After 20 years, the long-serving deputy Liberal leader leaves parliament as the government's most experienced and high-profile woman.
FORMER foreign minister Julie Bishop has announced she is quitting politics altogether after almost two decades in Parliament.
But a Liberal source said Ms Bishop would not have a vote in a preselection contest and was "writing cheques she couldn't cash".
"I will work hard in the meantime to assist a new Liberal candidate to win the seat".
Since leading Labor to an election loss in 2004 Mr Latham has been a member of several political parties and is now a candidate for One Nation in the New South Wales election.
Ms Bishop said a number of extraordinarily talented people had contacted her about running in the Western Australian seat if she chose to stand down.
After the Howard government lost office in 2007, Ms Bishop was elected deputy leader of the party, a position she held under Brendan Nelson, Malcolm Turnbull, Tony Abbott, and then again under Malcolm Turnbull.
"I had always had an intense conviction that an individual can make a difference to the life of the times".
Ms Bishop went to the backbench after last year's leadership coup against Malcolm Turnbull.
The WA Liberals are hunting for a replacement for Ms Bishop in her ultra-safe Perth seat of Curtin.
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"'Well done good and faithful servant'. this is a phrase that speaks very much to the member for Curtin", Mr Morrison told parliament.
It has been said widely that Bishop wanted to delay an announcement about her future to give her maximum influence over who would be her successor.
He praised her efforts in dealing with Malaysia Airlines flight MH17 disaster in 2014, when 38 Australians were killed.
On Thursday Labor Leader Bill Shorten commended Bishop for her fierce attacks on the Labor Party and described her as a trailblazer.
"During the last two weeks it has become evident that Labor has learned nothing from its past failings, and is doomed to repeat these failings should it be re-elected", she said.
"Yet in government, they trashed the national finances through wasteful and reckless spending", she said.
"There are many achievements from her time as foreign minister of which Julie can be proud - the New Colombo Plan, the establishment of the DFAT innovationXchange and strengthening Australia's relations throughout the Pacific".
Former foreign minister Julie Bishop will resign from Australian politics at the upcoming election.
Daily Mail Australia have contacted both organisations to confirm Ms Bishop's potential employment prospects at ANZ or Qantas.
Bishop told parliament she believed the Coalition would win the election.