying to hide some of his personal income and business dealings.

The premier and the opposition had said they would vote on Thursday to fine Mr Driscoll $88,000 and throw him out of parliament, leaving his seat vacant.

But Mr Driscoll resigned late on Tuesday, citing ill health. He revealed this week he has a bipolar disorder.

“Due to matters directly relating to my health, which are on the public record and also known to you as a result of previous correspondence from my specialist medical practitioner, I am announcing my retirement from the Parliament of Queensland and as the Member for Redcliffe effective today,” Mr Driscoll said.

“Under different circumstances, where my health would have been permitting, should this report and it’s recommendations be debated on the floor of the Parliament, I would have been a very respectful, though robust and motivated participant.

“But, with my deteriorating health, it is simply not an option I could possibly entertain.”

Mr Driscoll said he had never acted deliberately in a way that contravened parliament’s procedures and practices.

He asked parliament to consider his lack of income and ongoing medical costs if aspects of the ethics committee report concerning his finances were debated.

“Upon my resignation today, my household is without any other form of income,” he wrote.

He concluded his resignation letter by thanking the people of Redcliffe for electing him as their state member.