Embattled MP Anthony Byrne falls on his sword following IBAC probe

An embattled Labor MP has confirmed he will not contest the upcoming election, outlining one key reason in a statement this afternoon.

Embattled MP Anthony Byrne has confirmed he will not contest the upcoming federal election, bowing to months of pressure for the Labor veteran to step aside.

The Holt MP sensationally turned on former Labor powerbroker Adem Somyurek, sparking a Victorian anti-corruption watchdog probe into his former close ally.

But in turn, he was forced to shine a light on his own misconduct.

Mr Byrne revealed he had engaged in branch stacking and hired taxpayer-funded staff who did not show up to work but instead performed factional duties.

While branch stacking is not illegal, it is against party rules. However, the use of taxpayer-funded staff to do party political work is not permitted.

Labor MP Anthony Byrne has confirmed he will not contest the next election. Picture Kym Smith

In a letter to the party announcing his retirement, Mr Byrne made reference to his role in the IBAC probe.

“This involved giving public testimony that I knew could have implications for my role in parliament, but this did not deter me from doing what I knew I needed to do,” he said.

“I believe that I have helped protect the Australian Labor Party, which I will continue to be a member of and to which I owe a debt of gratitude and love.”

After his appearance at the Victorian anti-corruption hearing, he stood down from his role on a powerful national security committee but it was not enough to quell calls for him to quit politics entirely.

Labor leader Anthony Albanese – who has stood by Mr Byrne throughout the saga – on Thursday said parliament will lose one of it’s “truly dedicated servants”.

Mr Byrne exposed the misconduct within Victorian Labor, but in turn had to reveal his own behaviour.

“During his more than two decades as the Member for Holt, he has served his constituents – and more broadly, the Australian people – with energy and devotion, guided every step of the way by Labor values and his love for our country,’ Mr Albanese said in a statement.

“It is a love that has been demonstrated with particular power in his work in national security, most notably during his 11 years as Chair and then deputy chair of the parliamentary joint committee of intelligence.

“As he prepares to conclude his parliamentary career, Anthony speaks of owing the Australian Labor Party ‘a debt of gratitude and love’. The debt is mutual.”

Last October, Mr Albanese referred the Holt MP to the Department of Finance over his admission he misused taxpayer-funded resources.

Mr Byrne first entered parliament in 1999 and has been re-elected eight times.