By Latika Bourke
The federal Victorian MP and former cabinet minister Bruce Billson has announced his retirement from Parliament.
Sources told Fairfax Media on Tuesday morning that Mr Billson had announced his intention to retire at the regular meeting of Coalition MPs in Canberra.
Former small business minister Bruce Billson was asked to accept a junior ministry when Malcolm Turnbull became leader in September - he declined and went to the backbench.Credit: Alex Ellinghausen
Mr Billson was made small business minister and sat in cabinet under former prime minister Tony Abbott. But he was asked to accept a junior ministry when Malcolm Turnbull became leader in September.
Mr Billson declined and chose instead to sit on the backbench sparking speculation he would quit politics altogether.
Mr Billson with then prime minister Tony Abbott during a visit to Celestino Cafe in Fyshwick, Canberra.Credit: Alex Ellinghausen
In an official statement, Mr Billson said it was time to "hang up the campaign R.M Williams", and cease representing "Melbourne's Riviera".
"It has become clear to us that while I love what I do, it is not possible for me to fully do what I love," Mr Billson said.
He said he would be leaving with "no regret, remorse or bitterness".
Mr Billson will serve out the remainder of his term and stand down at the next election, which is due by this time next year.
Mr Billson was a former political staffer before entering Parliament in 1996, representing voters in the Victorian electorate of Dunkley.
He cited the government's improved standing as a reason to quit now rather than seek out another term.
He told colleagues that with the Coalition rating well, it meant there was a better prospect of a new MP retaining the seat for the Liberals.