Veteran Liberal MP and former cabinet minister Ian Macfarlane is quitting politics following his failed bid to defect to the Nationals.
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The Queensland MP said after 18 years in Parliament, including nine as a minister, the next election is the right time to "pass the baton".
"After 32 years in public life in agripolitics and politics I will now be looking for new challenges to use my wealth of knowledge and experience in the resources, industry and science sectors for the betterment of our great nation," he said.
Mr Macfarlane said he made the decision because he did not want to be a "passenger" in politics.
"If I'm not involved in cabinet, with my depth of experience and knowledge, I need to use that somewhere where it's going to be of value," he told ABC radio.
"Sitting on the backbench wasn't an option for me."
"I am truly grateful for the opportunities to serve the nation over the years," he said.
The member for the electorate of Groom, Mr Macfarlane was small business and tourism minister in the Howard government and industry minister under Tony Abbott.
But Malcolm Turnbull dumped him from the frontbench when he took over the prime ministership in September, citing the need for generational change.
While Mr Macfarlane publicly appeared to take the demotion well he secretly started plotting to defect to the junior Coalition partner, seeing a switch as a potential path back to the frontbench.
While grassroots members of Groom approved the plan, Mr Macfarlane's bid was blocked by the Queensland LNP in December, leaving him red-faced. His decision to quit therefore does not come as a surprise.
Mr Turnbull said Mr Macfarlane had successfully turned Australia's challenges into opportunities and helped maximise the benefits of the mining boom as resources minister.
"Ian has been and remains one of my closest friends in politics," Mr Turnbull said.
"His retirement from Parliament is the end of an era but I have no doubt he will go from strength to strength in a new stage of his career and continue to make a formidable contribution to our nation."
He praised Mr Macfarlane's "hard working, practical and problem-solving approach".