Former Labor leader Bill Shorten is to quit politics.

Shorten appeared alongside Prime Minister Anthony Albanese at a press conference at Parliament on Thursday morning to confirm his looming retirement.

“Every day I know how lucky I have been to have the privilege to serve the Australian people,” he said.

“Like many people in their 50s, I started to think about what comes next. I have a choice, which I have discussed with the Prime Minister, to seek more terms in Parliament or step into a new career while I am relatively young enough to make that choice and can choose a career consistent with my ideals about ensuring that people can fulfil their potential.”

Shorten will become vice-chancellor the University of Canberra from February. He said his appointment was confirmed at 4pm on Wednesday.

He will remain in the Albanese cabinet as National Disability Insurance Scheme and Government Services Minister until then.

“I have gratefully accepted the Prime Minister’s request that I remain serving in the cabinet,” he said.

“I am thankful to be leaving Parliament while there are still some people who want me to stay, and while I have more to give to this great country and the remarkable people who call at home.”

My friend Bill Shorten has decided not to contest the next election.

In this term, and right through his 17 years in Parliament, he has given it everything, every day.

Only 21 people have had the extraordinary privilege of serving as Leader of Australia’s oldest political… pic.twitter.com/kjf8wxMYk5

— Anthony Albanese (@AlboMP) September 5, 2024

Shorten led the Australian Labor Party from 2013 to 2019 and has been the MP for the Melbourne electorate of Maribyrnong since 2007.

He was appointed to the ministry during Kevin Rudd and Julia Gillard’s government, before becoming opposition leader after the 2013 election.

“The party was at a low ebb. We were reduced to 55 seats, our worst result since 1996. We were up against an ascendant Abbott government with a fierce ideological agenda,” he said.

“We stood against these changes. We looked to Australians not justify their approval. We trusted in the instinct for fairness … we argued on the policy and took the responsibility to put forward positive alternatives, put pressure back on the other side. Not every idea succeeded, I understand that. We didn’t win every battle but Labor never stopped trying.”

Asked about his roles in removing both Rudd and Gillard, and if he had any regrets, Shorten said he “might borrow from someone else”.

“Regrets, I’ve had a few, but then again, too few to mention. I did what I had to do but much more than this, I did it my way,” he said, quoting Frank Sinatra.

Shorten, with wife Chloe, concedes defeat in the 2019 federal election. Photo: Getty

Shorten stepped back from the Labor leadership when the Liberals – led by Scott Morrison – had a surprise victory in the 2019 election.

He returned to cabinet after Labor won the 2022 federal election under Albanese.

The PM paid tribute to Shorten’s “character” on Thursday.

“Only a few people know about the extraordinary privilege of leading Australia’s oldest and greatest political party. Bill took over in the wake of a demoralising 2013 defeat. He united the party, re-energised the caucus and saw off two prime ministers and rebuilt Labor into a strong opposition and a genuine alternative government,” he said.

“Through his years as leader, no one worked harder than Bill. No one brought more energy, enthusiasm, ideas and ambition to advocating the need for a Labor government.

“It is a measure of Bill’s character that he channelled the disappointment of 2019 into fighting for justice for the victims of probate at. His work made our government stronger.”

All the best to Bill and Chloe Shorten and your family for the future. Congratulations on your service to Australia and your Party. There is life on the other side. It’s a precious time ahead for you, enjoy it together.

— Scott Morrison (@ScoMo30) September 5, 2024

Shorten also thanked his family – wife Chloe and children Rupert, Georgette and Clementine.

“None of this would have been possible without the tremendous love, patience, support from Chloe, Rupert, Georgette and Clementine. The sacrifices they have made. Chloe has been a tower of love and strength and I think she has shown more courage than I’d dream could exist,” he said.

Prior to his career in politics, the former Labor leader was a prolific union figure, having been elected as the Australian Workers’ Union’s Victorian state secretary and later national secretary.

He shot to national prominence during the aftermath of the Beaconsfield mining disaster in Tasmania.

-with AAP