After more than a decade in federal parliament, assistant treasurer Stephen Jones has announced his resignation from politics.
Mr Jones, who represents the Illawarra-based electorate of Whitlam in NSW, will retire at the next election.
The outgoing MP said after 15 years as an MP, it was time to move on to the next phase of his career.
"It's time for me to hand the baton on to somebody else and this will be my last term of office," he told reporters on Thursday.
"The average length of time for a member of parliament is five and a bit years, I've done fifteen. I've just reached the stage in my life where I think, it's time for me to do something else, I don't know what that is yet, frankly."
After being elected to parliament in 2010, Mr Jones was appointed to the role of assistant treasurer in 2022, after Labor claimed government.
During his term, he has had a focus on cracking down on scams and boosting access for financial advice.
Mr Jones holds the seat of Whitlam by 10 per cent, with the Illawarra area traditionally being a Labor stronghold.
He said his decision to leave politics had been on his mind for several months.
"I had the first conversation with (Prime Minister Anthony Albanese about six months ago just thinking about this, I love what I'm doing but I don't know if I've another three years in me," he said.
"I had the conversation again before Christmas and went away on leave to see whether it was going to pass, it didn’t."
Pre-selection will be carried out for the seat ahead of the next federal election, which is due to be held by May 17 at the latest.
Opinion polls show Labor has work to do to win a second term, with the latest Newspoll showing the government trailing the coalition 51 per cent to 49 on a two-party preferred basis.
The retirement of Mr Jones follow the resignations of other frontbench members, including Bill Shorten, Linda Burney and Brendan O'Connor.
Treasurer Jim Chalmers paid tribute to Mr Jones, who said it was a privilege to have worked alongside him.
"Stephen has big ideas, makes big contributions and is a terrific colleague," he said.
"He has delivered reforms that will allow Australians to retire with dignity and has helped to make financial advice more accessible."
