Peter Costello has made the shock announcement that he ''would not seek nor accept'' a nomination to be the new opposition leader.
Instead, Mr Costello said today he wanted to build a post-political career in the commercial world.
Australia's longest serving treasurer, who had long wanted to be prime minister, told a news conference in Melbourne he would stay on in parliament and then move on.
Mr Costello looked strained as he and his wife, Tayna, walked into today's press conference.
Tears appeared to brim in his eyes as he announced that his time in politics was coming to an end.
He seemed to regain a level of comfort only when he started to retreat into the same political rhetoric about the Liberal government's achievements while in power.
Mr Costello said he had spoken to his family and had decided to not accept the leadership.
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